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Startup medical supplier Better Health has closed a $3.5 million seed round.
Startup medical supplier Better Health has officially launched with $3.5 million in seed funding and partnerships with Humana and Oscar Health.
Better Health aims to crack into the $60 billion durable medical equipment market with an e-commerce platform. Its tool provides patients with personalized product recommendations as well as estimates for out-of-pocket costs and handles necessary medical and insurance paperwork.
The company also offers coaching and support groups to assist users in managing their conditions.
“I knew there had to be a better way to help these patients. Better Health improves the lives of patients who use medical supplies by getting them the best products in a timely, cost-effective, and stress-free manner,” CEO Naama Stauber Breckler said in a statement. “More importantly, we provide our members with education and support so they’re better prepared to manage their chronic condition in the long run.”
Better Health is initially focusing on patients with ostomies or chronic urological conditions and is looking to rapidly branch out to address other conditions.
The seed funding round is led by 8VC and also included investment from Caffeinated Capital and Anorak Ventures.
Drew Oetting, founding partner at 8VC, said in a statement that the company drew interest from investors because it’s in a market that’s overdue for a shake-up.
“The market is quite literally crying out for modernization,” Oetting said. “With the aging population’s increased web savviness and agency over their health, Better Health is well positioned to thrive, riding the waves of ecommerce and telehealth into the fragmented medical supplies industry.”
Better Health is licensed to provide services to Medicare plans in 48 states and also works with Medicaid and commercial plans, including its partnerships with Oscar and Humana, the company said.