CVS Health Ventures Invests $100 Million to Lead Round
Carbon Health, a hybrid healthcare company that combines expert care with proprietary technology for easy everyday health, announced today that it has received $100 million from CVS Health Ventures, CVS Health’s corporate venture capital platform, as part of an initial close of its Series D round. The funding enables the primary care provider to scale its Connective Care model into new geographies, sign new value-based care arrangements, and invest in technology as it aims to be a national leader in primary and urgent care.
With more than 125 physical locations in 13 states, widespread virtual care coverage, and an average NPS of 85, Carbon Health is raising the standard of care for more than a million patients across the U.S. Where typical primary care is anchored in a visit, Carbon Health Connective Care blends easy-to-use software and expert care so every patient can establish a relationship with their own integrated team, monitor and manage their health on the go, and access in-person care when and where they need it.
In addition to the investment, CVS Health will also pilot the Carbon Health operating model inside select existing CVS Health locations, leveraging the Carbon Health model and software to help power the patient experience for CVS consumers.
“While healthcare has evolved tremendously over the past few years, there are still many ways in which care delivery and quality have not. We’re focusing on everyday touchpoints with an integrated care team to help patients achieve better health outcomes – because healthcare is not just what happens during a visit but also what happens in between,” said Eren Bali, CEO and co-founder of Carbon Health. “Now, with the support of CVS Health, we can further accelerate our goal of designing healthcare as it should be – simple, flexible, and personal.”
“Our investment in Carbon Health is another important step toward our vision of becoming the leading health solutions company for consumers,” said Vijay Patel, Managing Partner and co-founder of CVS Health Ventures. “This pilot will allow us to explore Carbon Health’s potential to advance the retail health experience, connecting consumers to care where and when they need it with a simple and engaging user-driven experience that can be adapted and delivered across our platform.”
J.P. Morgan acted as financial advisor to Carbon Health.
To learn more about Carbon Health, visit carbonhealth.com.
About Carbon Health
Carbon Health is a modern healthcare company offering hybrid care for easier everyday health. By combining custom technology with expert care, Carbon Health enables patients to establish a direct relationship with an integrated team, monitor and manage their health on the go, and access in-person care when and where they need it.
Building on the success of its nationwide urgent care network, Carbon Health treats the full spectrum of first-contact needs – from acute issues to chronic conditions, as well as ongoing physical and mental health needs. The company is also expanding into value-based care through work with employers, health plans, health systems, and other ecosystem partners.
Founded in 2015 with a mission to make great healthcare accessible to everyone, Carbon Health raises the standard of care for millions of patients across the U.S. – all powered by its purpose-built EMR, patient app, connected devices, and expert clinic teams. It is backed by investors such as Blackstone Horizon, Dragoneer Investment Group, and Brookfield Technology Partners (BTP). Discover more with the Carbon Health app or visit carbonhealth.com.
Originally announced January 9th, 2023
