Bold Announces $17 Million Series A to Further Accelerate Growth with Medicare Plans and Providers and Support the Healthy Aging Goals of Older Adults Everywhere

More than 10 million Medicare members now have access to Bold's evidence-based, personalized platform, which has been shown to drive a 46% reduction in falls

LOS ANGELES, Sept. 12, 2023 /PRNewswire/ -- Bold, the leading healthy aging platform, today announced $17 million in Series A funding led by Rethink Impact, with participation from Samsung Next and existing investors Andreessen Horowitz (a16z) Bio + Health, Khosla Ventures, GingerBread Capital, and Primetime Partners, bringing its total amount raised to $27 million. The capital will be used to support Bold's continued expansion with national and regional Medicare plans and provider groups, and accelerate the growth of its clinical exercise offerings to support the diverse physical and mental health needs of older adults.

Bold provides each member with a personalized, evidence-based exercise program in order to prevent falls, reduce musculoskeletal pain and disability, and increase physical activity levels. The company partners with innovative Medicare plans and providers to support underserved members, many of whom suffer from chronic conditions, mobility issues, and pain. Utilizing dynamic adjustments and sophisticated behavioral science, Bold's platform engages members continuously as they build sustainable habits that provide lasting impact.

"Millions of older adults spend years in poor and declining health brought on by falls, pain, and other chronic conditions, representing a growing disconnect between quality of life and overall longevity," said Amanda Rees, Co-founder and CEO of Bold. "Bold was designed to increase healthspan for older adults, offering accessible, easy-to-follow programs that improve strength, reduce falls, and promote lifelong well-being."

Today's milestone capital raise comes on the heels of a breakthrough year for Bold, with the company's services now covering more than 10 million lives. Even as Bold has grown significantly, the company has maintained high standards of execution, including:

• Delivering industry-leading outcomes: Bold's platform has been shown to drive a 46% reduction in falls and a 182% increase in members' weekly physical activity levels
• Delighting members and improving Star Ratings: Bold boasts a 91% member satisfaction rate, and nearly 8 of 10 members would be more likely to choose a Medicare plan that offers Bold
• Driving tangible impact for its partners: Bold's highly engaging, outcome-oriented programs offer payer and provider partners a >2:1 clinical ROI in year 1

In peer-reviewed research, Bold's programs have demonstrated a 46% reduction in falls, which impact more than one in four Americans over the age of 65 each year and result in $50 billion in costs, more than Medicare's annual spend on cancer. With less than 15 percent of older adults in the U.S. meeting recommended physical activity guidelines, evidence is widespread that Bold's pioneering, movement-as-medicine approach can provide durable, cost-effective healthspan improvements for older adults. According to the CDC, 4 out of 5 of the most costly chronic conditions among adults 50 years or older can be prevented or managed with physical activity, and Bold will use this funding to accelerate its impact on these costly conditions within its healthy aging platform.

"Bold is at the forefront of a new paradigm in preventive health care for older adults that is founded in deep empathy for members and a thorough understanding of cutting-edge health science," said Jenny Abramson, Founder and Managing Partner of Rethink Impact, who is joining Bold's Board of Directors. "As the nation's population continues to age and Medicare costs balloon, we desperately need innovative, evidence-based solutions like Bold that meet people where they are and drive value across the healthcare system, from members to providers to payers."

About Bold

Bold is the leading healthy aging platform, offering personalized, evidence-based exercise programs for Medicare members that help prevent falls, reduce musculoskeletal pain and disability, and increase physical activity levels. Innovative Medicare Advantage plans and provider groups rely on Bold to deliver engaging, clinically sound exercise programs that members love to use and that achieve significant outcomes. Bold is backed by Andreessen Horowitz, GingerBread Capital, Khosla Ventures, Maveron, Primetime Partners, Samsung Next, and Rethink Impact. To learn more about Bold, please visit agebold.com.

About Rethink Impact

Rethink Impact is the largest US-based impact venture capital firm that invests in female leaders using technology to solve the world's biggest problems. Rethink Impact believes that the next generation of extraordinary companies (in health, environmental sustainability, education, and economic empowerment) will find success through their relentless pursuit of mission, for the benefit of all communities. For more information visit rethinkimpact.com or @RethinkImpact on X.

SOURCE Bold