physical therapy
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Sources: Hinge Health has raised $310M Series D at a $3B valuation
Hinge Health, the San Francisco-based company that offers a digital solution to treat chronic musculoskeletal (MSK) conditions — such as back and joint pain — has closed a $310 million in Series D funding, according to sources.
The round is led by Coatue and Tiger Global, and values 2015-founded Hinge at $3 billion post-money, people familiar with the investment tell me. It comes off the back of a 300% increase in revenue in 2020, with investors told to expect revenue to nearly triple again in 2021 based on the company’s booked pipeline.
I also understand that Hinge’s founders — Daniel Perez and Gabriel Mecklenburg — retain voting control of the board. I’ve reached out to CEO Perez for comment and will update this post should I hear back.
Hinge’s existing investors include Bessemer Venture Partners, which backed the company’s $90 million Series C round in February, along with Lead Edge Capital, Insight Partners (which led the Series B), Atomico (which led the Series A), 11.2 Capital, Quadrille Capital and Heuristic Capital.
Originally based in London, Hinge Health primarily sells into U.S. employers and health plans, billing itself as a digital healthcare solution for chronic MSK conditions. The platform combines wearable sensors, an app and health coaching to remotely deliver physical therapy and behavioral health.
The basic premise is that there is plenty of existing research to show how best to treat chronic MSK disorders, but existing healthcare systems aren’t up to the task due to funding pressures and for other systematic reasons. The result is an over tendency to use opioid-based painkillers or surgery, with poor results and often at even greater cost. Hinge wants to reverse this through the use of technology and better data, with a focus on improving treatment adherence.
Meanwhile, Hinge’s jump in valuation is significant. According to sources, the company’s February round produced a valuation of around $420 million, so the new valuation is more than a 6x increase.
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Massage-on-demand company, Soothe, raises $31 million
The massage-on-demand service Soothe seems to be rubbing investors the right way with the close of a new $31 million round of funding.
The Series C round from late-stage and growth capital investment firm, The Riverside Company, caps a busy first quarter for the massage service. It also relocated from Los Angeles to Las Vegas; named a new chief executive; and announced new geographies where its massage booking platform is now available.
As part of the new round, chief executive and founder Merlin Kauffman is stepping down from the role and assuming the mantle of executive chairman. Current chief financial officer Simon Heyrick is stepping into the chief executive role.
The former CFO of MarketShare, Heyrick has helped the company expand to more than 11,000 massage therapists in its network.
The company said the new round would help keep massage therapists in its network with pricing that can be up to three times more than those therapists would make in their local markets.
Beyond the new financing and a new boss, Soothe also is heading to new markets, launching services in Manchester, U.K.; Australia’s Gold Coast, Pittsburgh and Hartford, Conn. (some of those places are not like the others).
Soothe isn’t the only player in the massage marketplace. New York-based Zeel also has an offering for folks who want to book massages on the fly. Zeel claims a geographic reach of 85 U.S. cities, while Soothe claims roughly 60 cities worldwide.
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