Cricket Health – a tech-enabled provider of integrated kidney care that connects advanced-stage chronic kidney disease patients to engaging content and a network of healthcare professionals, peers, and mentors – secured $15 million in debt financing.
K2 HealthVentures (K2HV), a healthcare-focused specialty finance company, led the financing round. “This investment follows our commitment to supporting cutting edge healthcare and life science companies with innovative management teams that are looking to improve the lives of patients dramatically,” added Parag Shah, Founding Managing Director and Chief Executive Officer of K2HV.
According to the company, the new funds will further expand its kidney care model to more people across the country through additional payer partnerships.
The latest debt funding announcement comes more than two years after a $24 million Series A funding round in 2018, led by Oak HC/FT. Founded in 2015, the company employs more than 50 people with offices in San Francisco and Cambridge.
Cricket Health works with payers and providers to identify patients who are at risk, act early to slow the progression of the disease, and delivers patient-centered, personalized kidney care through a multidisciplinary care team. If a patient progresses to end-stage renal disease, the company educates them about their treatment options and delivers patient-centered care, whether it is transplant support, home dialysis, conservative care, or in-center dialysis.
“When we founded Cricket Health five years ago, we wanted to build a kidney care company where our clinical focus and economic incentives were aligned with the best interests of our patients – keeping them from kidney failure for as long as possible, and healthy, at home, and out of the hospital,” said co-founder Arvind Rajan. Rajan has been recently named as Executive Chairman of the company.
Digital Health companies raised $4 billion in VC funding in 195 deals during Q3 2020, according to the latest Mercom Digital Health Funding Report.