San Francisco-based MyHealthTeams secure $3.36M in Series A round led by The Westly Group
MyHealthTeams has secured $3.36 million in its Series A funding round, TechCrunch reported. The round was led by The Westly Group and participated in by Adams Street Partners, 500 Startups, HealthTechCapital, Sand Hill Angels, TEEC and other angel investors. Adam's Street Partners was the lead investor in the San Francisco-based startup's $1.75 million seed round in 2012.
MyHealthTeams Co-founder Eric Peacock was quoted in the report as saying, "Five years from now, I want to have launched 100 of these social networks. In the future, if you're diagnosed with a chronic condition - like 1 in 2 Americans are today - the hope is that it will be your doctor, or another person with the same condition, that will tell you about, or 'prescribe' MyHealthTeams' social network."
MyHealthTeams provides a platform that individuals living with or impacted by chronic conditions like Alzheimer's disease, arthritis, diabetes and heart diseases can go to find, talk with and link with those in the same boat. Social networks for chronic condition communities are created in the platform that enables visitors to connect with others who are suffering the same conditions or experiences and find people who can best give help and advice, the report said.
Launched in 2011, the startup also seeks to help members find referrals of local providers and businesses that cater to their needs, which the report said, could be part of its business strategy. In June that year, the company rolled out MyAutismTeam in beta with only 35 parents in California on the platform. Now, there are over 52,000 parents of children with autism coming from all over North America on the site, the report said.
Two social networks have also been added to the MyHealthTeams platforms. These are MyBCTeam for women with breast cancer and MyMSTeam for those diagnosed with multiple sclerosis. Proceeds from the latest funding round will be used to add more people to the team and hasten the rate at which it rolls out new social networks for other conditions, the report said.