BetterNight, a leading provider of comprehensive sleep care through its virtual care platform, has raised $33 million in growth funding led by NewSpring. Existing investors HCAP Partners and Hamilton Lane also participated in the financing round via its Impact Fund II and other accounts managed by the firm.
The company provides a full range of care for patients with sleep disorders, including consultation, diagnosis, treatment, and long-term coaching. It focuses on addressing obstructive sleep apnea (OSA) and insomnia to improve clinical outcomes, reduce healthcare costs, and enhance patient lives. BetterNight partners with physicians, health systems, clinics, and health plans across the United States, and all services are provided digitally in the patient’s home.
“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,” said NewSpring Partner Mike Kaplan.
BetterNight will use the proceeds from this transaction to expand its nationwide reach through partnerships with physician practices, health systems, and insurers. It will also accelerate the adoption and growth of its value-based sleep solution to employers and health plans. The company plans to continue investing in technology to support patient engagement and remote patient monitoring.
“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,” said BetterNight CEO Dave French. “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.”
The rise of awareness surrounding sleep disorders and their impact on health has led to the rapid growth of the sleep care industry. BetterNight’s comprehensive virtual care sleep solution is well-positioned to provide a superior sleep care experience to patients, providers, and payers. With this new funding, the company plans to further expand its reach and enhance its technology to continue empowering patients to take control of their health.