health tech startup bold raises $7 million in seed funding for senior-focused fitness programs
Bold: A New Approach to Senior Health and Wellness
The popularity of virtual health and wellness platforms has surged, particularly during the recent pandemic. However, a new company, Bold, is concentrating its efforts specifically on the health needs of senior citizens.
Preventative Care for Older Adults
Bold is a digital health and wellness service designed to proactively address chronic health issues in older adults. The company’s core strategy involves providing free, personalized exercise programs tailored to individual needs.
Amanda Rees and Hari Arul co-founded Bold. This week, they secured $7 million in seed funding, with Julie Yoo of Andreessen Horowitz, a Silicon Valley venture capital firm, leading the investment.
Inspired by Personal Experience
Rees explained in a recent interview that the concept for Bold originated from her experiences caring for her grandmother. She focused on finding ways to support her grandmother through various health challenges, including incidents involving falls.
“I began to consider solutions that could maintain someone’s health for a longer period, rather than intervening only after an event like a fall occurs,” Rees stated. She leveraged her background in dance and yoga to help her grandmother improve balance and reduce the risk of future falls.
“My primary goal was to broaden access to these types of solutions and specifically design them for the older population,” she added.
How the Bold Program Works
The Bold member experience is designed to be user-friendly. Individuals complete a short online questionnaire detailing their fitness level and personal goals.
Based on this information, Bold creates a customized exercise program. This could range from a single weekly seated Tai Chi session to more frequent cardio and strength training classes.
“We aim to meet each member at their current fitness level and guide them through a program that delivers the most immediate benefits,” Rees explained.
Addressing Rising Healthcare Costs
Bold’s funding arrives at a critical time, as healthcare expenses for older populations continue to rise. There is increasing attention on strategies to mitigate these costs for both present and future generations.
While falls themselves may not always be severe medical events, they frequently result in fractures and other serious injuries. Bold’s preventative approach to fall prevention offers a proactive alternative to reactive monitoring systems.
Unlike devices like fall-detection necklaces or bracelets that simply alert emergency services after a fall, Bold focuses on building strength and balance. Furthermore, its virtual programs allow at-risk seniors to exercise safely, avoiding potential exposure to COVID-19 in traditional gym settings.
The Benefits of Exercise for Seniors
Research consistently demonstrates the effectiveness of exercise in improving balance and strength, thereby reducing the risk of falls. Falls are currently the leading cause of injury and injury-related deaths among older adults.
Reducing Medical Expenses
A decrease in injuries would translate to reduced demand for medical care, resulting in cost savings for hospitals and health insurance providers.
To further expand access, Bold is planning to establish partnerships with Medicare Advantage organizations and risk-bearing providers. This will enable them to offer their exercise programs to users at no cost.