Innovaccer scores $150M, HealthCare.com closes $180M round and more digital health fundings

Health data company Innovaccer scooped up $150 million in Series E funding, bumping the company’s valuation to $3.2 billion.

The round, which follows a $105 million Series D from February this year, was led by Mubadala Capital, with participation from B Capital Group, Microsoft’s M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, Tiger Global Management, Whale Rock Capital Management, Avidity Partners and Schonfeld Strategic Advisors.

Founded in 2014, Innovaccer said the company’s total raise is now more than $375 million. The new capital will go toward research and development, and talent recruitment. 

“We have been investors in Innovaccer since 2019, and believe that the company has all the necessary pillars to define the new gold standard of how the Health Cloud should be implemented by providers, payers and life sciences companies,” Alaa Halawa, partner and head of the U.S. ventures business at Mubadala Capital, said in a statement.

“Hundreds of tech companies have tried to create a common data framework to connect the healthcare industry, but they all fell short due to extreme industry complexities or technology challenges.

“But in just a few short years, Innovaccer has built the most successful data activation platform in the healthcare industry as proven by record rates of industry adoption. Innovaccer is likely the first and only company since the invention of the EHR that has the opportunity to unify the healthcare ecosystem.”

Insurtech HealthCare.com announced it has closed a round comprising $130 million in senior non-convertible preferred stock and $50 million in Series C preferred equity.

The round was led by Oaktree Capital Management with participation from Axis Capital, Second Alpha, Link Ventures and the company’s founders.

HealthCare.com plans to use the capital to invest in data science, product development and engineering, and new hires.

“We’ve partnered with HealthCare.com since 2016 and have witnessed the company’s tremendous growth over the last couple of years,” AXIS Capital’s Linda Ventresca said in a statement.

“The company’s ability to rapidly develop new proprietary insurance products and its innovative distribution model, along with its ability to quickly scale with the use of technology, allows it to solve complex challenges in the health insurance ecosystem.”

Lecturio, maker of a video-based nursing and medical education platform, scored $45 million in investment led by Sterling Partners. Inspara Partners also participated.

Founded in Germany in 2008, the company began to expand globally with a focus on healthcare in 2016. Lecturio plans to use the capital to further expand worldwide, improve its product and support its consolidation strategy in the health education market.

“This investment opens up a new chapter in Lecturio’s history, enabling us to widen our footprint and expand our offering. Our relationship with Sterling and Inspara has grown over the last several years, and we are excited to have them support us and share their unique set of capabilities and relationships in global education delivery,” co-CEOs Stefan Wisbauer and Pascal Bendien said in a statement.

Belong Health, which partners with local health systems and insurers to offer virtual and community resources to people with complex care needs, has raised $40 million in Series A financing.

The round was led by New Enterprise Associates (NEA) with participation from Maverick Ventures.

The company plans to use the funds to hire new team members, add new care solutions and partner with more insurers nationwide.

“Individuals with complex care needs deserve whole-person care that is regionally informed and addresses each individual’s unique social, medical, and mental health needs.

“Our team’s mission is to deliver this care through innovative insurance solutions, and we are thrilled to partner with NEA, one of the world’s most impactful healthcare investors,” CEO J. Patrick Foley said in a statement.

Pace, a mental health startup that matches people into peer support groups, has closed a $13 million Series A round led by Pace Capital with participation by Sequoia and BoxGroup.

The company has previously raised $5 million in seed funding. The latest capital will be used to build out and improve its platform and grow its number of users.

“People, employers and insurers are starting to sound the alarm about the health impacts of loneliness, and the resulting impacts to productivity and the economy,” Jordan Cooper, general partner at Pace Capital, said in a statement.

“The team at Pace uses a mix of technology and humanity to address this loneliness epidemic. They are building a new model for building a network while promoting personal development and mental wellbeing.”

Parallel Learning, a digital health startup focused on diagnosing, treating and supporting children with learning differences, has launched with $2.8 million in funding.

The funding comes from Eric Reiner and Dan Povitsky of Vine Ventures, with participation from Global Founders Capital, Great Oaks, and Josh Richards, Griffin Johnson and Noah Beck of Animal Capital, among other investors. 

“Parallel’s business model and strategy stands out as it allows schools and families to access personalized services quickly, seamlessly and at an affordable cost,” Eric Reiner, founder and managing partner of Vine Ventures, said in a statement.

“As we support Parallel’s growth to expand nationally, we are confident that the team will change the lives of millions of students by helping them become more capable, confident and independent.”