HCAP Partners Leads Series B Growth Investment in BetterNight
March 16, 2021
SAN DIEGO, CA – HCAP Partners, a California-based private equity firm and nationally recognized impact investor, today announced its series B investment in BetterNight, one of the nation's leading comprehensive virtual-care sleep health solutions. The funding follows HCAP Partners’ 2019 investment in BetterNight and will support development efforts to further scale the company’s platform. In addition, Hope Mago, Partner at HCAP will join the company’s board of directors. Terms of the series B investment were not disclosed.
It is estimated that 54 million Americans suffer from sleep apnea, while 80 percent of cases of moderate and severe obstructive sleep apnea remain undiagnosed [1]. BetterNight’s digitally based virtual solution makes sleep care more accessible. The virtual platform pathway typically includes a sleep health assessment, a telemedicine-based consultation, an in-home diagnostic study, and a therapy modality delivered directly to the patient’s home. BetterNight utilizes remote patient monitoring and qualified sleep coaches to assist patients when needed. BetterNight also offers a digital therapeutic program to assist patients suffering from insomnia. Since HCAP Partners’ 2019 investment, BetterNight has experienced significant traction with its virtual care sleep platform and has executed on a number of strategic opportunities with Payors, Physician Groups, Dental Sleep Medicine Practices, Wellness Companies and Occupational Health and Worksite Clinics.
"Sleep is vitally important to a patient’s immune system, lessening the impact of chronic disease and improving their quality of life," said BetterNight CEO Dave French. "In a world transitioning to digital care, providing a path for in-home sleep care is more critical than ever. This investment and our ongoing partnership with HCAP will help us to continue to scale BetterNight and provide accessible and reliable sleep care to a growing population of patients.”
“At HCAP Partners we seek to support high-growth companies that deliver positive outcomes not only to their clients but also for their employees via the implementation of our Gainful Jobs Approach™,” commented Hope Mago. “BetterNight is a great example of this. The company has successfully introduced a comprehensive at-home sleep care model to a market that has historically offered a fragmented and difficult-to-navigate journey for patients. They have also advanced their quality jobs practices by emphasizing training and career path development for its staff to drive employee retention and recruitment. We look forward to working with the BetterNight team in this next phase of growth.”
[1] "Estimation of the global prevalence and burden of obstructive sleep apnea: a literature-based analysis” Lancet Respir Med 2019; 7: 687–98
About HCAP Partners
HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $2 million to $15 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 45 companies since its founding and through ongoing, active engagement with portfolio companies provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund eight years running and, through its Gainful Jobs Approach™, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. For more information, please visit www.hcapllc.com.
About BetterNight
BetterNight is one of the nation's leading digitally based comprehensive virtual-care sleep solution company, combining a clinically validated sleep assessment, a telehealth-based sleep apnea platform and a CBTi solution to address insomnia. Results include lower cost of care, superior adherence, and improved patient satisfaction, resulting in healthier lives and healthcare cost savings. BetterNight's mission is to have a positive impact on the lives of people living with sleep disorders by simplifying the complex process from diagnosis to treatment.