Centivo, a healthcare company, has secured $75 million in equity and debt financing to allow the company to expand its objective of making high-quality healthcare more attainable and inexpensive.
Morgan Health, (a division of JPMorgan Chase), Ingleside Investors, Cone Health Ventures, F-Prime Capital Partners, B Capital, Cox Enterprises and MemorialCare Innovation Fund participated in the round.
The aim of the funding is to help Centivo strengthen and scale its product and technology offerings, and establish key alliances with health systems to provide financial savings and better patient results, while lowering annual employee out-of-pocket costs by almost $1,200.
The company expects to help employers manage healthcare costs with a three-pronged plan:
- An advanced primary care centered model, secured by Centivo Care, an in-house virtual primary care practice.
- Direct contracts with major accountable care organizations (ACOs) in 18 key markets that are focused on greater access and high-value care.
- A “transparent, tech-enabled member engagement and plan administration platform.”
“This financing round is a vital step to ensuring that more hard-working Americans and their families get the healthcare they need without the surprise bills and worrying how they will pay for it,” Ashok Subramanian, chief executive officer and cofounder of Centivo, said in a statement.
“Our next step is to expand the number of Americans who can finally have a health plan that they can afford to use and to make more heroes out of those employers who are restoring healthcare affordability in their workplaces.”
THE LARGER TREND
In 2020, Centivo scored $34 million in Series B funding. The round was led by B Capital Group, with participation from Define Ventures; HarbourVest Partners; Nassau Street Ventures, an AVG fund; Bain Capital Ventures; Company Ventures; F-Prime Capital, Ingleside Investors; Maverick Ventures; and Rand Capital.
In 2018, Centivo brought in $34 million in a Series A funding round led by Bain Capital Ventures. Other backers included F-Prime Capital Partners, Maverick Ventures, Bessemer Venture Partners, Ingleside Investors, Rand Capital, Grand Central Tech Ventures, Oxeon Investments, and individual investors including Jim Foreman, Ken Goulet and Kevin Hill.
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