Digital Health Funding: Strava Raises $110M, AliveCor and Solv Closes $65M and $27M Respectively

Fitness tracking platform Strava has raised $110 million in a Series F round led by TCV and...

Strava creates apps for runners and cyclists. Photo credit: Strava

Fitness tracking platform Strava has raised $110 million in a Series F round led by TCV and Sequoia, and including participation by Dragoneer group, Madrone Capital Partners, Jackson Square Ventures and Go4it Capital. The company said it will use the money to propel the development of new features, and expand its reach to cover even more users.

Read more: Fitness Wearable Startup WHOOP Raises $100 Million Series E to Become Unicorn

“We’re excited to partner with TCV and Sequoia. Together we’re building for athletes,” said Strava co-founder and CEO, Michael Horvath. “Today that means making Strava indispensable to athletes everywhere. When we do that well, we connect athletes to what motivates them, fuel the growth of our community, and strengthen our business. The experiences of Michael Moritz at Sequoia and Neil Tolaney at TCV with companies at Strava’s stage and beyond will be invaluable as we strive to enable athletes worldwide to get the most out of their active lives.”

AliveCor, a maker of artificial intelligence-enabled personal ECG devices, announced it has raised $65 million in Series E funding round led by existing investors OMRON, Khosla Ventures, WP Global Partners, Qualcomm Ventures and Bold Capital Partners. AliveCor will use the capital to enhance the growth of the company’s remote-cardiology platform by adding telehealth, detection and condition-management services for providers and healthcare institutions. It is also entering into a partnership with OMRON, which will add hypertension management to its portfolio, reports MobiHealthNews.

"We are grateful for the continued confidence of our investors," said Priya Abani, CEO of AliveCor, in a statement. "This financing speaks to the transformative power our technology brings to the healthcare system. We remain positioned to fulfill our vision of delivering AI-based, remote cardiological services for the vast majority of cases when cardiac patients are not in front of their doctor."

Healthcare platform Solv closed $27 million Series B+ funding round led by Acrew Capital with participation from MultiCare Health System, Light Street Capital as well as previous investors Benchmark and Greylock Partners. The company will use the capital to rapidly expand its national network of convenient healthcare providers, enabling more access, cost transparency and empowering more Americans to manage everyday healthcare from their phones.

Read more: Biofourmis Raises $100 Million In Series C Funding To Accelerate Global Expansion

"We're seeing dramatic shifts in the way healthcare is being accessed today. Until recently, it's been a one size fits all experience where you must book an appointment weeks in advance, drive to the office, wait and only then see a doctor. COVID-19 has pulled the future forward. Healthcare has shifted to a digital-first experience, allowing Americans to engage with healthcare from their homes without disruption in their daily lives," said Heather Fernandez, CEO and co-founder of Solv. "Solv is leading the charge to make sure that innovative providers can offer a digital-first experience, and consumers get more access to what they need, when they need it, from their phones."

Sam Draper
November 20, 2020

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