Cityblock Health, a startup that offers primary care, behavioral health, and virtual care services for lower-income communities in the U.S., announced the completion of a $192 million Series C extension funding round.
This extension funding round builds on the company’s $160 million Series C round, brings the total funding to more than $500 million.
Cityblock Health plans to use the new funds to accelerate deployment of its community and value-based care model nationwide, bringing desperately needed transformation to the most vulnerable and underserved communities across the country.
New Cityblock investor Tiger Global led the latest round. “As one of the only value-based, comprehensive providers solving specifically for the Medicaid population, Cityblock is tackling a much needed and very ignored problem,” said Scott Shleifer of Tiger Global. “We are thrilled to join the team working to revolutionize care for underserved populations.”
The company’s existing investors, including Kinnevik AB, Maverick Ventures, General Catalyst, Wellington Management, Thrive Capital, Redpoint Ventures, Echo Health Ventures, 8VC, and AIMS Imprint of Goldman Sachs Asset Management, also participated in the funding round.
Launched in 2017 out of Alphabet’s Sidewalk Labs and anchored in the first partnership with EmblemHealth, Cityblock partners with community-based organizations and health plans to deliver medical care, behavioral health, and social services virtually in-home and in their community-based clinics.
The company’s integrated care teams include doctors, nurses, practice clinicians, behavioral health specialists, licensed clinical social workers, and community health partners.
Cityblock currently serves 70,000 members across New York, Connecticut, Massachusetts, and Washington, DC.
“We’re incredibly proud and grateful that some of the world’s best and brightest healthcare minds have joined us,” said Iyah Romm, Chief Executive Officer and Co-Founder of Cityblock. “But more than anything, we’re excited for what this level of capital investment means for our member population. It’s clear that there is increased awareness of this massive problem of health inequity. We’re starting to see urgency from investors and industry leaders alike.”
Telemedicine companies raised $4.3 billion in 2020, a 139% increase year over year, compared to $1.8 billion in 2019, according to the latest Mercom Digital Health Funding & M&A report.
Recently, K Health, a telemedicine company, closed a $132 million Series E funding round. Founded in 2016, K Health has raised over $260 million to date, including a $42 million Series D funding round in November 2020.
