San Francisco-based MyHealthTeams, which offers niche social network for people with various medical conditions, raised $5 million in a round led by strategic investor CVS Health with participation from existing investors Adams Street Partners, the Westly Group, HealthTechCapital, and Sand Hill Angels. This brings the company's total funding to $10.1 million.
“In the past 18 months MyHealthTeams has tripled our user base, expanded to serve 13 different chronic-disease communities across eight countries, and proven you can build a great business while doing something that helps people,” MyHealthTeams CEO Eric Peacock said in a statement. “With this financing, we are well-positioned to rapidly expand beyond our initial 13 social networks and reach a much greater audience of people facing each of those conditions.”
When the company raised its previous round, in February 2014, it offered just three social networks: MyAustismTeam, MyBCTeam, designed for women diagnosed with breast cancer, and MyMSTeam, for people diagnosed with multiple sclerosis. It now offers 13.
New networks that the company has added since last year include MyCrohnsandColitisTeam, MyLupusTeam, MyCOPDTeam, myRAteam, MyFibroTeam, MyEpilespyTeam, MyPsoriasisTeam, MyEndometriosisTeam, MyParkinsonsTeam, and DiabetesTeam. The Parkinsons and Diabetes networks were the most recent additions.
This year, Peacock said the company will launch networks for the hemophilia and Alzheimer’s communities and according to MedCity News, MyHealthTeams plans to launch 10 more networks next year.
“We’ve seen strong uptake in our social networks serving autoimmune conditions such as MyPsoriasisTeam, MyRATeam (rheumatoid arthritis), and MyLupusTeam," Peacock told MedCity News. "We will build on that and expand into neurology, mental health, severe allergies and other conditions."
Since MyHealthTeams launched in 2011, they’ve attracted 300,000 members to its networks, up from 52,000 in February 2014.