Stout Advises Ada Health in Extended Series B Funding Round
Stout announced that its client, Ada Health, has successfully extended its Series B round to $120 million by raising an additional $30 million extension. The new funding will enable Ada to accelerate its growth and strengthen its presence in the U.S., following strong interest and traction in that market.
The extension was raised from international investors – U.S.-based Farallon Capital, cross-border investor Red River West and Bertelsmann Investments, German media company Bertelsmann’s international venture capital arm. This follows an initial Series B raise of $90 million last May, which was led by Leaps by Bayer, the impact investment arm of Bayer AG, with further investments from Vitruvian Partners, Inteligo Bank, F4, and Mutschler Ventures.
Ada’s best-in-class health assessment and care navigation platform, which combines medical knowledge with powerful AI, helps users understand their symptoms and navigate safely to the right care at the right time. Ada’s consumer app has become the world’s most popular and highest-rated symptom assessment app, completing over 26 million assessments since its global launch and earning 300,000 five-star ratings worldwide. Ada also provides enterprise solutions to a wide range of partners across health systems, insurers, and life sciences. By integrating its symptom assessment and care navigation tools into a range of digital care journeys, Ada can improve outcomes for patients, consumers, and healthcare providers.
The investment will be used to accelerate the rapid growth of Ada’s enterprise offering and strengthen its presence in the United States, following a period of strong growth in North America where Ada has forged collaborations with leading health systems and care providers as well as continued existing client partnerships with the likes of Bayer, Novartis, and Sutter Health.
Ada also plans to build on its sophisticated AI capabilities by developing a personalized operating system for health, connecting multiple external data sources to provide users with actionable insights and a holistic, 360-degree view of their personal health journey.
“As a company, our goal is to improve healthcare outcomes for more than 1 billion people around the world. Today’s investment will enable us to double down on our growth in the U.S. and in other key geographies, while continuing to develop our suite of AI-powered solutions, strike new partnerships, and create a truly personalised operating system for health. We are very grateful to Stout for the trusted and excellent collaboration on this transaction once again,” said Daniel Nathrath, CEO and co-founder of Ada Health.
“Ada is a best-in-class digital health leader, with strong global growth potential and the potential to revolutionize the healthcare outcomes for more than 1 billion people globally. We are excited to continue our partnership with Ada Health on this extraordinary journey,” added Mathis Wilke, Managing Director at Stout, who led the execution of the transaction.
Stout Director Kevin Kissner assisted on the deal with further support from Stout’s Nansi Nistorova.
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