MyHealthTeams said it raised $1.75 million in seed funding in a round led by Adams Street Partners and joined by 500 Startups and angel investors. MyHealthTeams will use the money to expand staff and promote its apps. It announced the launch of the MyAutismTeam app.
PRESS RELEASE
MyHealthTeams Announces $1.75 Million in Seed Funding; Launches MyAutismTeam Mobile App
Funds will help scale business and expand team; MyAutismTeam app allows parents of children with autism to connect on-the-go
San Francisco, CA—August 14, 2012—MyHealthTeams, the creators of social networks specifically for people with chronic healthconditions, today announced that it has raised $1.75 million in seed funding led by private equity investors Adams Street Partners. The round will be used to scale MyHealthTeams’ business, expand the team and drive awareness of its social networks and mobile apps. Adams Street Partners is joined in the round by500 Startups, and a list of notable angel investors, best known for their consumer technology and life science investments. MyHealthTeams also announced the launch of the MyAutismTeam mobile app, building on the success of its fast growing social network MyAutismTeam.com.
“MyHealthTeams is tackling a difficult problem with a truly exciting solution –simple, easy-to-use social networks for people with specific chronic health conditions,” said Mike Lynn, M.D., a partner at Adams Street Partners who is also a practicing physician. “We see a huge market opportunity in building a better, more personal and social way for people with a chronic condition to connect with others just like them. Within the next five years doctors may be prescribing this type of resource directly to their patients at the time ofdiagnosis.”
One in two Americans – more than 150 million people – are living with a chronic condition today, and that number is forecast to grow 42 percent in the next year. MyHealthTeams makes it easy for people to quickly find and connect with a network of other people like themselves – those who understand what they face daily because they have been in their shoes. The condition-specific social networks also allowmembers to easily find referrals of local providers and businesses best suited to help them. MyHealthTeams’ fast-growing flagship site,MyAutismTeam, serves the needs of parents of children with autism. After privately launching in June 2011 with 30 parents in San Francisco, it quickly grew to more than 26,000 registered parents from all across the country. The company is following the same strategy for other chronic conditions and diseases.
“When you are diagnosed with a chronic condition it should be easy to find the best people around to help you; Other people with the same diagnosis and age as you, as well as the best providers and specialists those folks recommend,” said Eric Peacock, CEO & Co-founder of MyHealthTeams. “We meet a need not addressed by mass market social networks like Facebook. Theteam of investors who have joined us speaks to the incredible need for whatwe’re working to accomplish – creating specific social networks for those who need a safe place to openly share their own experiences and resources.”
MyAutismTeam’s new mobile app provides parents of children on the autism spectrum the ability to connect and stay in touch with other parents just like them. The Facebook-meets-Yelp resource for parents allows for the sharing of posts, local provider referrals and tips, as well as the ability to ask questions to the community and post pictures, all while on-the-go sothey are connected to the community whenever they need to be. The app is available for free and can be downloaded in the App Store.
About MyHealthTeams
MyHealthTeams is a San Francisco-based company building deeply engaging social networks for people facing chronic health conditions in theU.S. MyHealthTeams makes it easy for people living with chronic conditions to easily connect with the best people who can help them. By combining the social elements of a Facebook with the hyper-local recommendations of a Yelp, people can connect with, and get support from others who share their diagnosis, and find the providers most suited to help them thrive. MyHealthTeams’ flagship site, MyAutismTeam, launched in December 2011 and now has more than 26,000 beta members. To learn more visit:http://www.myhealthteams.com
About Adams Street Partners
Adams Street Partners, LLC is a leading private equity investment firm, providing primary and secondary partnership and direct investment management services to institutional clients. Adams Street Partners is one of the largest managers of private equity investments in the world and has one of the longest histories. Together with its predecessor organizations, Adams Street Partners has been investing in private equity partnerships since 1979 and managing direct investments in private equity since 1972. Adams Street Partners has offices in Chicago, London, Menlo Park and Singapore.
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