Investment to support key growth initiatives and drive continued focus on improving access to effective, affordable and sustainable cardiometabolic care treatments
Murad brings 20+ years of healthcare and technology leadership experience to Vida team
SAN FRANCISCO–(BUSINESS WIRE)–Vida Health (“Vida” or “the Company”), a leading provider of virtual cardiometabolic care services, today announced it has closed $28.5 million in financing led by existing investors, including General Atlantic, Ally Bridge, Canvas Ventures, Hercules Capital, and other insiders. The Company also announced the appointment of Joe Murad as Chief Executive Officer, effective immediately. Murad succeeds Stephanie Tilenius, who will step down following nine years of service as Founder and Chief Executive Officer and will transition to an advisory capacity. Murad has also joined the Company’s Board of Directors.
Vida intends to use the investment to further scale and pursue ongoing growth opportunities, particularly in the rapidly expanding GLP-1 market. The investment also advances Vida’s mission of increasing access to innovative treatments that improve patient outcomes at a lower cost and address growing and unmet needs in the market.
Vida offers a differentiated clinical care platform combining prescriptive and behavioral therapies and addresses a growing need in the cardiometabolic space, which affects approximately 40%1 of adults in the U.S. Vida has a long track record of cardiometabolic innovation — from being the first to integrate Cognitive Behavioral Therapy with cardiometabolic care, to launching the first full Spanish intervention, to being the first solution to combine behavior change with GLP-1 prescribing. Looking ahead, Vida is well positioned to mitigate the impact and cost of cardiometabolic disease in the GLP-1 market, where demand is projected to reach $100 billion by 20302.
Murad brings more than two decades of experience leading healthcare technology companies, with a demonstrated ability to guide venture-backed businesses from early stages through phases of significant growth. He 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. He was previously President and CEO of PokitDok, Inc., 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, Inc. and as Director of Business Development at eHealth, Inc. He earned a Bachelor of Arts from the University of Southern California.
Matt Levin, Executive Chair of the Vida Board of Directors, stated, “On behalf of the Board of Directors, I want to thank Stephanie for her countless contributions to Vida, and for making her vision to improve care for patients with chronic diseases a reality for so many across the country. We are confident in Joe’s ability to lead Vida in further addressing growing market demand and bringing the benefits of its unique, comprehensive offering to more patients and employers around the country.”
“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,” said Murad. “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.”
“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,” said Tilenius. “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.”
About Vida Health
Vida Health is a virtual cardiometabolic care company focused on treating diabetes and obesity with a body-and-mind approach. Vida’s clinically validated programs combine an AI-powered, personalized mobile app experience with a national network of high-quality providers who work in a high-touch care team model that maximizes engagement, outcomes, and savings. Vida’s app offers video sessions, asynchronous messaging, and digital content and programs to help people prevent and manage chronic conditions — like diabetes, obesity, and hypertension — and the mental conditions that accompany them — like stress, depression, and anxiety. Some of America’s largest employers and health plans trust Vida to deliver meaningful cardiometabolic outcomes for whole populations. Learn more at www.Vida.com.
1 Xiaopeng Liang et al., “Prevalence of Metabolic Syndrome in the United States National Health and Nutrition Examination Survey (NHANES) 2011-2018,” medRxiv, April 23, 2021. https://www.medrxiv.org/content/10.1101/2021.04.21.21255850v1.full
2 Bob Woods, “Big pharma’s blockbuster obesity drug battle is just getting started, and it’s headed for $100 billion,” CNBC, September 9, 2023. https://www.cnbc.com/2023/09/09/big-pharma-blockbuster-obesity-drug-battle-is-headed-for-100-billion.html
Contacts
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