Bold announces $7 million in seed funding
Bold announced today $7 million in seed funding led by Andreessen Horowitz, with participation from existing investor Khosla Ventures, and new investors Primetime Partners and GingerBread Capital. Bold will use the investment to expand its research-based digital health platform focused on healthy aging.
Bold aims to prevent pain, injury, and chronic illness by keeping members active through personalized exercise programs. Bold’s first programs showed a significant reduction in falls through strength, balance, and mobility exercises and education, and the company is growing to tackle major health issues prevalent amongst older adults.
By focusing on members over 50, Bold targets a large and growing demographic that is shaping the future of healthcare. More than 85% of older adults have at least one chronic condition, and currently, Medicare spends hundreds of billions of dollars annually treating disease rather than preventing it. Over $50 billion in annual U.S. healthcare costs are related to falls alone, which are preventable.
“We want Bold to make it easy for anyone to take charge of their health as they age - at any age,” said Bold CEO Amanda Rees. “For many today, barriers like access to clinically-effective programming, fear of injury, or existing health conditions make it challenging or intimidating to get and stay active.”
Bold launched just months before the COVID-19 pandemic, and its community quickly grew as gyms and senior centers closed, and people looked for fresh ways to stay fit and engaged from home.
The company will soon announce partnerships with health plans that will make its research-based programs available free of charge to millions of older adults, making it clear that leading insurers, providers and health systems understand the importance of proactive preventive care that Bold provides to an aging population.
Rees and Hari Arul, co-founders of Bold, started the company after years of living with and caring for Rees’ grandmother who suffered a series of falls and escalating health challenges. Rees is a trained dancer and engineer who poured over research to find a solution to help her grandmother move more safely. She found an abundance of information about what’s needed for healthier aging but was surprised at how few resources existed to help make it possible.
“We all have loved ones who are aging and seeking to remain independent and healthy, while staying connected with others,” said Julie Yoo, general partner at Andreessen Horowitz. “Bold's fresh approach to virtual fitness programs for older adults is perfectly timed with the transformation happening across the industry around aging in place in the context of one's broader clinical and social needs. We're thrilled to be backing Amanda and Hari as they build a unique service and platform that blends best-in-class consumer experience with clinical rigor and payor integration. ”
Recognizing that the majority of older adults are now online, Bold believes it is important to design and build products that better serve aging communities - not for when they are sick, but to proactively support their vibrancy and wellness.
“We grew up watching commercials for tools that call for help once an older person falls. The idea behind these tools was to allow people to have more independence, but it never actually solved the problem,” said Arul. “It's time for preventive, modern products that promote strength and agency for adults of all ages.”
Bold is a digital health and wellness company focused on disease prevention and healthy aging. Utilizing personalized and research-backed on-demand exercise programs we help our members get stronger and healthier so that they can chase the life they want at any age. At a time in which the cost of healthcare, particularly for older adults, continues to soar, Bold serves to reduce cost and increase access for older adults and health insurers alike — in real-time use as well as in serving as a preventative measure. In February 2021, Bold raised $7 million in seed funding.
Media contactMary Barrett