Healthify Secures $16M Series B Funding Led by SV Health Investors with Participation from BlueCross BlueShield Venture Partners to Advance Social Determinants of Health Platform

On November 4, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Healthify, a leading company in medical information integration, announced the completion of a $16 million Series B financing round. The round was led by venture capital firm SV Health Investors (SV), with participation from BlueCross BlueShield Venture Partners (BCBSVP).

It is reported that the latest round of financing has provided strategic capital for Healthify’s rapid growth, as the company continues to integrate healthcare and social service organizations into a responsible network. To date, Healthify has raised over $28 million through investments, grants, and incentives.

In 2013, Healthify set a goal to build a world where no one’s health is hindered by their own needs. To achieve this objective, the company launched a technology platform that enables health plans, providers, and social service organizations to seamlessly coordinate healthcare and social services.

Since its inception, Healthify has evolved from a bidirectional referral platform into an infrastructure-first organization, establishing a contractually bound network of social services across key communities nationwide. Today, Healthify builds infrastructure to support large-scale Social Determinants of Health (SDoH) initiatives. Through partnerships with social service organizations, Healthify provides an intervention-focused social service network to address the social determinants of health.

To support its network, Healthify provides an intuitive Social Determinants of Health (SDoH) referral platform that facilitates collaboration among network partners. Through its interoperable platform, healthcare and social service organizations can identify social needs, coordinate referrals, and evaluate the success of interventions within a centralized system.

Manik Bhat, CEO and Co-founder of Healthify, stated, “It is remarkable that there has been growing attention to the social determinants of health in recent years. Since day one, our vision has been to ensure that communities have the appropriate infrastructure to support families in need and to secure sustainable funding streams for social services from healthcare. With this new round of capital, we are not only focused on expanding our network of accountable social services to support the growing value-based care ecosystem, but also on establishing standards for social service reimbursement structures across China.”

Manik added, “We are grateful to our paying users, vendors, and social service organizations for joining us as partners on this journey to collectively improve community health. We are also excited about our relationship with SV, which enhances our ability to fulfill our mission.”

Michael Balmuth, Managing Partner at SV, who has joined Healthify’s Board of Directors, stated, “Healthify has made significant progress in advancing the wired connectivity of the healthcare ecosystem, which will improve people’s lives and help control overall healthcare costs. We believe that this business holds tremendous potential in terms of growth capacity and impact.”

“We seek to partner with innovative companies and teams to promote and achieve value-based care and improve patient outcomes. After spending three years getting to know Healthify and Manik, it became clear that Healthify’s carefully curated, ROI-focused network can improve health outcomes for patients and communities while directly impacting overall healthcare costs for payers and providers. We are thrilled to join Healthify on its journey,” said Carl Culicchia, Vice President of SV Health Investors, who has also joined Healthify’s Board of Directors.

To date, Healthify’s solutions have been deployed nationwide—the company has partnered with more than 40 enterprise healthcare organizations and thousands of social service organizations, delivering better health outcomes for over 20 million people across the United States. The new funding will help deepen relationships with existing clients and drive new growth in other regions, including Kansas City, Phoenix, and Cincinnati.

SV Health Investors, formerly known as SV Life Sciences, is dedicated to venture capital investment and growth equity financing in the healthcare and life sciences sectors. SV targets equity investments in early-stage biotechnology, early- to profit-stage medical devices, and late-stage healthcare services and digital health companies. Over the past 25 years, SV has invested in more than 175 companies. The firm currently manages nine private venture capital funds and one publicly listed fund, with total capital raised amounting to $2.9 billion.

BlueCross BlueShield Venture Partners (BCBSVP), sponsored by the Blue Cross and Blue Shield Association, is a corporate venture capital fund in which 29 BCBS entities have committed over $500 million across three funds. The fund invests in promising emerging companies strategically aligned with Blue Cross or Blue Shield, providing its portfolio companies with channels to deploy innovations at scale.

(Compiled by Xiong Hui)