Solera Health Secures $42 Million Series C Funding to Expand Its Digital Health Platform for Chronic Disease Prevention

On May 16, 2019, VCBeat (WeChat official account: vcbeat) learned that Solera Health announced the completion of a $42 million Series C financing round. The round was led by HCSC Ventures, with participation from BlueCross BlueShield Venture Partners, Sandbox Advantage Fund, Adams Street Partners, and SJF Ventures.

It is reported that Solera Health has raised approximately $72 million in funding since its establishment in 2015. Notably, the company completed an $18.3 million Series B financing round in July 2017.

Solera Health is a digital health company that develops online marketplaces for non-clinical resources. Founded in 2015 in Phoenix, Arizona, USA, Solera was the first digital health company on the market to target chronic disease prevention and management. The company’s SaaS platform serves as a healthcare support ecosystem connecting patients with chronic conditions, community healthcare providers, disease prevention programs, and other stakeholders.

Solera’s services enable individuals with chronic conditions and unhealthy lifestyles—such as diabetes, hypertension, weight imbalance, mental stress, and sleep disorders—to receive timely and effective medical care, including health plan development, triage treatment, and insurance claims processing. This allows patients to access affordable, high-quality local community healthcare services while also connecting with a broader range of healthcare institutions online.

“HCSC Ventures supports companies in pursuing development through transformation, and leverages these portfolio companies to advance the shared goals of fostering innovation and improving the accessibility and affordability of healthcare services,” said Sahil Choudhry of HCSC. As part of this financing round, he will join the Board of Directors of Solera Health. “Solera Health improves people’s health by connecting patients with care services through its platform. The company’s innovative network model has already helped millions of individuals change their habits and reduce their risk of chronic diseases.”

Brenda Schmidt, CEO of Solera Health, stated, “The investment from health plans in Solera Health has greatly bolstered our confidence. The market has validated our success in advancing chronic disease prevention. The company aims to strengthen close collaboration with its health plan partners to help patients comprehensively manage their health.”

HCSC Ventures is a venture capital firm dedicated to healthcare services, focusing on investing in companies and entrepreneurs with the potential to impact the healthcare industry. Each year, more than 15 million members entrust HCSC with the management of approximately $70 billion in assets.

BCBSVP is a corporate venture capital firm founded in Chicago in 2016, primarily dedicated to delivering unique value and support to innovative companies in the market.

Sandbox Advantage Fund, established in New York in 2009, is a closed-end private equity fund managed by Sandbox Venture.

Adams Street Partners, founded in 1972, is a global investment management firm that provides comprehensive solutions for enterprises. Over the past 45 years, Adams Street Partners has accumulated extensive management expertise through practical experience.

SJF Ventures, founded in 1999, is a venture capital firm with offices in Durham, New York, and San Francisco. The firm provides equity financing ranging from $1 million to $10 million to startups seeking capital growth.

(Compiled by Song Chenchen)