Eden Health Secures $10M Series A Funding to Expand 24/7 Virtual Care Platform and Files IPO Prospectus

VCBeat (WeChat ID: vcbeat) has learned that Eden Health, a healthcare startup, recently completed a $10 million Series A financing round to promote its integrated health and care platform.

This round of financing was led by Greycroft, with participation from existing investors PJC, 645 Ventures, and Max Ventures, as well as new investors Convene, Aspect Ventures, and Brand Foundry. In 2018, Eden Health raised a $4 million seed round funded by Greycroft.

Currently, Eden Health operates two physical clinics in New York. The funding from this round will be used to expand the platform’s coverage and open new physical clinics in Chicago, Philadelphia, Washington, D.C., Boston, and Los Angeles.

“As people place increasing emphasis on healthcare, there is an urgent need for more intuitive and effective ways to access high-quality medical services,” said Ellie Wheeler, a partner at Greycroft. “Some companies that have entered into partnership agreements with us hope to manage their healthcare budgets in smarter ways to reduce corporate costs; meanwhile, employees also desire robust logistical support when they fall ill. These two factors drove us to develop the Eden Health platform, targeting corporate employees as its primary user base.”

“The explosive growth of digital tools has compelled us to continuously pursue healthier lifestyles, while also adding greater complexity to user decision-making,” said Matt McCambridge, Co-Founder and CEO of Eden Health. “Our original intention in founding Eden Health was to provide users with a simple, personalized platform.”

Eden Health, founded in 2015, specializes in developing user-centric healthcare service platforms. The platform integrates with partner companies’ human resources systems and insurance plans, offering three core services: virtual care, physical clinics, and insurance consultation. By downloading the mobile app, employees can promptly access medical diagnoses, expert opinions, and treatment plans. A virtual care team providing 24/7 online support delivers personalized treatment regimens without delay. Additionally, employees can “schedule appointments online and receive one-on-one consultations in person,” thereby accessing telemedicine services in a cost-effective manner.

Statistical data show that companies adopting the Eden Health platform early on achieved a 10% reduction in healthcare costs and an employee engagement rate exceeding 60% within just 60 days. Notably, Eden Health also helped employees at one company avoid more than 130 urgent care visits and specialist consultations, saving the employer $37,000 in potential claim costs.

Since its launch in 2018, Eden Health has expanded to multiple U.S. states and is expected to achieve nationwide coverage by the end of this year.

Greycroft is a venture capital firm headquartered in New York, USA, with a focus on the internet and mobile markets. Since its inception, Greycroft has made over 200 investments and manages more than $1 billion in assets.

PJC is an early-stage venture capital firm headquartered in Massachusetts, USA, focusing on investments in the software and technology-enabled services sectors.

645 Ventures is a venture capital firm focused on seed and Series A investments, primarily providing funding to software and internet companies.

Max Ventures is a venture capital firm headquartered in New York, USA, primarily providing seed-stage investments in sectors such as digital media, e-commerce, financial services, and healthcare.

Convene is a company that provides premium meeting rooms and event spaces. To date, Convene has raised $260 million in funding, been named by Forbes as one of America’s 100 most promising companies, and recognized by Fortune as one of the Best Places to Work.

Aspect Ventures is a venture capital firm focused on emerging mobile markets, headquartered in California, USA.

Brand Foundry is a venture capital firm headquartered in New York, USA, focusing on e-commerce, mobile media, consumer products, and other sectors.

(Compiled by: Feng Yutong)