US private equity firm Adams Street Partners has led a $1.75m seed funding round for MyHealthTeams, a company that has created condition-specific social networks for people with chronic health conditions.
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.
The round will be used to scale the business, expand the team and drive awareness of its social networks and mobile apps, it said.
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.
“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,” said Adams Street partner Mike Lynn.
“Within the next five years doctors may be prescribing this type of resource directly to their patients at the time of diagnosis.”
MyHealthTeams CEO Eric Peacock, pictured, added, “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.
“We meet a need not addressed by mass market social networks like Facebook. The team of investors who have joined us speaks to the incredible need for what we’re working to accomplish – creating specific social networks for those who need a safe place to openly share their own experiences and resources.”
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