MyHealthTeams Secures $9.44M Series B Funding to Expand Chronic Illness Social Network Platform

On August 16, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that health technology company MyHealthTeams announced the completion of a $9.44 million Series B financing round. The round was led by UCB Ventures, with participation from Adams Street Partners, Qiming Venture Partners, CVS Health, The Westly Group, HealthTech Capital, and 500 Startups.

Following the completion of this round of financing, MyHealthTeams will further develop its social networking platform.

It is reported that MyHealthTeams completed a $7.3 million Series A financing round led by Qiming Venture Partners on June 12, 2017.

MyHealthTeams, founded in 2012 and headquartered in San Francisco, USA, is a health technology company. The company was co-founded by Eric Peacock and Mary Ray. MyHealthTeams has developed a social networking platform for patients with chronic diseases to help them connect and share resources. The platform features 33 specialized communities, providing communication channels for diverse groups of chronic disease patients, including those with autism, breast cancer, endometriosis, and irritable bowel syndrome. As of 2019, the company had served 90% of chronic disease patients across 13 countries.

Recently, MyHealthTeams launched a new system called "Smart Recommendations," which presents users with pop-up notifications recommending messages or articles related to their symptoms.

Michelle Cox, a media representative for MyHealthTeams, stated, “We are collaborating with numerous companies and have conducted extensive research to understand patients’ medical needs.”

Eric Peacock stated, “Patients not only need to consult with physicians, but they also want to connect with others who have the same conditions. The mission of MyHealthTeams is to help these patients build connections and share resources, leveraging our technology to fill this unmet need. Protecting patient privacy is MyHealthTeams’ top priority; we do not share users’ personally identifiable information with anyone.”

UCB Ventures is a strategic venture capital firm with over €150 million in assets under management. Established in 2017 and headquartered in Belgium, the firm primarily invests in early-stage innovative technology companies.

Adams Street Partners, founded in 1972, is a global investment management firm headquartered in Chicago, USA, dedicated to providing comprehensive solutions for its partner enterprises.

Qiming Venture Partners, established in 2006, is a leading Chinese venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, and various regions across the United States. The firm primarily invests in the healthcare, information technology, and clean technology sectors.

CVS Health, founded in 1963, is the largest pharmacy retailer in the United States. The company operates more than 5,400 retail pharmacies and specialty pharmacies across 36 U.S. states and the District of Columbia.

The Westly Group, founded in 2007 and headquartered in California, USA, primarily invests in innovative companies in the fields of energy, transportation, and smart buildings.

HealthTech Capital, founded in 2010, is a U.S. venture capital firm that primarily invests in health tech startups in the healthcare, computer, and mobile sectors.

500 Startups, established in 2014, is a U.S. venture capital firm primarily investing in technology startups.

(Compiled by Hu Yifan)