IP Group portfolio company Hinge Health has pushed its valuation to $3bn following a $300m series D round co-led by Coatue Management and Tiger Global.

Hinge Health, a US-based digital therapeutics company backed by commercialisation firm IP Group, closed a $300m series D round co-led by Coatue Management and Tiger Global yesterday.

Atomico, Insight Partners, Quadrille, 11.2 Capital, Lead Edge Capital, Bessemer Venture Partners and Heuristic Capital also took part in the round, which valued Hinge at $3bn post-money.

Founded in 2014, Hinge Health has built a digital healthcare platform for people living with chronic musculoskeletal conditions, such as back and joint pain. The offering consists of an app, wearable sensors and access to remote health coaching to deliver physical and behavioural health therapy.

Hinge Health was co-founded by chief executive Daniel Perez, who gained a PhD in medical sciences from University of Oxford in 2013, and president Gabriel Mecklenburg, who obtained an MPhil in bioengineering from Imperial College London in 2014.

Perez founded and became chief executive of Oxbridge Biotech Roundtable, an organisation looking to connect academia with industry, in mid-2011 during his PhD research, with Mecklenburg joining later that same year as chief operating officer.

Bessemer Venture Partners led a $90m series C round for Hinge Health in February 2020, with participation from Lead Edge Capital, Insight Partners, Atomico, 11.2 Capital, Quadrille Capital and Heuristic Capital.

Insight led a $26m series B round in August 2018, with participation from Atomico. The latter had led an $8m series A round in July 2017, with commitments from Eleven Two Capital, Vertical Group and private investor Jon Reynolds.

Eleven Two, Vertical and Reynolds had contributed to a $1m seed round in May 2016. IP Group lists Hinge as a portfolio company, but it is unclear when or how much the firm has invested.

– Feature image courtesy of Hinge Health