Our competitive advantage is the team.
This morning we announced a $26 million Series B round, led by Insight Venture Partners, and joined by Atomico. We’ve now raised over $36 million to take Hinge Health to the next level of providing digital care for chronic musculoskeletal conditions — such as knee arthritis or low back pain.
It’s one thing to believe in yourself, but we’re even more emboldened with Insight coming onboard. They’ve taken dozens of companies public and are already helping us rapidly scale our team to capture the market. Moreover, Atomico — who led our Series A and had a front-row seat for the past 13 months — decided to not just double down, but increase their stake. There ain’t no bigger vote of confidence.
Now look, in Silicon Valley founders and investors get a lot of headlines. However, the open-secret is they’re nowhere near as important as the rest of the team — especially those on the front-line. At Hinge Health that’s our clinical team, who work with people whose back or joint pain has limited them for years.
Randy has had back pain for years — along with nerve blocks and a fusion surgery. His employer recently began offering Hinge Health and so he started the program just over a month ago — working with Christine Binko on our clinical team. After 5 weeks he felt confident enough to travel from his home in Alabama to Colorado to climb a 14,000 foot mountain, and asked Christine if he could hold a Hinge Health banner at the top.
Problem was: we didn’t have a banner! Christine got one printed then overnighted it to Colorado (after having the team sign it of course).
As Randy put it: “We reached the summit after a grueling 5 ½ hours. Not once did I feel the need to use my back as a reason to quit. How could I not reach the summit with this team behind me?”
And that’s why we’re so passionate about musculoskeletal conditions. The Hinge Health team does so much more than treat pain. Our clinical team inspires people to become their best selves; our engineers, designers and PMs create beautiful tools to enable this; our commercial team introduces employers and health plans to our product; and our unheralded ops team does innumerable thankless tasks that make our work possible.
Together with Randy and the thousands of people who have gone through our program this year, we’ve achieved some pretty incredible milestones:
A 70 percent reduction in pain
A 63 percent reduction in surgery (saving our customers millions)
Significant reduction in opiate scripts
Moreover, with dozens of enterprise customers and multiple health plans on board, revenue has been consistently growing at 50 percent quarter over quarter. It’s been incredible.
Musculoskeletal pain wrecks lives and costs billions, but it doesn’t have to be that way. One year ago, when we closed our Series A, we were 18 people; now we’re 70 and zooming towards 100. Our growing team has a unique opportunity to empower patients to alleviate their back and joint pain with a science-based care program. This requires substantial investment, partners committed to the long-haul, and dedication to our high-quality approach that combines technology-enabled exercise therapy, behavioral health, and education.
So hopefully you’re now looking beyond the headline to the people doing the work and the opportunity ahead for our patients. We can’t wait to show you what’s next.