Cityblock rakes in $400M for platform focused on Medicaid and low-income populations and other digital health fundings
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Cityblock Health, a primary care startup that targets the Medicaid and low-income Medicare populations, has raised $400 million in funding, according to STAT.
The round was led by SoftBank, and it brings the company’s valuation to $5.7 billion, STAT reported. It comes months after the company raised $192 million in a Series C extension funding round.
“We’re incredibly proud and grateful that some of the world’s best and brightest healthcare minds have joined us,” said Iyah Romm, CEO and cofounder of Cityblock, in a statement at the time.
“But more than anything, we’re excited for what this level of capital investment means for our member population. It’s clear that there is increased awareness of this massive problem of health inequity. We’re starting to see urgency from investors and industry leaders alike.”
A Cityblock spokesperson confirmed the company had raised a new round of capital, and it is using the funds to reach more people. Cityblock said it wants to serve 10 million members by 2030, so it will need to scale its operations, technology and care services.
The company is a spin-out of Alphabet subsidiary Sidewalk Labs founded in 2017. Its main focus since conception has been health equity. The startup developed a technology platform called Commons in order to enable collaboration between care providers.
Digital health company Solv closed a $45 million Series C funding round led by Acrew Capital and Corner Ventures. Previous investors Greylock Partners and Benchmark Capital also participated.
“At Solv, we see an opportunity to push the industry towards a more digital, consumer-focused and accessible reality,” Solv CEO and cofounder Heather Fernandez said in a statement.
“Just as the financial crisis changed consumer expectations and drove innovation in fintech, we are seeing the same trends in healthcare because of the COVID-19 pandemic. By placing patients front and center, both sides of the healthcare system benefit, and we can move the industry closer to the future we are working to build.”
Solv helps patients make same-day appointments for care, but it expanded its services in July, adding EHR integrations, advanced queueing to manage patient schedules and in-app test results.
In late 2020, the company announced it had raised $27 million in a Series B+ funding round.
Singapore-based Homage, a platform that connects patients and families with caregivers, announced it had secured $30 million in Series C funding.
The round was led by Sheares Healthcare Group, a wholly-owned enterprise of global investment firm Temasek. DG Daiwa Ventures and Sagana Capital also participated, along with existing investors including East Ventures (Growth), HealthXCapital, SeedPlus, Trihill Capital and Alternate Ventures.
Homage said the new capital brings its total raise to more than $45 million.
“Our mission is to make everyday care for older adults and the chronic-ill personalised, accessible as well as cost effective. By combining high touch with high tech, we have been able to prove that we improve the lives, health and wellness outcomes of our care recipients and families at scale,” Founder and CEO Gillian Tee said in a statement.
“I am thrilled to partner with this group of outstanding institutional investors that are like-minded in our mission to provide trusted value-based care and bridge the gaps in the healthcare ecosystem – across payer, provider and care recipient.”
Tee said the company will use the new funding to invest in its technology, as well as further its integration with payers and providers in the region.
London-based femtech company Elvie added to its Series C funding round announced in July, bringing the total raised to $97 million, according to TechCrunch.
The additional Series C includes funds from the cofounders of Blume Equity. Existing investors IPGL, Hiro Capital and Westerly Winds also participated.
Elvie’s products include wearable breast pumps and an app-connected pelvic floor trainer.
SimpliFed, a platform for virtual lactation consulting, announced it had raised $500,000 in a pre-seed funding round led by Third Culture Capital.
The startup said it would use the funds to scale its lactation telehealth platform.
“Our mission is to increase access to breastfeeding and judgement-free infant feeding support for families throughout the US, and that mission directly aligns with 3CC’s own mission and ideals,” Andrea Ippolito, founder and CEO of SimpliFed, said in a statement.
“As a new parent of two who understands what it’s like to have breastfeeding struggles, our team is thrilled to work with them to aid new mothers at this critical juncture in their lives.”