Fundings Friday: Hinge Health, Alchemy, and Rad Power Bikes
Digital Physical Therapy Startup Raises $400 Million
Hinge Health, a digital physical therapy startup, raised $400 million in venture funding. The round, led by existing investors Tiger Global Management and Coatue Management, gives the startup a valuation of $6.2 billion. In January, Hinge Health was valued at around $3 billion. Hinge Health runs a digital platform which provides virtual physical therapy for patients suffering from back and joint pain. Sensors worn by the patients monitor their movements while software guides them through exercises.
Proceeds from the fundraising round will be used to expand the startup’s management team and bring on more engineers. During the past year Hinge Health, which was founded in 2014, doubled the number of customers it serves. However, the company is not yet profitable.
Blockchain Startup Sports a $3.5 Billion Valuation After Venture Round
Alchemy, a blockchain startup, raised $250 million in venture funding. The Series C round was led by Andreessen Horowitz and gives the company a $3.5 billion valuation. Through Alchemy’s technology, developers can build apps and digital collectibles on top of blockchains including Ethereum. The startup’s business has been booming as non-fungible tokens or NFTs take off. Alchemy’s technology has been used to create OpenSea, the biggest NFT marketplace. The $69 million sale of an NFT by Beeple, the digital artist, was also made possible by Alchemy.
The startup plans to use the money to build out its platform and further its goal of making blockchain development accessible. To do this it wants to expand access to its development tools and build out the educational resources it offers.
eBike Startup Raises $154 Million in Venture Funding
Rad Power Bikes, an ebike startup, raised $154 million in venture funding. The round was led by existing investor Fidelity Management & Research, and included participation from Morgan Stanley’s Counterpoint Global, Vulcan Capital, Durable Capital Partners, and the Rise Fund. With the latest funding raising round, Rad Power Bikes has raised a total of $392 million.
Rad Power Bikes is on a mission to get more people out of their vehicles and on electric bikes. Proceeds from the fundraising round will be used to increase the company’s investment in product and tech innovation, boost its omni-channel sales and support business, and add more manufacturing in North America and Europe.
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