AXA-backed Vida Health raises $110 million

Vida Health closed a $110 million Series D funding round led by General Atlantic and joined by Centene, AXA Venture Partners (AVP), and Ardea Capital Partners. Returning investors include Ally Bridge Group, Yahoo founder Jerry Yang’s AME Cloud Ventures, Aspect Ventures, Canvas Ventures, Guidewell, NGP Capital, and Workday Ventures.

Founded in 2014, Vida has more than tripled its revenue since the beginning of 2020 and expanded its existing nationwide network of therapists, coaches, dietitians, and diabetes educators by more than 400%. In that time, the company became the first major virtual chronic care platform in the U.S. to launch a complete, full-stack Spanish experience. Vida’s clients include employers like Boeing, Visa, Cisco, and eBay, along with some of the country’s largest health plans like Centene, Humana, and Blue Cross Blue Shield plans.

The company plans to use the new funding to continue expanding its network of clinicians, mental health coaches, dietitians, and licensed therapists to meet the increasing demand for virtual care, particularly in mental health. The funding will also help deepen its machine learning capabilities, broaden its commercial efforts, and provide more people the care they need.

Centene’s investment in Vida follows its successful 20-state deployment of Vida for its health insurance marketplace product, Ambetter, addressing members with chronic conditions. Many of the Centene members enrolled in Vida are being treated simultaneously for both physical ailments — like diabetes, high blood pressure, and obesity — and mental health ailments — like depression, stress, and anxiety.