3.29.21
5 min. read

$1B across 5 deals plus 20 more. New Trivia.

Issue 020

Welcome back to E&O Mondays, the free newsletter from Exits & Outcomes that features the world’s most complete weekly health tech funding round-up.

 E&O Mondays.

In this issue:

  • Last week I found well over $1 billion and I hit send right before Ro announced its $500 million round. So, this week I found another $1 billion across five big deals… plus 20 more deals. Read on for this week’s (announced and unannounced) health tech funding deals (equity and debt) from the past week.
  • There’s also a new trivia question this week, which I think was a little too easy.
  • Finally, if you’re new to E&O Mondays, this free newsletter isn’t much like the ones I send out Fridays and every-other-Wednesday (or the long-form research report). Yea, yea, it’s great and all, but you’re really missing out if you only read this funding list each week. So, consider becoming a full-fledged subscriber of E&O by clicking right here…

This week’s health tech funding deals

OK, here’s what I found for the past week (a * means you are reading it first in E&O):

* Here’s a small scoop to kick this thing off: Polaris Ventures added Faro Health to its portfolio. Faro builds clinical trial software: “Clinical protocols are scientific decisions wrapped in administrative burden. The Faro system handles the tedious work better left for a computer, freeing clinical researchers to focus on the important decisions that drive clinical value.” Site

As I mentioned above Ro, aka Roman Health Ventures, raised a massive $500 million Series D last Monday. General Catalyst, FirstMark Capital and TQ Ventures led. Ro initially got its start focusing on a specific men’s health issue, but here’s how Ro describes itself now, which should help this email avoid your spam filter: “Ro’s vertically integrated primary care platform powers a personalized, end-to-end healthcare experience from diagnosis, to delivery of medication, to ongoing care. With a nationwide provider network, in-home care API, and proprietary pharmacy distribution centers, Ro seamlessly connects telehealth, diagnostics, and pharmacy services to provide high-quality, affordable healthcare without the need for insurance.”

Cityblock Health raised a $192 million Series C-2 led by Tiger Global. Cityblock is a tech-enabled, “value-based healthcare provider for Medicaid and lower-income Medicare beneficiaries.”

Bit surprised by this one: Crossover Health raised a $168 million Series D led by Deerfield Management Company with a little help from new investors like Perceptive Advisors, OrbiMed Advisors, Foresite Capital, Avidity Partners, SharesPost100 Fund, Irving Investors, and PFM Health Sciences. I figured Crossover would IPO next. Crossover is a “relationship-based, tech-enabled, national healthcare organization that integrates both virtual and in-person care for employers and health plans.”

Ginger, formerly known as Ginger.io, an on-demand, virtual mental health provider, raised a $100 million Series E led by funds managed by Blackstone Growth. The company says it tripled revenue year-over-year.

AKASA, once called Alpha Health, which self-describes as a “Unified Automation company for revenue cycle management in healthcare,” raised a $60 million Series B led by BOND.

AppliedVR, which is developing virtual reality-based digital therapeutics, raised a $29 million Series A from F-Prime Capital, JAZZ Venture Partners, Sway Ventures, GSR Ventures, Magnetic Ventures, and Cedars-Sinai. AppliedVR said it would puruse “full FDA approval over the next year.”

Gravie, a tech-enabled health insurance firm and health insurance marketplace that got its start in 2013, raised $28.6 million led by AXA Venture Partners.

Foodsmart,formerly known as Zipongo, the personalized telenutrition company, raised a $25 million Series C led by Advocate Aurora Enterprises, a new subsidiary of health system Advocate Aurora Health. As I noted in E&O Wednesdays last week, Foodsmart is one of the few outside digital health benefits that UnitedHealth offers its own employees. (The rest are almost entirely in-house ventures from UHG itself.)

Vesta Healthcare, formerly Hometeam Technologies, quietly raised a $20 million round. Vesta describes itself as a “technology and clinical services company, dedicated to connecting caregiver insights to the rest of the care team.”

* ClearDoc quietly raised a $19 million round and added a board member from Five Elms Capital, which suggests that the firm contributed to this recent raise. ClearDoc is taking on WebMD with a Quora-like site where anyone can ask health questions and get them answered by medical professionals. However, its site is down and “under construction” right now, so it may be pivoting?

Considering the current funding trend, Vibrant raised a wildly low Series E of $7.5 million. The company is building an ingestible, smart pill that vibrates to relieve certain GI conditions. An app, of course, can monitor the smart pill and other symptoms. TechCrunch

Bardavon Health Innovations, which calls itself “a proactive Workers’ Compensation digital health partner that connects all stakeholders to better manage claims,” quietly raised $6.7 million in debt, options, and other securities. Site

I had this a few days ago, but it just broke officially that PaceMate, “a digital healthcare company in compliant cardiac data management,” raised an $8 million Series A led by Ballast Point Ventures.

Yet another Peloton competitor has raised funds: Motosumo pulled in $6 million Series A led by Magenta Partners. Motosumo doesn’t sell a bike, its “at-home indoor cycling platform” offers “live, interactive classes from any bike.”

* Biolinq, which is developing a continuous glucose monitoring device, quietly raised $5.2 million in debt. Site

Better Health, an ecommerce site (aka medical supplier) for people with chronic conditions, raised a $3.5 million Seed round and inked deals with Oscar Health and Humana.

Finnish care coordination startup Buddy Healthcare raised $2.4 million to bring its offering to other countries.

Another care coordination-focused company, Preveta, which has an initial focus on oncology, raised a $2 million Seed round led by MaC Venture Capital and TSVC.

* Redirect Health, a health plan that offers virtual visits and 24-hour text concierge services quietly raised $1.4 million in debt and other options. Site

Heard, which builds software for mental health practices that help streamline accounting and related services, raised a $1.3 million Seed round led by Founder’s Co-op.

* Addinex Technologies, which makes a low-tech locking pill dispenser that pairs with a smartphone app, quietly raised $880,000 in a mix of equity and options. Site

* InquisitHealth, which offers a platform to scale peer support to people with chronic conditions, quietly raised $725,000 in debt and other securities. Site

Wellcast (formerly Rational Surgical Solutions), which develops mobile apps to streamline the informed consent process, quietly raised $436,000. Site

Caregiven, which offers a mobile app to caregivers that gives them guidance, structure and support, quietly raised $400,000.

The Virtual Reality Health Institute of Health and Exercise quietly added another $180,000 to its recent $340,000 for its virtual reality-based exercise programs for both kids and adults. Site

Health Tech Trivia Question

Here’s this week’s Health Tech Trivia Question:

Rules: Don’t use Google. Just guess. Hit reply and email me your answer along with if you want me to include your name/company, just your initials, or keep it anonymous. I’ll provide the answer next Monday along with three (3) randomly selected people who got it right (if anyone does). I’m happy to link out to your company’s website too, and that might be worth a lot in SEO mojo someday, who knows?

Question: This week we learned that Prince Harry, the Duke of Sussex joined mental health and employee productivity startup BetterUp as its Chief Impact Officer. Over the years, a number of musicians, actors, and TV personalities have joined digital health startups as investors, advisors, or at creatively-named C-level positions, like the Duke. Can you name three other such celebrities? (Bonus points if you remember each company’s name too.)

Hit reply if you know!

What did you think of Issue 021 of E&O Mondays?
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