Bicycle Health, a Boston-based provider of virtual opioid treatment, has announced an additional $5 million investment in its Series B funding round. This brings the company’s total raised to $83 million, reflecting strong investor confidence in the growing telehealth addiction treatment sector. The new investment comes from Cobalt Ventures, the strategic venture arm of Blue Cross and Blue Shield of Kansas City, and will support Bicycle Health’s efforts to expand its reach and services.
Virtual Opioid Treatment for Opioid Use Disorder
Founded in 2017, Bicycle Health has focused on providing high-quality virtual opioid treatment for individuals with opioid use disorder (OUD). During a patient’s first telehealth visit, a licensed provider develops a personalized treatment plan. Eligible patients can be prescribed Suboxone, a controlled substance composed of buprenorphine and naloxone, which is widely used in virtual opioid treatment programs.
This model allows patients to access evidence-based care from the comfort of their homes, removing barriers such as travel, stigma, and high costs that often prevent people from seeking traditional in-person treatment.
Expanding Access Through Partnerships
Bicycle Health’s services are currently available in 28 states, and the company partners with major payers, including Aetna, Blue Cross and Blue Shield, Cigna, Medicaid, and United Healthcare. By leveraging these partnerships, Bicycle Health ensures that more Americans can access affordable virtual opioid treatment.
“In the U.S., nearly 10 million people are struggling with opioid use disorder, but only 10% are diagnosed or in treatment,” said Ankit Gupta, Bicycle Health founder and CEO. “From a lack of geographical access to high financial and social costs, in-person treatment is not designed for the majority of Americans.”
Telehealth’s Growing Role in Addiction Care
Bicycle Health is part of a broader trend of telehealth providers offering virtual opioid treatment. Digital providers like Ophelia Health raised $50 million in Series B funding last December, while Cerebral has also expanded into the MAT space. However, some providers have faced regulatory scrutiny over prescribing practices for other controlled substances, highlighting the need for careful, compliant virtual care.
During the COVID-19 pandemic, temporary federal regulations allowed Suboxone and other controlled substances to be prescribed without in-person visits, fueling the growth of virtual opioid treatment. While it remains unclear whether these waivers will continue after the public health emergency ends, providers like Bicycle Health have demonstrated the effectiveness and convenience of this model.
Addressing the Opioid Crisis
With nearly 10 million Americans affected by OUD, virtual opioid treatment has become a critical tool in combating the nation’s opioid crisis. The additional funding from Cobalt Ventures will help Bicycle Health expand geographically, reach more patients, and enhance its range of services.
“Over the past three years, Bicycle Health has proven that there is another way to treat addiction through our evidence-backed telehealth treatment model,” Gupta said. “This additional funding from Cobalt Ventures will enable us to expand our virtual opioid treatment services to even more patients and help people live addiction-free lives.”
Looking Ahead
Bicycle Health’s continued growth demonstrates the potential of virtual treatment to make high-quality care accessible and effective. By combining clinical expertise with telehealth technology, Bicycle Health is positioning itself as a leader in the fight against OUD, offering patients a convenient, supportive, and evidence-based path to recovery.
