HCAP Partners, a California-based private equity firm and nationally recognized impact investor, announced its series B investment in BetterNight, a comprehensive virtual-care sleep health solution. The funding follows HCAP Partners’ 2019 investment in BetterNight and will support development efforts to further scale the company’s platform. In addition, Hope Mago, partner at HCAP will join the company’s board of directors. Terms of the series B investment were not disclosed.
It is estimated that 54 million Americans suffer from sleep apnea, while 80% of cases of moderate and severe obstructive sleep apnea remain undiagnosed [1]. BetterNight’s digitally based virtual solution makes sleep care more accessible. The virtual platform pathway typically includes a sleep health assessment, a telemedicine-based consultation, an in-home diagnostic study, and a therapy modality delivered directly to the patient’s home. BetterNight utilizes remote patient monitoring and qualified sleep coaches to assist patients when needed. BetterNight also offers a digital therapeutic program to assist patients suffering from insomnia. Since HCAP Partners’ 2019 investment, BetterNight has experienced significant traction with its virtual care sleep platform and has executed on a number of strategic opportunities with payors, physician groups, dental sleep medicine practices, wellness companies, and occupational health and worksite clinics.
“Sleep is vitally important to a patient’s immune system, lessening the impact of chronic disease and improving their quality of life,” BetterNight CEO Dave French, said. “In a world transitioning to digital care, providing a path for in-home sleep care is more critical than ever. This investment and our ongoing partnership with HCAP will help us to continue to scale BetterNight and provide accessible and reliable sleep care to a growing population of patients.”
“At HCAP Partners we seek to support high-growth companies that deliver positive outcomes not only to their clients but also for their employees via the implementation of our Gainful Jobs Approach,” Hope Mago said. “BetterNight is a great example of this. The company has successfully introduced a comprehensive at-home sleep care model to a market that has historically offered a fragmented and difficult-to-navigate journey for patients. They have also advanced their quality jobs practices by emphasizing training and career path development for its staff to drive employee retention and recruitment. We look forward to working with the BetterNight team in this next phase of growth.”
HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States.
BetterNight is a digitally based comprehensive virtual-care sleep solution company, combining a clinically validated sleep assessment, a telehealth-based sleep apnea platform and a CBTi solution to address insomnia.