SAN FRANCISCO, CA--(Marketwire - Aug 14, 2012) - MyHealthTeams, the creators of social networks specifically for people with chronic health conditions, today announced that it has raised $1.75 million in seed funding led by private equity investors Adams Street Partners. The round will be used to scale MyHealthTeams' business, expand the team and drive awareness of its social networks and mobile apps. Adams Street Partners is joined in the round by 500 Startups, and a list of notable angel investors, best known for their consumer technology and life science investments. MyHealthTeams also announced the launch of the MyAutismTeam mobile app, available on iOS devices, building on the success of its fast growing social network MyAutismTeam.com.
"MyHealthTeams is tackling a difficult problem with a truly exciting solution -- simple, easy-to-use social networks for people with specific chronic health conditions," said Mike Lynn, M.D., a partner at Adams Street Partners who is also a practicing physician. "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. Within the next five years doctors may be prescribing this type of resource directly to their patients at the time of diagnosis."
One in two Americans -- more than 150 million people -- are living with a chronic condition today, and that number is forecast to grow 42 percent in the next year. MyHealthTeams makes it easy for people to quickly find and connect with a network of other people like themselves -- those who understand what they face daily because they have been in their shoes. The condition-specific social networks also allow members to easily find referrals of local providers and businesses best suited to help them. 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 27,000 registered parents from all across the country. The company is following the same strategy for other chronic conditions and diseases.
"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," said Eric Peacock, CEO & Co-founder of MyHealthTeams. "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."
MyAutismTeam's new mobile app provides parents of children on the autism spectrum the ability to connect and stay in touch with other parents just like them. The Facebook-meets-Yelp resource for parents allows for the sharing of posts, local provider referrals and tips, as well as the ability to ask questions to the community and post pictures, all while on-the-go so they are connected to the community whenever they need to be. The app is available for free and can be downloaded in the App Store.
MyHealthTeams is a San Francisco-based company building deeply engaging social networks for people facing chronic health conditions in the U.S. MyHealthTeams makes it easy for people living with chronic conditions to easily connect with the best people who can help them. By combining the social elements of a Facebook with the hyper-local recommendations of a Yelp, people can connect with, and get support from others who share their diagnosis, and find the providers most suited to help them thrive. MyHealthTeams' flagship site, MyAutismTeam, launched in December 2011 and now has more than 27,000 registered parents from all across the country. To learn more visit: http://www.myhealthteams.com
About Adams Street Partners
Adams Street Partners, LLC is a leading private equity investment firm, providing primary and secondary partnership and direct investment management services to institutional clients. Adams Street Partners is one of the largest managers of private equity investments in the world and has one of the longest histories. Together with its predecessor organizations, Adams Street Partners has been investing in private equity partnerships since 1979 and managing direct investments in private equity since 1972. Adams Street Partners has offices in Chicago, London, Menlo Park and Singapore.