Devoted Health, a US insurtech company specialising in Medicare services, has raised $175m in a Series E funding round.
A consortium including Fearless Ventures, GIC, Highbury Holdings, Maverick Ventures, the Space Between and Stardust Equity led the round.
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The round was also joined by other investors including Andreessen Horowitz, Emerson Collective, F-Prime Capital Partners, General Catalyst, GreatPoint Ventures, the Private Shares Fund and affiliated funds, and Socium Ventures.
Set up in 2017 by brothers Todd and Ed Park, Devoted Health aims to offer all-in-one care for Medicare beneficiaries through its integrated insurance plans and virtual-first medical care.
Devoted Health insurance plans receive tech-enabled preventative care services from Devoted Medical, which was set up to meet the unique needs of the Medicare beneficiaries.
The company’s proprietary technology platform, Orinoco, supports Devoted Health’s end-to-end operations.
Devoted Health said the latest infusion follows a period of significant growth for the company, which now serves more than 140,000 members, marking a year-over-year increase of more than 70%.
The expansion includes an increase in coverage to 299 counties across 13 states.
Devoted Health co-founder and CEO Ed Park said: “In a healthcare system that is not always accessible or easy to navigate, we at Devoted Health are profoundly honoured to provide each member with the same quality of care and service we would want for our own families.
“It is deeply gratifying to have so many others believe in the promise of our model, and we are very excited to bring the love and world-class care that is Devoted to more and more Americans.”
