Originally published by PR Newswire on June 1, 2022
Clearlake Capital-backed Vive Collective™ led the investment with participation from existing investors
SAN FRANCISCO, June 1, 2022 /PRNewswire/ -- SamaCare, a prior authorization platform for physician-administered medications, today announced the close of a $12 million Series A funding round led by Clearlake Capital-backed Vive Collective™, with participation from existing investors including NextView Ventures, South Park Commons, and Susa Capital. As part of the investment, Vive's Founder and CEO Cheryl Cheng will join the company's board of directors. The funding and partnership will enable SamaCare to expand practice penetration across existing and new specialties, ramp up customer acquisition and support for pharmaceutical manufacturers, and bring on key executives.
SamaCare offers retina, oncology, neurology, rheumatology practices and other infusion providers a unified prior authorization, enrollment, and benefits verification portal experience for specialty medication across payers. Currently, over 2,300 prescribers utilize SamaCare.
"We are excited to leverage the digital health and healthcare infrastructure expertise of Cheryl and the Vive Collective™ team as we continue to expand SamaCare's penetration across retina and oncology practices, establish a strong foothold with neurology and rheumatology practices, and deepen our pharmaceutical company relationships," said Syam Palakurthy, founder and CEO of SamaCare.
SamaCare works with pharmaceutical manufacturers to help market access and patient services teams ensure that patients get access to therapeutics. SamaCare provides aggregate insights on barriers to access as well as a channel to empower pharma access teams at the point of care.
"SamaCare streamlines administrative processes that often impact patient care, and its platform can improve the patient experience, administrative efficiency, and even clinical outcomes by preventing unnecessary delays to care," said Ms. Cheng. "SamaCare also offers biopharma partners unique insights in a normally opaque and hard to aggregate industry. We look forward to working closely with Syam and the entire SamaCare team to help expand its presence and reach to more patients."
SamaCare helps pharmaceutical manufacturers, providers, payors, and other stakeholders quickly and cost-effectively deliver life-changing therapies to patients. The company provides a cloud-based workflow automation platform for medical practices to streamline specialty drug prior authorization, enrollment, and benefit verification. In addition, SamaCare delivers premium services and data analytics for pharmaceutical brands to improve access to therapy. SamaCare currently works with retina, oncology, neurology, and rheumatology practices that account for over $20B in annual specialty drug spend and continues to grow quickly. For more information, visit https://www.samacare.com.
About Vive Collective
Vive Collective™ is a new model to build, fund and scale the best digital health companies. Vive provides a flexible partnership approach to back high-growth, disruptive digital health companies with a network of healthcare and technology experts and partners. More information is available at www.vivecollective.com and on Twitter @vivecollective.
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit, and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are technology, industrials, and consumer. Clearlake currently has over $72 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin, Ireland. More information is available at www.clearlake.com and on Twitter @Clearlake.