Just FIVE MONTHS after launch, rural health startup Homeward is proving its potential for growth with MORE funding – today announcing its $50 million Series B (that’s $70 million total for the folks keeping score at home) – AND a huge 30,000-patient partnership with Priority Health. Co-founder & CEO Dr. Jennifer Schneider is here to breakdown both bits of news and give us some context about what they indicate about the rural healthcare market.
There are a couple surprising facts in this one that add up to why investors like ARCH Venture Partners and Human Capital (co-leads), General Catalyst (which led the Series A), and Lee Shapiro and Glen Tullman (old buddies and former Livongo colleagues who went in on this with personal funds outside of their fund 7wireVentures) were excited to jump into a quick Series B.
Surprising Fact 1: 90% of all rural Medicare beneficiaries are covered by just 7 payers, which makes the Priority Health deal a bigger deal than even that massive 30K patient population might indicate.
Surprising Fact 2: Homeward’s market of rural Americans is actually TWICE as large as the diabetes market that spurred the investment and growth of Livongo.
For all the math, the details on how the business actually works five months in, and how Homeward is actually going to market as a ‘healthcare infrastructure’ provider rather than just a next-gen medical group, you’re going to have to give this one a watch!
In this episode of Health Tech Deals, Jess and I say hello to you from Miami! Together at ViVE 2022, we weigh in on some big funding deals! We also have a short cameo along the way (watch to see who it is)! Elemy raises $215 million; Health Gorilla raises $50 million; M_disrupt raises $6 million; Flume raises $30 million; and Homeward Health raises $20 million.
Hello from Miami. I am at ViVE and look, the exhibit hall coming down around me. Here’s what the reg area looked like. People are leaving, everybody’s got their bags and ah, look who I’ve got. Weighing in with the big funding deals from ViVE, Matthew Holt. It is the March 10th episode of Health Tech Deals. Well, we’re selfie-style here, because we are on the move.
Yeah. You had a fantastic professional cameraman and we decided not to use him
No. Instead we’re using this, but I’ve interviews for you guys coming out of this.
Even I did some, actually a lot of stuff going on in the show, pretty interesting. And there were a few deals announced.
BREAKING! Livongo-famous Jenny Schneider stops by to talk to us first, on-site at ViVE in Miami, about the brand-new business she’s just launched today to “rearchitect” rural health and care. Called Homeward, the startup is coming out with a $20 million Series A backed by General Catalyst, and a novel model that will integrate virtual-and-in-person primary care and cardiology care for Medicare beneficiaries in rural markets. We get into the business model, care model, some shocking statistics about just how dire the market need is, AND all the gossip about the old friends she’s bringing into the business with her. PLUS: Bonus dishing on Glen Tullman’s new business Transcarent, and what connection Homeward might have to the SPAC that Jenny co-founded with Glen, Hemant Teneja and Steve Klasko of General Catalyst. Coming at you fast with this one!
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