The year has just begun and San Francisco is already set to welcome its newest healthtech unicorn following the latest round of financing for Hinge Health.
The company announced Wednesday that it raised $300 million in a Series D funding round to expand its digital physical therapy platform. The fresh investment brings the unicorn’s valuation to $3 billion, according to the company.
Last April, Hinge Health raised $90 million in its Series C. The round was more than triple the size of its Series B in 2018, according to Pitchbook. At the time, the company was valued at $405 million.
“Hinge Health is eliminating variability in healthcare quality and instead delivering better outcomes through consistent digital-first clinical care no matter where a person lives across the country,” the company’s co-founder and CEO Daniel Perez said in a statement.
The company, founded in 2014, aims to treat musculoskeletal problems by steering patients away from surgeries or opioids and moving them toward more physical exercise.
The Series D, led by Coatue and Tiger Global Management, comes off the back of a busy year for the startup. Last year its customer base tripled and its revenue quadrupled, according to the company.
Following the growth surge, Perez told Reuters that the company expects to target an IPO in 2022.
“Hinge Health is eliminating variability in healthcare quality and instead delivering better outcomes through consistent digital-first clinical care no matter where a person lives across the country,” Perez said in a statement.
The platform combines wearable sensors, an app and virtual health coaching to provide patients with remote physical therapy and behavioral health solutions.
Hinge’s fresh investment also follows a substantial year of growth for the healthtech industry in general. As demand for virtual care solutions increased due to the pandemic, so did financing for several healthtech giants based in the Bay Area.
The new funding will be used to expand the company’s platform as well as triple the size of its medical team. Hinge Health has its sights set on Germany and the UK as its expansion plans are set to swing into motion.
Hinge Health has raised $436.1 million in financing to date, according to Crunchbase.
