Alignment Healthcare raises $135 million

Alignment Healthcare , “a mission-based Medicare Advantage insurance company,” announced that it raised $135 million from Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc., and Durable Capital Partners L.P. The Series C round brings Alignment’s funding to date to $375 million and will accelerate the growth of the company’s Medicare Advantage footprint while deepening its investments in its technology platform and plan offerings.

Founded in 2013, the insurer saw a 43% annual growth in revenue between 2014 and 2019 and the company now approaches $1 billion in projected 2020 revenue. The company looks to solve the gaps in chronic care for seniors via a combination of a personal care team and “advanced analytics.” Alignment’s ACCESS On-Demand Concierge gives members access to a care coordinator and clinicians 24-7 via a single phone number. The company has also invested in the creation and development of AVA (Alignment Virtual Application), a technology-based “command center” that houses more than 100,000 unique data signals per member to help identify changing care needs in real time.

“Caring for our nation’s seniors has been Alignment’s mission since our founding seven years ago when we launched a new model designed to reduce waste in the system by coordinating quality care around the patient, no matter where they are. The growth we’ve since experienced is a testament to the impact our model is having in improving outcomes for seniors every day, and we look forward to continuing to advance and transform the health care experience.” – John Kao, founder and CEO, Alignment Healthcare.