Originally published by FinSMEs on March 15, 2023
Clever Care Health Plan, a Huntington Beach, CA-based culturally-inclusive Medicare Advantage health plan company, raised $42M in Series C funding.
The round was led by GV, with participation from new investor Point32Health, as well as existing investors Norwest Venture Partners, Health Velocity Capital, Prudential Ventures, Brighton Health Partners, Windham Venture Partners, Figure 8 Investments, and AV8. Clever Care also announced the addition of Karen Walker Johnson to its Board of Directors. She is a long-time veteran of high-profile healthcare companies including Centene, Wellcare, UnitedHealthcare, and Cleveland Clinic.
The company intends to use the funds to continue its growth and outreach in advance of the 2024 Annual Enrollment Period by expanding its network of independent physicians and clinicians, entering new markets, and providing its members with access to community-based, culturally sensitive wellness and care.
Led by CEO Myong Lee, Clever Care Health Plan is a culturally-inclusive Medicare Advantage health plan centered around complete wellness. It combines the preventive healing therapies of Eastern medicine with the allopathic practices of Western medicine. Since the launch in 2020, Clever Care has offered a holistic approach for the growing number of beneficiaries interested in comprehensive medical, and supplemental benefits, including dental, hearing, vision, and Eastern benefits such as acupuncture, cupping, and herbal supplements. The company has grown its membership to over 11,000 members.