Value-based care startup CareBridge scores $140M and more digital health fundings
Home and community value-based care startup CareBridge scooped up $140 million in a new funding round led by Oak HC/FT, bringing its valuation to more than $1 billion.
The company, which focuses on Medicaid and dual eligible patients with disabilities using at-home care, offers electronic visit verification and data aggravation services, and virtual support from care teams.
CareBridge will use the financing to expand geographically, continue building its home and community-based care database and add services to people with intellectual and developmental disabilities.
“CareBridge is revolutionizing care for individuals on Medicaid receiving home and community-based services,” Brad Smith, executive chairman of CareBridge, said in a statement. “By helping coordinate care and provide 24/7 access to a clinician, CareBridge is helping individuals live healthier, more independent lives while remaining at home.”
Healthcare professional networking and data platform H1 announced an extension to its Series C round, bringing its total to $123 million. The company had initially reported a $100 million Series C raise in November.
H1 said the additional capital extends the company’s runway so it can focus on growth.
“In a time of volatile markets when many are struggling to secure funding, this extension is a vote of confidence in our ability to advance our mission,” CEO and cofounder Ariel Katz said in a statement.
“Our ability to raise capital at the same terms as our original Series C close is a testament to our significant market opportunity and ability to execute against it. Our platform has enabled our 200+ clients to gain greater insights and get groundbreaking treatments and therapies to patients around the world efficiently. We have improved access to healthcare for millions of patients and don’t intend to slow down. This additional funding allows us to control our own destiny and continue to innovate.”
Digital chronic-condition management platform DarioHealth secured a loan facility of up to $50 million from OrbiMed.
The five-year facility includes $25 million at closing, with another $25 million available before June 30, 2023, providing Dario achieves certain revenue targets. The company said it will use the funds to continue developing its platform and accelerate its adoption.
“Between this debt facility and the cash and cash equivalents on our balance sheet at the end of the first quarter of 2022, we potentially have access to more than $100 million in capital. This amount excludes potential revenues relating to payments from Sanofi U.S. pursuant to our previously announced strategic agreement and growing cash flows from our operations and sales to our business-to-business (B2B) clients,” CEO Erez Raphael said in a statement.
“We believe that this cash runway enables us to continue to invest in growing our B2B (commercial) market segment, which, for the first time, exceeded our business-to-consumer revenue in the first quarter of 2022. In addition, it allows us to pursue our business plan for multiple years without the need for further capital raises.”