Virtual opioid addiction treatment startup raises $5 million

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Bicycle Health, a Boston-based startup that offers virtual treatment for opioid addiction, raised $5 million in new venture capital funding.

Telehealth can reduce the stigma that precludes many people with addiction from seeking care, in addition to its lower costs and higher convenience.Cobalt Ventures provided the investment, which is an extension to a Series B round that previously closed on $50 million.

, was led by InterAlpen Partners. Other backers included Questa Capital, Frist Cressey Ventures and City Light Capital.There is some skepticism that virtual opioid addiction treatment is as effective as in-person care, but there is consensus that more treatment options are needed as addiction rates continue to rampage.

 

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