Centivo raises $34 million in Series B
NY-based digital health plan Centivo announced that it has raised $34 million in Series B funding round led by B Capital Group. New investors Define Ventures, HarbourVest Partners, and Nassau Street Ventures, an AVG fund, and existing investors Bain Capital Ventures, Company Ventures, F-Prime Capital, Ingleside Investors, Maverick Ventures, and Rand Capital also participated, as well as various individuals. Founded in 2017 and a team of ~66, the company will use the financing to expand its offerings into new markets and further scale its operations in response to growing demand.
“The rising cost of healthcare continues to be a challenge for both employers and their employees. Centivo is structurally lowering the cost of healthcare purchasing by using technology and analytics to create efficiencies and improve outcomes. Their solution yields sustainable savings and boosts quality for the long term for employers and employees alike.” – Karen Page, General Partner at B Capital Group, who is joining the Centivo Board of Directors.
Centivo’s health plan solution is built to save 15% or more compared to traditional health plans. The solution provides plan options for employees, including low-cost, primary care-based models to help them navigate the health care system and guide patients to the right specialists and facilities. Centivo does this by using advanced analytics to build cost-effective networks directly with high-quality health systems and independent practice partners. Savings come from focusing spend on delivering high-quality care at the right place and time through coordinated care and by steering members to high-value providers.
“Nearly half of adults said they find it difficult to afford their health insurance deductible and even more have skipped or delayed care because of the cost. The COVID-19 pandemic is putting even more financial stress on these individuals and the companies that employ them. Excellent healthcare shouldn’t break the bank, and Centivo is proving it can be delivered affordably and effectively. By curating a network of top providers and leveraging data analytics, we can offer lower costs and help members effectively navigate their healthcare journeys.” – Centivo CEO and co-founder Ashok Subramanian.
