SAN FRANCISCO – Hinge Health has raised a $300 million Series D round to expand clinical capabilities as an end-to-end Digital Musculoskeletal (MSK) Clinic for all back and joint pain care. The fundraising was heavily oversubscribed and jointly led by Coatue Management and Tiger Global with participation from existing investors Atomico, Insight Partners, Quadrille, 11.2 Capital, Lead Edge Capital, Bessemer Venture Partners, and Heuristic Capital.
The deal values Hinge Health at $3 billion, making it one of the highest-valued privately held digital health companies in the United States. As Americans accelerated digital healthcare adoption during the pandemic in 2020, Hinge Health’s customer base tripled, revenue quadrupled, customer retention continued at 100%, and Q4 alone saw a 937% growth in added covered lives. Hinge Health is the market leader and chosen by 4 in 5 employers with a digital MSK solution.
Hinge Health is the only Digital MSK Clinic to go beyond digital physical therapy and to deliver the industry’s most complete clinical care model, surrounding members with access to physical therapists, physicians, health coaches, and technology such as wearable sensors to guide exercise therapy. The Digital MSK Clinic has dedicated programs for every population’s needs, from prevention to post-surgery. Hinge Health currently works with Fortune 500 companies like Boeing, Salesforce, US Foods and 300+ health plan, employer, and public sector customers.
“Hinge Health is eliminating variability in healthcare quality and instead delivering better outcomes through consistent digital-first clinical care no matter where a person lives across the country,” explained Hinge Health CEO and Co-Founder Daniel Perez. “We are investing in deepening our MSK clinical capabilities by building advanced technologies and tripling our clinical team of doctors, physical therapists, and health coaches.”
Lucas Swisher, partner at Coatue Management, shared, “As the shift toward virtual healthcare condensed from an expected timeline of years to a matter of months, we saw how well Hinge Health responded and reacted. We believe Hinge Health’s digital clinic is unique and tackling one of the biggest challenges in healthcare, and we are excited to join them on the journey.”
Scott Shleifer, partner at Tiger Global Management, said, “We have spent a lot of time evaluating the digital MSK space, and Hinge Health has not just won the category, they created it and continue to move it forward.”
Joe Toniolo, Senior Director, Health & Welfare Plans at US Foods and a Hinge Health customer said, “Our goal is to simplify the healthcare process and provide a seamless experience for our associates with one single and easy point of access. As a leading food service distributor, MSK is a cost driver for our workforce. By providing care along our associate’s entire MSK journey from prevention to post-surgery, Hinge Health’s Digital MSK Clinic provides a simple and comprehensive service that results in desired outcomes that reduce pain and surgery at no cost for our associates.”