Omada Health is now public: Virtual care startup joins IPO wave with $150M raise, $1.1B valuation on Nasdaq debut

After weeks of anticipation, Omada Health is officially public.

The virtual chronic care startup priced its IPO at $19 per share on Thursday, landing right in the middle of its expected range. The offering includes 7.9 million shares, raising about $150 million.

The company, which was founded in 2012, is now trading on the Nasdaq under the ticker “OMDA.” That $19 price point gives Omada a valuation of roughly $1.1 billion, right around where it was in 2022, when it raised $192 million and crossed the billion-dollar mark in the private market, CNBC reported.

Big-name backers include U.S. Venture Partners, Andreessen Horowitz, and Fidelity’s FMR LLC, each holding somewhere between 9% and 10% of the company.

This marks the second digital health IPO in a matter of weeks, a sign the market might finally be loosening up after a long dry spell. Physical therapy startup Hinge Health went public last month on the NYSE.

More signs of life? Crypto firm Circle Internet popped 168% on debut Thursday, eToro started trading last month, and Chime Financial is up next.

Omada was founded over a decade ago by Sean Duffy, Andrew DiMichele, and Adrian James. The latter two have since moved on. Duffy remains CEO and pitched the company’s IPO as a chance for new investors to join the next phase of growth.

With more than 156 million Americans living with at least one chronic condition, Omada is betting that demand for scalable, virtual care will grow, especially among employers under pressure to cut healthcare costs.

The startup offers personalized care plans that combine clinical support with behavioral health programs. It was the first virtual provider to join the Institute for Healthcare Improvement’s Leadership Alliance, a signal that it wants to be seen as part of—not a replacement for—the traditional healthcare system.

Omada’s recent numbers show solid growth. Revenue for Q1 jumped 57% year-over-year to $55 million. In 2024, revenue rose 38% to $169.8 million from $122.8 million the year before. Losses are narrowing, too, with net loss shrinking to $9.4 million in Q1, down from $19 million a year ago.

Its backers include big-name investors like Andreessen Horowitz, Fidelity’s FMR LLC, and U.S. Venture Partners, each of whom owns close to 10% of the company.

It’s a promising start for a digital health company trying to reenter a public market that’s just starting to thaw.