Transcarent, a digital platform targeted on the self-insured employer market, introduced it secured a $126 million Sequence D funding. The funds carry the unicorn firm’s complete increase to $450 million and valuation to $2.2 billion.
Basic Catalyst and 7wireVentures led the spherical, with participation from new traders Memorial Hermann Well being System and Geodesic Capital.
Former traders Human Capital, Kinnevik, Threshold Ventures, Ally Bridge Group, Alta Companions, Leaps by Bayer and Merck World Well being Innovation Fund additionally contributed to the Sequence D.
WHAT IT DOES
The California-based firm focuses on self-insured employers and their workers. Members can nearly entry care 24/7, and a well being concierge is offered to speak to sufferers and assist them plan surgical procedures and care paths.
The corporate permits members to entry weight administration, most cancers care, pressing care, and behavioral well being companies, and gives a pharmacy-benefit platform to decrease medicine prices.
The corporate works on a completely at-risk mannequin, the place employers haven’t any up-front or per-employee, per-month charges. It additionally pays well being methods up entrance for surgical procedures.
Transcarent will use the funds to hurry up its AI capabilities and increase strategic and industrial progress.
“Everybody requested, ‘Are you able to make it simpler for our individuals to entry high-quality, reasonably priced care?’ and we have now. Transcarent is the one place for well being and care,” Glen Tullman, Transcarent CEO, mentioned in an announcement.
“One platform – your cell phone – for the whole lot you need and wish. And an expertise individuals don’t identical to however love. Excessive-quality care and value reductions with a relentless deal with high quality. Simply what the physician ordered.”
MARKET SNAPSHOT
Transcarent emerged from stealth in March 2021, led by Livongo vet Glen Tullman.
The corporate introduced it raised $200 million in Series C funding in 2022, and rolled out its pharmacy profit providing the identical 12 months.
Transcarent Pharmacy Care permits members to seek for the lowest-cost drug choice and examine costs throughout pharmacies. They will additionally switch their prescription inside Transcarent’s app and entry 24/7 help.
Final 12 months, the corporate introduced plans to accumulate belongings from 98point6, together with its AI-enabled digital care platform and care enterprise, in a deal price as much as $100 million.
It additionally partnered with ViewFi, a tech-enabled digital orthopedic and rehabilitation platform based by U.S. tennis champion Andy Roddick. The companies partnered to ship digital orthopedic and musculoskeletal care to sufferers by Transcarent’s Seek the advice of Answer.
