Virta Health announced today that it raised $133 million in a Series E equity financing round led by Tiger Global.
San Francisco-based Virta said in a news release that the funds will accelerate its efforts to drive the adoption of its telehealth-based diabetes reversal treatment that aims to reverse the chronic disease while removing the need for costly medications including insulin.
The company launched in 2017 with a goal of reversing Type 2 diabetes using its technology platform to enable personalized remote care. Virta’s offerings include physician supervision, health coaches, an app and biomarker tracking tools, as well as a personalized nutrition plan for its patients in the hopes of reversing Type 2 diabetes.
A recent study of Virta’s diabetes progression prevention treatment proved more effective than initially expected, with data revealing that only 3% of trial participants progressed to Type 2 diabetes, while over half achieved prediabetes reversal during the first two years
The funds raised add to a $65 million round in December 2020, with the latest addition to Virta’s coffers nearly doubling its valuation over the past five months to $2 billion, the company said.
“The norm in diabetes care has been more medications, more weight gain, and more suffering. Diabetes reversal changes this,” Virta Health co-founder & CEO Sami Inkinen said in the release. “We have shown a path for people to live medication and diabetes-free, and this investment is about reaching even more people and taking diabetes reversal mainstream.”