Originally published by Mobi Health News on June 6, 2022
Aledade, which works with primary care providers to build tech-enabled accountable care organizations, raised $123 million in a Series E funding round led by OMERS Growth Equity.
Other participants in the round include Fidelity Management and Research Company and other current investors. The raise brings the startup's valuation to $3.1 billion, according to reporting by Insider.
Aledade said it plans to use the funding to focus on offering more value-based care arrangements for seniors covered by Medicare Advantage and to expand offerings under its new health services subsidiary Aledade Care Solutions.
The company announced a $100 million Series D in January 2021 and a $64 million Series C in April 2020.
"When we started Aledade nearly a decade ago, we made a bet that if we empowered primary care doctors with the right insights, technology and contracts that paid for value, we could improve patient outcomes, cut wasteful spending and create a scalable business model for these practices and Aledade to thrive," CEO and cofounder Dr. Farzad Mostashari said in a statement.
"With this financing, Aledade is extremely well positioned in this market environment to accelerate our work to meet patients where they are, especially in Medicare Advantage, and seize new opportunities to expand wraparound patient care services. Difficult market conditions can create exceptional opportunities for strong businesses to get stronger and that is our plan."