VillageMD Secures $100 Million Series B Funding to Advance Primary Care Technology Platform

On September 6, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that healthcare company VillageMD had completed a $100 million Series B financing round. The round was led by Kinnevik, with participation from Oak HC/FT, Town Hall Ventures, and Adams Street Partners.

VillageMD will use the proceeds from this financing round to expand its market footprint and further develop docOS, its market-leading primary care technology platform. VillageMD will also broaden its “Village Medical in Home” product offerings and promote its Village Medical brand.

VillageMD, established in 2013 and headquartered in Chicago, USA, is a healthcare company. The company adheres to a high-value clinical model led by primary care, dedicated to improving the current state of the healthcare industry. VillageMD collaborates with physician groups, independent associations, and health organizations, providing them with the necessary tools, technology, and personnel support to enhance the quality of clinical services. While delivering a top-tier patient experience, the company reduces medical costs for patients in the communities it serves. VillageMD currently partners with over 2,500 primary care physicians and manages $3 billion in total medical expenditures. VillageMD aims to build the largest and highest-performing primary care network in the United States.

“VillageMD CEO and Co-Founder Tim Barry said in a statement, ‘We are reforming the healthcare system, and we seek partners to better fulfill our mission of improving the U.S. healthcare industry. Partnering with these world-class investors will bring us new capital and capabilities, enabling us to reach more patients, realize our vision, and ultimately enhance the quality of healthcare in our country.’”

Chris Bischoff, Senior Investment Director at Kinnevik, added, “Primary care physicians play a critically important role and arguably have the greatest impact on healthcare outcomes. VillageMD is shifting healthcare toward a primary-care-led, high-value, risk-bearing model. VillageMD’s technology, operational, and clinical support capabilities have delivered some of the best results in the market. We are excited to partner with VillageMD to bring patients healthier lives, more professional physicians, and better treatment outcomes.”

Kinnevik, founded in 1936, is a publicly listed investment company in Sweden, with stock codes KINV A and KINV B. The company has extensive investment experience, primarily focusing on technology-driven companies in the fields of telecommunications, media, retail, and healthcare.

Oak HC/FT, founded in 2014 and headquartered in Connecticut, USA, is an early-stage venture capital firm. The company primarily invests in companies in the healthcare and financial sectors.

Town Hall Ventures, founded in 2018 and headquartered in New York, USA, is a venture capital firm that primarily invests in startups in the healthcare technology sector.

Adams Street Partners, a private equity firm founded in 1972 and headquartered in Chicago, United States.

(Compiled by Hu Yifan)