Devoted Health, a Medicare Advantage plan, has received $300m in a Series B round of funding, alongside the launch of its services.
The funding round was led by Andreessen Horowitz, with participation also coming from a number of first-timer backers including Premji Invest and Uprising. A selection of previous backers also made contributions to the round.
Florida-based Devoted is a Medicare Advantage plan which is focused on providing simplified healthcare to beneficiaries. The platform is initially being deployed across eight counties in south and central Florida.
Through Devoted, consumers can compare different plans and find the nearest doctors or pharmacy. Medicare plans can be customised via Devoted to get the best coverage including hospital insurance, medical insurance, prescription drug payment plans, and payment support for the coverage. There are also a number of other insurance policies available such as dental, vision and hearing.
This equity injection will by used to expand the company technology and operations to improve the delivery of care.
Andreessen Horowitz partner Vijay Pande said, “More than 10,000 Americans are turning 65 every day, and they are entering a health care system that is not just confusing and complicated, but also often cold and impersonal.
“We believe that the Devoted Health team has the experience and expertise to drive truly meaningful and scalable change in how health care is financed and delivered — from payment models to the patient experience and the technology needed to make it happen. They are creating the next great health care company, and we are very excited to be joining the team.”
As part of the transaction, Pande will join Devoted Health board of directors.
Last year, the company raised $7.4m through a seed funding round early last year, which was supported by Venrock, Todd Park, and Ed Park. The company went on to close a $61.95m Series A later that year, with investments coming from Oak HC/FT, Venrock, F-Prime Capital Partners, Maverick Ventures, and Obvious Ventures.
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