This roundup is meant to highlight some of the most notable funding rounds of the month and is not intended to be comprehensive.
Several major fundraising announcements in the payer/employer space were announced in May. Here is a list of some of the biggest funding rounds:
Transcarent raises $126 million in Series D funding
San Francisco-based Transcarent serves self-insured employers and provides services for everyday health, pharmacy, behavioral health, surgery and oncology.
The company’s funding round was led by General Catalyst and 7wireVentures and included participation from Geodesic Capital and Memorial Hermann Health System. In total, the company has raised about $450 million and has a valuation of $2.2 billion. The financing will be used to “double-down” on AI investments, support commercial growth and bring on new clients, CEO Glen Tullman previously told MedCity News.
Chapter secures $50 million in Series C funding
New York City-based Chapter is a Medicare navigation platform that serves individuals and organizations that support seniors. Its advisors help consumers find the best plan for their needs and how to get the most out of it.
Chapter’s $50 million Series C funding round was led by XYZ Venture Capital and included participation from Narya Capital, Addition, Susa Ventures and Maverick Ventures. The funding will “accelerate product development and hiring as Chapter scales to support 10x more Americans in need of better healthcare coverage,” according to the company’s announcement.
Boulder Care rakes in $35 million in Series C funding
Portland, Oregon-based Boulder Care works with payers — primarily Medicaid — in value-based contracts and treats people with opioid use disorder and alcohol use disorder. Through the company’s app, patients can access a team of care providers, peer recovery services and medication support.
The Series C funding round was led by Advance Venture Partners and included participation from Stripes, First Round Capital, Qiming Venture Partners and Laerdal Million Lives Fund. In total, the company has raised about $85 million. With the funding, Boulder Care will grow its team and expand its footprint, Stephanie Strong, CEO of Boulder, previously told MedCity News.
Expressable secures $26 million in Series B funding
Austin, Texas-based Expressable is a virtual speech therapy provider. It offers live one-on-one sessions with a speech therapist and weekly practice activities. The company accepts insurance, including from UnitedHealthcare, Aetna and BlueCross BlueShield.
Expressable’s Series B funding round was led by HarbourVest Partners and included participation from Digitalis Ventures, F-Prime Capital and Lerer Hippeau. The funding will help improve its care delivery platform, expand its clinical network of speech-language pathologists and grow its partnerships with health plans and providers, according to the announcement.
Fay emerges from stealth with $25 million in funding
San Francisco-based Fay connects patients to virtual and in-person support from registered dietitians. It accepts insurance — including from UnitedHealthcare, Blue Cross Blue Shield, Humana, Aetna, Cigna and Anthem — and works with employer health plans at Google and Accenture. For dietitians, it helps them create their own private practice and get credentialed with insurance.
The company secured a $20 million Series A funding round led by Forerunner Ventures with participation from General Catalyst and 1984. A year ago, it raised an unannounced seed round led by General Catalyst. The funding will help Fay grow and improve its offerings for dietitians and clients.
Picture: Feodora Chiosea, Getty Images
