BetterNight, a provider of comprehensive sleep care through its virtual care platform, closed $33 million in growth funding led by NewSpring. The financing round includes participation from existing investors HCAP Partners and Hamilton Lane via its Impact Fund II and other accounts managed by the firm.
“With awareness surrounding the health complications caused by sleep disorders rising, the sleep care industry is growing quickly and is ripe for disruption. BetterNight’s comprehensive virtual care sleep solution is perfectly positioned to offer patients, providers, and payers a superior sleep care experience,” Mike Kaplan, partner at NewSpring, said. “The data shows that BetterNight is best in class in enabling patients to adhere to sleep therapy.”
BetterNight provides a full continuum of care for patients with sleep disorders, from consultation to diagnosis to treatment to long-term coaching. The company is focused on addressing obstructive sleep apnea (OSA) and insomnia to boost clinical outcomes, lower healthcare costs and improve patient lives. BetterNight partners with physicians, health systems, clinics and health plans across the United States. All services are provided digitally in the patient’s home.
BetterNight will use the proceeds from this transaction to continue its nationwide expansion through partnerships with physician practices, health systems and insurers and to accelerate the adoption and growth of its value-based sleep solution to employers and health plans. The company will continue to invest in technology to support patient engagement and remote patient monitoring.
“Untreated sleep apnea can dramatically impair a patient’s quality of life and put them at risk for numerous medical conditions such as hypertension and heart disease. Our goal at BetterNight is to provide a superior sleep care platform that empowers patients to take control of their health by getting a better night’s sleep,” Dave French, CEO of BetterNight, said. “The NewSpring team has a strong track record of building successful, scalable healthcare companies, and we believe they are the perfect partner to help power our company’s next stage of growth.”
