US startup Omada Health pockets $23M in Series B round to fuel digital weight loss program
Health-tech startup Omada Health has just raised $23 million in its second financing round led by Andreessen Horowitz. The company uses behavioral science to help diabetic people lose weight through a digital weight loss program, according to VentureBeat.
Kaiser Permanente Ventures and previous investors US Venture Partners and The Vertical Group also participated in the funding. This is the first time that Andreessen Horowitz has backed a healthcare and biomedical firm, the report added.
Mashable cited Andreessen general partner Balaji Srinivasan saying: "If we can prove out that diabetes prevention works at scale then maybe we can get into smoking cessation or other chronic behaviors. We think the potential for Omada is very large."
Omada has put together a 16-week program dubbed Prevent which is derived from the state's Diabetes Prevention Program. Under the Prevent course, participants form small online groups and are coached by health professionals. A pedometer and wireless scale are used to monitor their progress. The program aims to help them lose excess weight and modify their behaviors, the report detailed.
Founded in 2011, Omada Health is currently headquartered in San Francisco, US. To date, the startup has raised a total capital of $28.52 million, VentureBeat reported.