Deal volume doubled to 88, Bright Health IPO'd for $11.2B, and much more
We’ve been reporting on Agetech’s steady growth for a while now. We were excited, but not surprised, when we saw an uptick during COVID-19, and happily reported a 160% year-over-year increase in deal volume in the last newsletter. However, nothing prepared us for Q2 to almost double it in a single quarter.
There were 88 deals, including some high profile exits, to catch up on. Read on below.
🎉 Insurance giant Humana is making a huge bet on home care, fully acquiring Home Care giant Kindred at Home for $5.7B as well as onehome for an undisclosed amount (link)
🎉 A group of private equity firms are acquiring a controlling stake in Medline Industries Inc., valuing the company at $34B (link)
🎉 Bright Health, insuretech startup and Medicare Advantage provider, raised almost $1B in its IPO, valuing the company at $11.23B (link)
🎉 Modern primary-care practice One Medical bought its way into Medicare direct-contracting by purchasing Iora Health for $2.1B (link)
🎉 Connect America, provider of remote care and PERS systems, purchased Philips' Aging and Caregiving business for somewhere between $200M to $400M, bringing its number of subscribers up to to 900k (link)
🦄 AllyAlign Health, which develops Medicare Advantage plans for senior living providers, raised a giant $300M to fuel its growth as it’s not yet available in over 50% of US states (link)
🦄 Evidation Health, a remote patient monitoring system for clinical trials, raised $153M in a Series E, valuing the company at or near unicorn status (link)
🦄 Thirty Madison, which specializes in treating chronic conditions, vaulted to unicorn status after raising $140M to drive better patient experiences at a larger scale (link)
Huma raised a $130M Series C to scale its modular hospital-at-home platform in the US, Asia, and Middle East and allow medical researchers to run the largest ever decentralized clinical trials (link)
Vida Health, a chronic condition management platform, raised a $110M Series D led by heavyweights General Atlantic, Centene, and AXA Venture Partners. The funds are needed to keep up after tripling revenue in 2020 (link)
BrightInsight, a turnkey digital infrastructure platform for medtech and biopharma innovators, raised a $101M Series C (link)
CVS Health launched a $100M Venture Fund to invest specifically in digital health products (link)
Providers Kaiser Permanente & the Mayo Clinic increased their focus on the hospital-at-home care model with a $100M Series D investment into Medically Home (link)
Thrive Global, a mental health behavior change platform, raised an $80M Series C to accelerate its growth and impact in ending the burnout epidemic (link)
Kaia Health, which offers AI-assisted digital therapies for chronic pain and COPD, grabbed a $75M Series C to rapidly expand its commercial team (link)
Vesta Healthcare, a platform that connects in-home caregivers to a wider care team to improve outcomes, raised a $65M Series C to develop partnerships with home care agencies and expand its ability to take on population health programs and risk contracts (link)
Value-based kidney care startup Somatus raised a $64M in Series C to scale across the United States and invest in its technology (link)
Papa, which connects college students with seniors for care and companionship, raised a $60M Series C led by Tiger Global to continue building on its 600% year-over-year growth (link)
Vim, which has developed a platform for transferring data between medical sector organizations, raised $60M from leading US healthcare funds including Anthem, Walgreens and Optum Ventures (link)
CareRev, a labor marketplace platform that connects hospitals and health systems with local healthcare professionals on demand, announced the closing of a $50M Series A (link)
Wheel, a telehealth staffing company that connects digital health companies with licensed clinicians, raised a $50M Series B to further accelerate its 300% year-over-year growth and bring more clinicians into its network (link)
Hello Heart, which offers an app-based program to help users manage their heart conditions, raised $45M in Series C funding to build out its engineering and go-to-market teams (link)
Current Health, a remote care management platform that allows health systems and pharmaceutical companies to better individualize treatment, closed a $43M Series B to support its goal of becoming the “mission control” for all healthcare delivery outside of the hospital (link)
MedMinder Systems, an end-to-end pharmacy, medication adherence and connected care solution for elderly and poly-pharmacy patients, raised $40M in funding which will be used to scale commercial operations (link)
Wellthy, an employee benefit which provides care concierges to reduce caregiving stress, raised a $35M Series B to capitalize as employees return to work (link)
Zus Health launched with a $34M Series A to focus on creating the industry’s first shared development platform backed by a shared data record (link)
Aunt Bertha, a referral platform for social services in the United States, secured $27M to enhance its free and paid product, expand its marketplace and provide additional support for social workers and care coordinators (link)
SteadyMD, originally a telehealth provider that now powers digital health offerings for other health organizations, raised a $25M Series B to continue growing and supporting its pivot (link)
1UpHealth, an API service that allows for seamless health data exchange, raised a $25M Series B to support the growth that caused them to expand from 15 to 70 employees last year (link)
Tomorrow Health, the e-commerce platform which helps individuals obtain the medical equipment they need for zero out-of-pocket cost, raised a $25M Series A just one year since its founding (link)
Carewell, the “Chewy.com for caregivers”, raised a $25M Series A from notable agetech funders less than a year after its $5m seed round (link)
Heartbeat Health, a telehealth platform for heart conditions, raised $20M in Series B funding to expand its services offered to at-risk organizations (link)
Medallion, a platform that reduces healthcare providers administrative work, raised $20M in combined Seed and Series A funding (link)
Pack4U, a medication packaging, delivery, and adherence system that allows local pharmacies to compete with Pillpack and similar organizations, raised a $20M Series A to expand nationally (link)
Pager, a virtual communication platform for care teams, quietly nabbed $20M (link)
pulseData, which uses AI to detect and treat early kidney failure, raised a $16.5m Series A (link)
Sempre Health, a startup bringing behavior-based and individualized copays to healthcare, announced a $15M Series B to expand the collection of medications covered (link)
Spiras Health, a provider of in-home and virtual healthcare solutions for patients with complex chronic conditions, received $14M in Series B funding to expand its team and strengthen management (link)
Empathy, an app which provides guidance to bereaved loved ones, raised a gigantic $13M seed round and launched (link)
Remote cardiac monitoring startup Vector Remote Care closed a $12.5M Series A to build out production, engineering and patient engagement solutions (link)
HumanFirst (formerly Elektra Labs), which uses sensors to move medical care into patients’ homes, closed a $12M Series A round to increase the company’s infrastructure that supports home-focused clinical operations (link)
Care navigation platform Cohort scored an $11M Series B, which will be used to grow its business across provider payer systems and expand the capabilities of its clinical AI/NLP platform (link)
Harmonize Health, a remote monitoring and care platform that helps medical organizations better serve high-risk patients, raised a $10M Series A to improve older patient outcomes (link)
Ride Health, the platform that automates all aspects of non-emergency transportation across a national network of ride-hailing services, taxi companies and NEMT providers, raised $10M to expand its network and APIs (link)
Clair Labs, a startup that is developing contact-free patient monitoring technology, raised $9M in seed funding to further develop its sensors and enlarge the scope of its clinical trials (link)
Virtual care clinic XRHealth secured $9M in venture funding from Discount Tech to expand its sales & marketing initiatives (link)
DignifiHealth, a technology-based virtual managed care provider, raised a $7m seed round to attract key execs and launch the service in Virginia (link)
Jasper Health, a care navigation and coordination platform for cancer patients and their caregivers, launched following the announcement of its $6.75M seed round (link)
Laguna Health officially launched its post-hospital recovery platform which provides value-based care to reduce readmissions and shorten recovery time with a $6.6M seed round (link)
Emocha Health, video-based medication adherence platform, raised a $6.2M Series A that will be used to drive expansion of its Digital Medication Adherence Services to health plans and health systems (link)
Moving Analytics, a virtual cardiac rehab solution, raised a $6M seed round to increase enrollment rates and clinical outcomes across the country (link)
DUOS, which provides personal assistants and care coordinators for older adults to help them age-in-place, announced a $6M seed round and came out of stealth (link)
Aloe Care, a wearable-free, voice-first modern PERS system, raised a $5M seed round to acquire more B2B partners and integrate more remote monitoring devices into its platform (link)
Contactless vital sign screening platform Norbert Health landed $5M in Seed II to build additional devices, integrate advanced features, receive medical certification and expand its team (link)
Kindra, a modern wellness brand for menopause essentials, raised a $4.5M seed round which will be used to drive its continued growth and expansion (link)
People Power Company, transforming the way home care is delivered with AI-driven and family-centric tele-homecare services, quietly raised $4.5M (link)
At-home therapy and rehabilitation provider InHomeTherapy quietly landed $3.75M (link)
Leap, a social learning platform for retirees that fosters meaningful online connections, raised a $ 3.1M seed round (link)
CareCar, a NEMT transportation solution for value-based care payors, raised $3M in seed funding to accelerate its growth into new markets, with a focus on senior homecare (link)
Getlabs, a home-visit medical labs service, officially launched in Phoenix, Philadelphia, and Dallas after announcing a $3M seed round (link)
OpenLoop, a job-service for clinicians looking for virtual-work, raised a $3M seed round to finish developing its marketplace technology (link)
Ruby, a startup working to build software and services that empower seniors to stay physically healthy and socially connected, raised a $2.9M venture round (link)
Votive Health, a hospital-at-home platform which helps Payors and Providers reduce costs and eliminate unnecessary care, formally launched and raised a $2.5M seed round (link)
UpsideHōM, a senior living alternative that provides fully managed rentals for older adults that include home care, raised a $2.25M seed round to develop more consumer facing technology that helps its residents (link)
Naborforce, a platform that connects seniors to companionship and on-demand support, gets $2M to grow its team and develop additional technology features (link)
Silverbills, a NY-based startup that provides financial help and fraud prevention for older adults, closed a $1.5M seed round co-led by Hearstlab and Seae Ventures (link)
Serenity Engage, a group messaging platform connecting all providers of care to older adults, raised $1.25 Million which will allow for the acceleration of market adoption and expansion of platform capabilities (link)
Ex-Teladoc exec founded Recuro Health raised an undisclosed amount and emerged from stealth to help health systems reduce the need for acute in-person care with telemedicine and at-home labs. for Recuro Health (link)
Hucu.ai, provider of HIPAA-compliant patient-centered messaging that’s specialized for those caring for seniors, raised an undisclosed amount of seed capital (link)
envoyatHome, a passive remote monitoring platform that helps seniors age-in-place, was accepted into Launch Lane’s inaugural accelerator in Philadelphia (link)
The Mayo Clinic launched 2 new companies, Anumana and Lucem Health, that will use data from remote monitoring devices and connected diagnostic devices to create AI that will enable early disease detection (link)
🎉 DispatchHealth acquired portable x-ray service PPX for an undisclosed amount in order to add in-home radiology services to its lineup (link)
🎉 Insurance giant MassMutual acquired Blueprint Income for an undisclosed amount to further its new focus on simplified, digital, customer-centric products (link)
iN2L, provider of digital engagement solutions for senior living facilities, announced a strategic growth investment from Vista Equity Partners to further scale and accelerate its mission (link)
K4Connect was selected as one of eight companies to participate in the Secondary Century Ventures (SCV) Reach program, which focused on scaling in and beyond the residential real estate sector (link)
🎉After an investment from The Vistria Group, Medalogix, home health predictive analysis company, merged with Muse Healthcare — a data science and technology company focused on hospice, home health and palliative care (link)
🎉 Uniguest acquired Sagely, which provides senior living resident engagement, to merge with Touchtown, an organization deploying connected content and expand its service and support for senior living communities (link)
Around the world
UK-based Babylon Health, an AI powered digital health and care coordination platform, will be going public via SPAC in a deal worth $4.2B (link)
Montreal-based AlayaCare, maker of one of the leading Home Care software platforms, closed a $225M CAD Series D to expand globally and develop products that solve labor shortage issues (link)
Cushon, a UK-based fintech pension and savings provider, raised £26M in a combination of equity and debt to continue to finance its acquisition spree, increasing its assets under management to £740M and total number of members to over 200,000 (link)
Another UK based organization, Birdie, a SaaS solution for home care agencies that reduces admin overhead and improves care, raised a $11.5M Series A to keep pace with its 8x growth in the past year (link)
Tokyo’s Olive Union, maker of novel OTC hearing-aids, raised a $7M Series B to obtain FDA authorization and hopefully launch later this year (link)
UK-based Lifted, a technology-powered home care agency that gamifies caregiving to improve results, raised a $6.2M Series A (link)
Gero AI, a Singapore-based longevity startup, raised $5M (link)
Halifax, Canada based Tenera, a remote monitoring solution for senior living facilities, raised $1.5M CAD to expand its team and increase manufacturing capabilities (link)
South Africa’s Quro Medical came out of stealth with $1.1M to expand its hospital-at-home service (link)
India-based Clocr, a digital vault service, raised a seed round over $500,000 to expand its global footprint (link)
Germany’s Senovio raised an undisclosed amount to help older adults modify their homes (link)
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