Online exercise classes boomed during the pandemic, and one Culver City-based virtual health platform is keeping the trend going.
Age Bold Inc.’s platform targets the growing number of aging Americans experiencing health problems, raising $17 million in its series A round. Led by Rethink Impact Portfolio Cos., other venture heavyweights including Andreessen Horowitz Portfolio Cos., known as a16z, Samsung Next LLC and Khosla Ventures Portfolio Cos. also injected additional cash.
This boosts Bold’s funding to $27 million, backing its ambitious plan to team up with Medicare plans and provider groups across the country and ultimately prolong the life expectancy of its users.
“Bold was designed to increase healthspans for older adults, offering accessible, easy-to-follow programs that improve strength, reduce falls, and promote lifelong well-being,” said Amanda Rees, chief executive officer of Bold.
The company was launched just a month before the pandemic, quickly growing a user base as its target audience risked life-threatening exposure to COVID-19 at gyms and senior centers.
As restrictions and vaccines reopened these workout facilities, Bold proved older generations still crave accessible, personalized fitness options they can try at home. The company claims 10 million Medicare members have access to its free basic programs and exercise programs today. Regimens range from seated Tai Chi classes to more intense cardio and strength-training courses.
Beyond contracts with insurance providers and health care providers, Bold’s main revenue stream is its paid-subscription tier. For $25 a month the program claims to become more personalized, with users able to curate workouts based on current fitness levels.
Customized onboarding
When onboarding, customers take “bold assessments” to gauge mobility, strength and balance. Through these results Bold then recommends regimens or videos for users to watch; the platform also offers live classes users can tune into on weekdays.
Bold is moving into an injury-preventive market ripe with concern as health care systems struggle to offer scaled monitoring and treatment plans to an aging population growing less active and more prone to life-altering accidents.
Falls, a common issue affecting more than a quarter of Americans aged 65 and older annually, account for an estimated $50 billion in medical costs, outpacing even Medicare’s annual oncology spending.
Bold has published its own studies claiming the platform works to reduce falls by 46%. Research shows the simple, at-home workouts Bold provides can improve strength and balance, staving off injury and potentially the need for more visits to a doctor.
“As the nation’s population continues to age and Medicare costs balloon, we desperately need innovative, evidence-based solutions like Bold that meet people where they are and drive value across the health care system,” said Jenny Abramson, founder and managing partner of the round’s leading venture capital firm, Rethink Impact.
Investors see Bold tapping into a customer segment set to grow exponentially.
According to Census Bureau data, America’s population will be dominated by those 65 and older in the next decade, with baby boomers accounting for the 77 million Americans entering this age range. The size of the country’s older population will continue to grow as life expectancies increase.
