Centivo, a healthcare firm, has secured $75 million in fairness and debt financing to permit the corporate to increase its goal of creating high-quality healthcare extra attainable and cheap.
Morgan Well being, (a division of JPMorgan Chase), Ingleside Traders, Cone Well being Ventures, F-Prime Capital Companions, B Capital, Cox Enterprises and MemorialCare Innovation Fund participated within the spherical.ย
The intention of the funding is to assist Centivo strengthen and scale its product and expertise choices, and set up key alliances with well being methods to offer monetary financial savings and higher affected person outcomes, whereas decreasing annual worker out-of-pocket prices by virtually $1,200.
The corporate expects to assist employers handle healthcare prices with a three-pronged plan:
- A sophisticated main care centered mannequin, secured by Centivo Care, an in-house digital main care apply.
- Direct contracts with main accountable care organizations (ACOs) in 18 key markets which can be centered on better entry and high-value care.
- A “clear, tech-enabled member engagement and plan administration platform.”
“This financing spherical is an important step to making sure that extra hard-working Individuals and their households get the healthcare they want with out the shock payments and worrying how they’ll pay for it,” Ashok Subramanian, chief govt officer and cofounder of Centivo, mentioned in an announcement.
“Our subsequent step is to increase the variety of Individuals who can lastly have a well being plan that they’ll afford to make use of and to make extra heroes out of these employers who’re restoring healthcare affordability of their workplaces.”ย
THE LARGER TREND
In 2020, Centivo scored $34 million in Collection B funding. The spherical was led by B Capital Group, with participation from Outline Ventures; HarbourVest Companions; Nassau Road Ventures, an AVG fund; Bain Capital Ventures; Firm Ventures; F-Prime Capital, Ingleside Traders; Maverick Ventures; and Rand Capital.
In 2018, Centivo introduced in $34 million in a Collection A funding spherical led by Bain Capital Ventures. Different backers included F-Prime Capital Companions, Maverick Ventures, Bessemer Enterprise Companions, Ingleside Traders, Rand Capital, Grand Central Tech Ventures, Oxeon Investments, and particular person traders together with Jim Foreman, Ken Goulet and Kevin Hill.
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