Strive Health – a national leader in value-based kidney care – announced recently it has raised $166 million in Series C funding. This funding round was led by NEA along with 5 new investors, including large strategic investor CVS Health Ventures. Additional investments from all of the previous strategic investors – CapitalG (Alphabet), Echo Ventures, Town Hall Ventures, Ascension Ventures, and Redpoint – completed the round.
This funding comes at a critical time for the 37 million U.S. adults living with chronic kidney disease (CKD) in need of complete care at all stages of their journey. And the company’s value-based care approach to kidney disease has led to an over 20% reduction in the total cost of kidney care, a 42% reduction in hospitalizations, and 94% overall patient satisfaction with Strive’s staff. With this funding, Strive will care for even more patients by expanding partnerships with commercial and Medicare Advantage payors, Medicare, health systems, and physicians.
The company plans to use the new funding to grow and scale the business by expanding into new markets, investing in its existing payor, health system, nephrologist, and medical group partnerships, and refining its clinical value-based care model. Strive is also going to continue to invest in its 550 employees to better serve its 80,000 existing CKD and end-stage kidney disease (ESKD) patients across 30 states.
Over the past few years, Strive launched or expanded partnerships with several major nephrology partners, payors and health systems. Strive currently manages over $2.5 billion of annual medical spend.
KEY QUOTES:
“Since our founding, we’ve strongly believed that we must meaningfully change the standard of kidney care so people with kidney disease can have better access to care regardless of their socioeconomic background. With the help of our investor partners, this capital raise will propel us further along in our journey to transform kidney care.”
— Chris Riopelle, CEO and co-founder of Strive
“Strive’s focus on value-based care aligns with CVS Health’s strategy to address the challenges within the U.S. health care system. Their differentiated approach has improved health outcomes for patients and driven success for all their customers, including their more than 600 nephrology partners.”
— Vijay Patel, managing partner of CVS Health Ventures.
“When our team at NEA surveyed the landscape of value-based care providers, Strive stood out with its proven performance advancing clinical outcomes and simultaneously reducing total cost of care. Since we first invested in Strive at its founding five years ago, Chris and the team have pushed the envelope for innovation in kidney care, and our team at NEA is proud to continue supporting Strive as they build the premier value-based platform in CKD and ESKD.”
— Mohamad Makhzoumi, co-president of NEA
