The Financing round was led by growth equity firm Stripes, and marks Hello Heart’s leadership in cardiovascular digital therapeutics and proven ability to close gaps in heart health - the number one cause of death in the U.S.
MENLO PARK, Calif.--(BUSINESS WIRE)-- Hello Heart, the only digital therapeutic that focuses on heart health, announced that it has raised $70 million in Series D financing to support significant growth in customer demand.* Growth equity firm Stripes led the round.
The focus on prioritizing heart health has intensified in light of the Surgeon General’s Call to Action to improve hypertension control across the United States and the CDC’s recommendation that employers should now provide coverage for automated home blood pressure monitors. As a result, Hello Heart is seeing a significant increase in demand for heart health solutions. The company doubled the number of employer clients they serve in the last couple of months alone. Hello Heart’s solution is now available to millions of members. The Hello Heart app has shown the highest engagement rate in the category, with sustained long-term app engagement.
A study recently published in JAMA Network Open* analyzed data from over 28,000 Hello Heart users (see more details and study limitations in source 1). One year post-enrollment, reduced median systolic blood pressure was observed in over 85% of users who had Stage 2 hypertension at baseline. Greater engagement with the app was associated with lower systolic blood pressure over time.
The Validation Institute (see more details and study limitations in source 2) issued a report** validating Hello Heart’s cost savings and return on investment (ROI) methodology, demonstrating a reduction of total employer medical spend by an average of $1,865 per participant per year.
As the pandemic wears off, employers are now looking for solutions that are also a means to move the needle on Diversity Equity and Inclusion (DEI) initiatives. Per the CDC, many underserved populations have higher rates of disease and death associated with high blood pressure, creating health disparities. Hello Heart’s app is designed to be accessible to many underserved populations.
“Hypertension affects 47% of Americans, and heart health in some way touches all of us. Everyone has a family member or colleague that is affected by heart disease. We empower people to understand, manage, and self-improve their heart health using the app technology and behavioral science,” said Maayan Cohen, Co-Founder and CEO of Hello Heart. “We make it easy for employers to work with Hello Heart, and it just works. We are thrilled to be working with so many of the nation’s leading employers as they empower their employees to make smart and healthy choices."
The company’s flagship solution is an FDA-cleared blood pressure monitor coupled with an app. The app empowers people to track their blood pressure, pulse, medications, weight and activity using AI-based technology. The app provides real-time alerts to extremely high readings and encourages users to reach out to their physicians and healthcare professionals to catch risk in time. Looking ahead, Hello Heart intends to deepen the use cases of their artificial intelligence (AI) engines to help manage heart health, which will include enhancing lifestyle digital coaching modules, and adding whole heart health functionality such as deeper medication tracking capabilities, cholesterol tracking and hyperlipidemia digital coaching.
“Hypertension and other cardiac diseases are the most pervasive chronic conditions and largest cost drivers in the U.S. healthcare system. Hello Heart stands out as the only dedicated, fully digital program with an incredible patient experience that drives exceptional results. Our investment extends our longstanding thesis that amazing products can deliver amazing results, even with some of our most intractable and challenging problems,” said Ron Shah, Partner at Stripes. “We're confident that Hello Heart is on a path toward improving the health and lives of millions of Americans, and we're proud to back this amazing mission-driven, product-oriented team.”
Stripes is a leading growth equity firm that brings a unique, entrepreneurial approach to investing in high-growth Software and Consumer businesses around the world. For over a decade, Stripes has been partnering with market-defining companies to provide them with the support they need to accelerate growth and achieve their long-term vision. Stripes’ mission is to have a culture and a set of resources and expertise that provide entrepreneurs with an unparalleled advantage in markets that are evolving rapidly due to changes in technology and consumer behavior. For more information on Stripes, visit www.stripes.co.
Sources, details and study limitations:
(1) *One year post-enrollment, reduced median systolic blood pressure was observed in almost 86% (n=920) of users who had Stage 2 hypertension at baseline, almost 70% (n=673) of users who had Stage 1 hypertension at baseline, and 53% (n=495) of users with elevated blood pressure at baseline. Participants in the program for 3 years had a mean (SEM) systolic BP reduction of 7.2 (0.4), 12.2 (0.7), and 20.9 (1.7) mm Hg compared with baseline for those starting with elevated (N=154), stage 1 hypertension (N=131), and stage 2 hypertension (N=108). Since participants enrolled in different times during the study, duration of followup was not the same for all participants therefore sustained engagement can not be concluded from group sizes. Greater engagement with the app was associated with lower systolic BP in a mixed-effects model, with high-engagement participants having lower model-estimated mean systolic BP over time than medium-engagement or low-engagement participants (high-engagement: 131.2 mm Hg; 95%CI, 115.5-155.8mmHg; medium-engagement: 133.4mmHg; 95%CI 116.3-159.5mmHg;low-engagement: 135.5mmHg; 95%CI, 117.3-164.8mmHg; P < .001). Due to the observational nature of the study, no causal conclusions can be drawn. Conflict of Interest Disclosures: Dr Gazit and Mrs Gutman reported being employed by Hello Heart and holding stock options. Dr Beatty reported having been employed by Apple from 2018 to 2019 and holding stock from 2018 to 2021. https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2785012
(2) **In a report commissioned by Hello Heart, the Validation Institute analyzed data from 203 Hello Heart users and 200 non-users to assess Hello Heart’s cost savings and ROI methodology and found that Hello Heart users’ estimated CVD costs went down by $880, while matched non-users’ estimated CVD costs increased by $985—representing a reduction of estimated employer CVD spend of $1,865 per participant per year. An increase in costs for physician visits for Hello Heart users was also observed and may be attributable to the program’s encouragement of users to engage in preventive care. https://validationinstitute.com/wp-content/uploads/2021/10/Hello_Heart-Savings-2021-Final.pdf
*Hello Heart does not diagnose, treat, cure or prevent any disease, or act as a substitute for medical care. You should always contact your doctor if you have questions.