BetterNight receives $33M in funding

SAN DIEGO – BetterNight, a provider of comprehensive sleep care through its virtual care platform, has secured $33 million in growth funding led by NewSpring.  

The company will use the proceeds from this transaction to continue its nationwide expansion through partnerships with physician practices, health systems and insurers, and to accelerate the adoption and growth of its value-based sleep solution to employers and health plans. 

"With awareness surrounding the health complications caused by sleep disorders rising, the sleep care industry is growing quickly and is ripe for disruption,” said NewSpring Partner Mike Kaplan. “BetterNight's comprehensive virtual care sleep solution is perfectly positioned to offer patients, providers, and payers a superior sleep care experience. The data shows that BetterNight is best in class in enabling patients to adhere to sleep therapy."  

BetterNight partners with physicians, health systems, clinics and health plans to provide a full continuum of care for patients with sleep disorders. The company is focused on addressing obstructive sleep apnea (OSA) and insomnia to boost clinical outcomes, lower health care costs and improve patient lives. 

The financing round includes participation from existing investors HCAP Partners and Hamilton Lane via its Impact Fund II and other accounts managed by the firm. 

“Our goal at BetterNight is to provide a superior sleep care platform that empowers patients to take control of their health by getting a better night's sleep," said BetterNight CEO Dave French. "The NewSpring team has a strong track record of building successful, scalable healthcare companies, and we believe they are the perfect partner to help power our company's next stage of growth."