Bicycle Health achieves profitability and secures $16.5M to expand Virtual Opioid use Disorder Treatment

Bicycle Health, the nation’s largest provider of virtual opioid use disorder (OUD) treatment, raised $16.5M in funding led by existing investor Questa Capital, with participation from all other existing investors including SignalFire, Frist Cressey Ventures, City Light Capital, InterAlpen Partners, Valeo Ventures, and Hustle Fund, as well as new investor JSL Health. The company reached operating profitability in 2024 while increasing revenue, signaling a model for sustainable growth as it scales access to opioid use disorder treatment nationwide. In December, the company also expanded its executive team, welcoming Manu Kuppalli as Chief Financial Officer and Andy Thomas as Chief Operating Officer.

Bicycle Health has built a clinically-proven virtual care model and one of the largest addiction medicine practices in the country, seeing over 40,000 patients across 49 states since its founding and working with all major payors across the U.S. With its new funding, Bicycle Health will expand access to its care model by partnering with more payors and health systems, hiring more addiction medicine specialists, expanding offerings for high-risk populations like adults in custody, and building new technology to complement Bicycle Health’s OUD treatment platform.

Bicycle Health has spent the past year ensuring its care model and business model are aligned for long-term impact. The company reached operating profitability in Q4 2024 highlighting how its model can successfully work within the healthcare payor ecosystem to deliver affordable, high-quality care for patients. The company’s focus on sustainable growth lays a path toward enduring impact on the opioid epidemic, America’s largest public health crisis.

“Our mission has always been to help as many people as possible access the treatment they need to achieve long-term recovery,” said Ankit Gupta, founder and CEO of Bicycle Health. “Millions of people struggle with opioid use disorder and tens of thousands of people die from opioid use every year. Our virtual care model is proven to keep patients in treatment longer, reduce overdose rates, and improve access to treatment for people who need it. We’re grateful to continue to provide lifesaving care to patients across the country, and plan to expand to more patients and families who need support in 2025.”

Manu Kuppalli joins Bicycle Health as Chief Financial Officer with over a decade of experience in the healthcare industry. Kuppalli managed mergers and acquisitions for multi-specialty providers, led growth initiatives for large-scale medical groups, and worked in healthcare investment banking at Goldman Sachs. Kuppalli’s work at Bicycle Health will focus on continuing its path toward sustained profitability and expanding the company’s clinical model.

Andy Thomas, Bicycle Health’s new Chief Operating Officer, has nearly 15 years of experience in healthcare and behavioral health, building care models for patients with complex conditions. Thomas will ensure Bicycle Health continues maximizing its impact on people struggling with OUD. Thomas previously founded a substance use disorder program in Minnesota.

“Bicycle Health has shown how a mission-driven team can impact lives,” said Aabed Meer, MD, Partner at Questa Capital. “The team is tackling the opioid epidemic by delivering effective care to tens of thousands and reshaping healthcare with a scalable model. It’s a privilege to support their journey as they grow and cement their role as a leader in the healthcare ecosystem.”