Tula Health Raises $24.1 Million, Valuation Rises to $187 Million

June 25, 2021

Tula Health recently raised $24.1 million in debt and equity financing from two venture firms – Springtide Ventures, a health tech venture firm based in Utah and Boston, and Sandbox Capital Advisors based in Salt Lake City.

The company creates behavioral change guidance via on-call support, and supporting hardware and software to help their customers manage chronic health conditions such as type 2 diabetes—currently the company’s primary focus. They help customers limit events where their blood sugar levels are too high or too low.

David Derrick, CEO at Tula Health, said the capital would be used to grow inventory, as well as hiring and training additional staff.

“It’s exiciting to see this level of investment in Tula Health,” said Kelvyn Cullimore, president and CEO of BioUtah. “The funding demonstrates confidence in the Tula model and the company’s vision to make a difference for patients’ health.”

“There’s a certain mindset that really has to be in place to do this,” said Derrick about the support staff training. “Unless we actually do the teaching and the training, we don’t get there. There’s a six week process with three nationally accredited certifications that each one of our coaches has to achieve in order to interact with and coach members,” as reported by TechBuzz.

The company has built a coaching center across the street from Weber State University in Ogden Utah. This facility can accommodate up to 120 health coaches that can manage the needs of up to 120,000 members. The location gives them an advantage as they are close to the nursing school and away from competing centers in Utah Valley.

Austin Walters, co-founder and managing partner at Springtide Ventures said, “Tula takes the abundant clinical research showing the importance of human touch and empathy to behavior change and health seriously. They will be one of the largest employers in northern Utah as they grow their coaching team.”