Self-funded health plan Centivo rakes in $34m for Series A

Centivo, a ‘self-funded health plan’, has raised $34m in its Series A round, which was led by Bain Capital Ventures.

Additional contributions to the round came from F-Prime Capital Partners, Maverick Ventures, Bessemer Venture Partners, Ingleside Investors, Rand Capital, Grand Central Tech Ventures, and Oxeon Investments.

There were also several individual investors taking part, including Jim Foreman, Ken Goulet, and Kevin Hill.

Centivo is a self-funded health plan built for employers and employees which targets zero healthcare trend and improved outcomes by rewarding members and providers for ‘smart choices and actions’. The platform encourages partnership between individuals and primary care teams, with benefits offered to those keeping to health action plans.

The company is looking to launch its product for the 2019 plan year, with a focus on employers with employees in New York, New Jersey, Connecticut and some other selected areas.

This equity injection will be used to develop the company’s technology and infrastructure, create more local partnerships and support its market launch.

Subramanian said, “While the healthcare system is broken, excellent providers—physicians, nurses, pharmacists, and more—improve lives and provide high-value care every day in every community in America.

“Using analytics and emerging technology, Centivo identifies, partners with, and amplifies the work of the best providers and engages them as true partners to deliver great, cost-effective care to patients.”

As part of the transaction, Bain Capital Ventures managing director Yumin Choi will join Centivo’s board of directors.

Copyright © 2018 FinTech Global

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