Virta Health Raises $65 Million Series D to Scale Type 2 Diabetes Reversal Treatments
Sequoia Capital Global Equities led most recent round of fundraising to support company’s record growth in 2020
SAN FRANCISCO--(BUSINESS WIRE)-- Virta Health, the first company dedicated to reversing type 2 diabetes without medications or surgery, today announced that it has raised $65 million in Series D funding. Led by Sequoia Capital Global Equities, the financing will support the growing demand for Virta’s reversal treatments for type 2 diabetes and other chronic metabolic conditions.
Virta’s approach—to restore metabolic health and eliminate the need for costly medications like insulin—has led to over 150% year-over-year growth while attracting more than 100 large payers from all parts of industry and government.
"We partnered with Virta for their ability to deliver unmatched health improvement and cost savings—two clear differentiators from other offerings on the market,” said William Ashmore, CEO of the State Employees’ Insurance Board of Alabama. “Especially amid the COVID-19 pandemic, it's vital that we provide our members the life-changing results Virta is known for delivering, through expert, virtual care delivered right to their home."
The funding will be used to accelerate the company’s investments in growth and scale its provider-led virtual care delivery platform, Continuous Remote Care, which is the backbone for Virta’s transformative reversal therapies. Additionally, Virta will expand research and development of evidence-based, non-pharmaceutical therapies for other complex and costly metabolic conditions.
Alongside Sequoia Capital Global Equities, Caffeinated Capital participated in the round, which brings total funding to more than $230 million and values Virta Health at over $1.1 billion.
“The option for disease reversal should be available to every person living with a chronic metabolic condition,” said Sami Inkinen, Virta Health co-founder and CEO. “This funding round is an important step forward in making this a reality and giving people the opportunity to regain their health, wherever they are on their metabolic journey.”
Today’s announcement serves as a strong validation that Virta’s approach can solve our nation’s metabolic health crisis. Nearly half of adults in the United States suffer from obesity, prediabetes, or type 2 diabetes. Thirty people die per hour of diabetes-related causes, and the risk of dying from COVID-19 is twice as high compared to those without diabetes.
Meanwhile, Virta patients experience sustained blood sugar improvement in conjunction with medication de-prescription, including 94% of patients reducing or fully eliminating insulin use. Virta’s weight loss results exceed the goals of the National Diabetes Prevention Program and the FDA benchmark for weight loss drugs by nearly 150%. Patients like Rhonda, who lost 50 pounds and reversed her diabetes, and Jim, who eliminated all insulin prescriptions after just four months, demonstrate the life-changing results experienced by Virta patients daily.
“Given the scope of the metabolic crisis in the U.S. and globally, it cannot be understated how game-changing Virta’s results and care delivery are,” said Patrick Fu, managing partner at Sequoia Capital Global Equities. “Virta’s technology-driven, non-pharmaceutical approach has fundamentally changed how diabetes is cared for, and our collective belief in what is possible for population health improvement. This is the future of chronic disease care.”
To learn more about Virta and its diabetes reversal options for payers and patients, visit www.virtahealth.com.
About Virta Health
Virta Health provides the first treatment to safely and sustainably reverse type 2 diabetes without medications or surgery. Among enrolled patients in our clinical trial at one year, 60% achieved diabetes reversal and 94% of insulin users reduced or eliminated usage altogether. Results extend beyond diabetes reversal to other areas of metabolic and cardiovascular health, with sustained improvements in blood pressure, inflammation, liver function, and BMI. For enterprises, Virta puts 100% of its fees at risk and can reduce medical prescription costs by more than 70% in year 1 alone. Delivered through Virta’s novel continuous remote care platform, the Virta Treatment provides unparalleled medical and behavioral support and is transforming the lives of people living with type 2 diabetes. To learn more, visit www.virtahealth.com, or follow us on Twitter and LinkedIn.
About Sequoia Capital Global Equities
Sequoia helps daring founders build legendary companies from idea to IPO and beyond. Sequoia Capital Global Equities (SCGE) extends Sequoia’s technology investing efforts into the public markets. SCGE invests primarily in public companies and late-stage private companies, focusing on identifying disruptive technology themes and investing behind long-term winners in large markets undergoing secular disruption. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ's total value.
Source: Virta Health