SAN FRANCISCO, June 12, 2017 /PRNewswire/ -- MyHealthTeams has closed its Series C financing round, which will accelerate the company's leadership in patient engagement among those living with chronic conditions. The company now serves 1 million registered members who rely on its 24 social networks for connection, information and support in managing their day-to-day health.
Qiming U.S. Healthcare Fund, part of Qiming Venture Funds, led the $7.3 million round. This is the second investment from the $100 million fund the firm raised earlier this year to back U.S. healthcare companies with potential market opportunities in China. Mark McDade, managing partner at Qiming U.S., and former Chief Operating Officer of pharmaceutical company UCB, is joining the MyHealthTeams board of directors.
"As the pharmaceutical industry is increasingly focused on patient-reported outcomes, it's essential to understand the real world evidence of therapies from the early phases of development through commercial availability," said McDade. "MyHealthTeams has created highly engaged communities, unlike any we've seen before, for people living with chronic disease. The result is an unmatched global opportunity for pharma partners to engage the right patients with the right content, ultimately leading to better outcomes."
Founded in 2012, MyHealthTeams launches social networks such as MyLupusTeam, MyDepressionTeam and MyParkinsonsTeam that provide a safe place for patients to connect and learn from each other. The company's 24 social networks address 90% of the chronic condition population, serving people living with autoimmune disorders, neurological diseases, rare conditions, common conditions, reproductive health issues and more. Each community-driven social network helps individuals and families connect with others who are dealing with the same specific condition, empowering them to share information, experiences, resources and life hacks that help them effectively manage their health and lives.
"Doctors can provide critical medical advice and prescriptions, but when it comes to navigating day-to-day life with a chronic condition, nothing beats the advice of other patients and caregivers," said Eric Peacock, co-founder and CEO of MyHealthTeams. "This direct peer-to-peer model has a profound benefit on long-term quality of life and presents a valuable patient-first opportunity to improve the way treatments are developed, introduced and adopted."
This Series C brings MyHealthTeams' total funding to $17.4 million, and Qiming U.S. joins an investor syndicate that includes Adams Street Partners, CVS Health, The Westly Group, HealthTech Capital and 500 Startups.
MyHealthTeams believes that if you are diagnosed with a chronic condition, it should be easy to find and connect with others like you. MyHealthTeams creates social networks for people living with a chronic health condition. More than one million people have joined one of the company's 24 highly engaged communities focusing on the following conditions: Crohn's and colitis, multiple sclerosis, lupus, fibromyalgia, breast cancer, rheumatoid arthritis, psoriasis, irritable bowel syndrome, Parkinson's, Alzheimer's, epilepsy, hemophilia, depression, heart disease, type 2 diabetes, COPD, chronic pain, migraines, food allergies, obesity, HIV, PCOS, endometriosis and autism. MyHealthTeams social networks are available in eight countries.
About Qiming U.S. Healthcare Fund
The Qiming U.S. Healthcare Fund, LP is a new US healthcare venture fund headquartered in Seattle, WA with offices in Palo Alto, CA and Cambridge, MA. As part of a broader family of Qiming venture funds, this new fund seeks to invest in US-based human healthcare companies with potential market opportunities in China. Focused areas of interest are bio-therapeutics, medtech and digital health technologies, with equity investments ranging from $5 to $12 million.
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