Transcarent, a B2B healthcare concierge platform focused on serving employees of self-insured employers and their dependents, has raised USD 200 million in a Series C funding round co-led by Kinnevik and Human Capital with participation from Ally Bridge Group, Northwell Health, Intermountain Healthcare, and Rush University Medical Center, along with several existing investors. This brings the company’s total funds raised to USD 298 million, propelling it to unicorn status at a USD 1.62 billion valuation.
The funds will be invested in its R&D programs as well as to scale up its team and enter into new markets including Medicare Advantage.
The latest funding comes on the heels of Transcarent’s partnership with US supermarket chain Walmart, providing members with access to Walmart’s low-cost pricing on pharmaceuticals.
Founded in 2020, California-based Transcarent provides a wide spectrum of 24/7 virtual care services, such as urgent care, lower-cost medications, behavioral health, at-home care, and second opinion consultations. Members can connect with doctors and obtain other medical services via Transcarent’s mobile app. The company currently has more than 80 self-insured employers.