Vida Health Announces $28.5 Million in Funding; Appoints Joe Murad CEO
Investment to support key growth initiatives and drive continued focus on improving access to effective, affordable and sustainable cardiometabolic care treatments
San Francisco — November 9, 2023 — Vida Health today announced it has closed $28.5 million in financing led by existing investors, including General Atlantic, Ally Bridge, Canvas Ventures, Hercules Capital, and other insiders. The company also named Joe Murad as Chief Executive Officer. Murad brings more than two decades of experience leading healthcare technology companies, with a demonstrated ability to guide venture-backed businesses from early stages through phases of significant growth. Murad succeeds Stephanie Tilenius, who will step down following nine years of service as Founder and CEO.
Vida intends to use the investment to further scale and pursue ongoing growth opportunities, particularly in the rapidly expanding obesity and diabetes market. The investment also advances Vida’s mission of increasing access to integrated treatment for obesity and diabetes — including both behavior change support and prescription medications.
Murad joins Vida after serving as President and CEO of WithMe Health, a digital health company offering pharmacy benefits management and personalized medication experiences. He was previously President and CEO of PokitDok, Inc., a platform-as-a-service company for healthcare, which he led until its acquisition by ChangeHealthcare. Murad has also held various leadership roles at Willis Towers Watson and served as Chief Operating Officer at Extend Health, Inc. and as Director of Business Development at eHealth, Inc. He earned a Bachelor of Arts from the University of Southern California.
Vida offers a differentiated clinical care platform combining prescriptive and behavioral therapies and addresses a growing need in the cardiometabolic space, which affects approximately 40% of adults in the U.S. Vida has a long track record of cardiometabolic innovation — from being the first to integrate Cognitive Behavioral Therapy with cardiometabolic care, to launching the first full Spanish intervention, to being the first solution in its class to combine behavior change with GLP-1 prescribing. Looking ahead, Vida is well-positioned to mitigate the impact and cost of cardiometabolic disease in the GLP-1 market, where demand is projected to reach $100 billion by 2030.
“Vida has significant momentum in its business, having delivered best-in-class clinical and financial outcomes for its rapidly expanding book of enterprise and health plan customers with respect to cardiometabolic conditions. I am thrilled to be joining the Company at such a key moment in our growth trajectory and look forward to close partnership with the Board and the outstanding Vida team to further accelerate our business,” said Murad. “Vida’s offering has the potential to redefine virtual cardiometabolic care and improve the lives of millions, and I’m passionate about advancing our mission and leading the company through our next phase of growth.”