Vida Health gets new funding and a new CEO

Steven Loeb · November 10, 2023 · Short URL:

The company's new CEO is Joe Murad, former President and CEO of WithMe Health and PokitDok

Fresh off the reveal of its partnership with Withings earlier this week, virtual cardiometabolic care provider Vida Health is back with two major announcements.

First, the company has raised a new $28.5 million round of funding. Even more importantly, it has appointed a new CEO.

As of Thursday, Joe Murad has stepped in as Chief Executive Officer, succeeding founding CEO Stephanie Tilenius, who will transition to an advisory capacity. Murad has also joined the Board of Directors at Vida Health.

Murad most recently served as President and CEO of WithMe Health, a digital health company offering pharmacy benefits management and personalizing medication experiences for employers, employees, and their families. Before that he was President and CEO of PokitDok, a platform-as-a-service company for healthcare, prior to its acquisition by ChangeHealthcare. Murad has also held various leadership roles at Willis Towers Watson and served as Chief Operating Officer at Extend Health, and as Director of Business Development at eHealth.

“Vida has significant momentum in its business, having delivered best-in-class clinical and financial outcomes for its rapidly expanding book of enterprise and health plan customers with respect to cardiometabolic conditions. I am thrilled to be joining the Company at such a key moment in our growth trajectory and look forward to close partnership with the Board and the outstanding Vida team to further accelerate our business,” Murad said in a statement.

“Vida’s offering has the potential to redefine virtual cardiometabolic care and improve the lives of millions, and I am passionate about advancing our mission and leading the company through our next phase of growth.”

Founded in 2014, Vida Health provides a collaborative care model that provides access to practitioners including coaches, licensed therapists, registered dietitians, diabetes educators and personal trainers who help members with chronic disease management. The platform also has over 30 health trackers and integrates with over 100 apps and devices, including scales, heart rate monitors, blood pressure cuffs, activity trackers and glucometers, which it can ship directly to employees or members. 

In the mental health space, Vida offers evidence-based programs, such as cognitive behavioral therapy and mindfulness, for problems such as stress, anxiety, depression, and resilience. It also provides 24/7 access to therapists through text, audio and video. 

In 2022 the company launched a new prescription service. If/when Vida finds, through surveys and assessments, that a patient needs a prescription, the company brings a medical prescriber in as part of the care team. That prescriber creates a personalized prescription plan that adapts to each member’s needs, and then the patient will be able to pick up their medication at their local pharmacy, or have it delivered to their home.

The new venture round, which was led by existing investors, including General Atlantic, Ally Bridge, Canvas Ventures, Hercules Capital, and other insiders, is Vida's first funding raise since raising $110 million in 2021. And it plans to use the investment to pursue what it calls "ongoing growth opportunities," particularly in the glucagon-like peptide 1 (GLP-1) market. These are diabetes drugs that not only improves blood sugar control but may also lead to weight loss. 

“It has been a privilege to work with the talented and dedicated Vida team, and I am deeply proud of all that we have accomplished,” Tilenius said in a statement.

“Joe has a proven track record of growing and developing early-stage companies in the healthcare technology space, and I’m confident that he is the right leader to take Vida to the next level of growth and build upon the Company’s commitment to innovation and patient service.”

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