ConcertoCare raised a $105 million to expand its home care services beyond the eight states where it currently operates, the company announced on Thursday.
Wells Fargo Capital led the Series B round, with participation from Obvious Ventures, Vast Ventures, the Schusterman Family Foundation, SteelSky Ventures, Pennington Partners and Deerfield Management. The startup has raised nearly $150 million in total funding.
Along with the venture round, ConcertoCare also announced it paid an undisclosed sum to acquire Crown Health, a home-based primary care provider based in Washington. Through both the acquisition and new funding round, the startup aims to empower more older adults to live at home by addressing both their social and clinical needs, CEO Dr. Julian Harris said.
"This commitment from our new and existing investment partners enables us to continue innovating, growing and improving health outcomes and quality of life for these vulnerable patients who are too often failed by the traditional American healthcare system, a situation that is frequently exacerbated by health inequities," Harris said in a news release.
The six-year-old startup was founded on the belief that, by connecting older adults with in-home, virtual and remote patient monitoring devices, it can better manage health plans costs and patient outcomes. The company partners with Medicare Advantage, dual special needs plans and the federal government in value-based care models. It can offer patients palliative care, home-based primary care and Programs of All-Inclusive Care for the Elderly, which offers older adults nursing home level care in the home. Across all of these models, the startup leans on its population health analytics platform to better identify and meet patients' social and clinical needs and cut costs through value-based care programs.
The company claims to reduce hospital admissions by 47%, readmissions by 40% and emergency department visits by 16%.
It's not the only home care startup that has caught venture capitalists' eyes this year.
Last week, in-home cancer care startup Reimagine Care, which likewise operates under a value-based model, raised $25 million. In late January, hospital at home company Medically Home raised a $110 million venture round, bringing its total funding to nearly $275 million.