Value-based healthcare technology company Stellar Health announced that it had raised over $60 million in Series B funding.
The funding round was led by General Atlantic, a global growth equity firm, with participation from Point72 Ventures and Primary Venture Partners, who led Stellar’s Series A financing in 2020.
New investors include Mike Pykosz and Geoff Price, the co-founders of Oak Street Health, a network of value-based primary care centers for adults on Medicare.
The company plans to use new funds to grow its team and advance product development, engineering, and operations initiatives, which supports expanding its services to new and existing markets.
Founded in 2018, Stellar enables providers to deliver value-based care through their innovative, cloud-native point-of-care platform. The company’s platform integrates patient data, tracks provider workflows, and advances meaningful, actionable insights directly to providers and practice staff, delivering value-based care outcomes for their patients.
Today, more than a third of reimbursement contracts are value-based. This trend continues upward every year, and more than half of all providers are now participating in at least one accountable care organization type program, the company said
“Stellar Health has developed an intuitive, modern, and behavior-focused platform that enables a broad continuum of providers to advance patient outcomes,” said Robbert Vorhoff, Managing Director and Global Head of Healthcare at General Atlantic. “In just three years, Stellar Health has established itself as a leading player in the field, delivering significant value to its clients and provider network. As long-standing advocates for the shift to value-based care, we are excited to partner with the Stellar Health team in further developing its platform.”
Digital Health companies raised nearly $15 billion in the first half of 2021, according to the latest Mercom Digital Health Funding and M&A Report.