Transcarent has announced a $126 million Series D investment led by General Catalyst and 7wireVentures. New investors Geodesic Capital and Memorial Hermann Health System join the group, which also has support from previous investors Threshold Ventures, Kinnevik, Ally Bridge Group, Human Capital, Merck Global Health Innovation Fund, Alta Partners, and Leaps by Bayer.
This financing brings Transcarent’s total funding raised to about $450 million from a diverse group of investors at a valuation of $2.2 billion. The preemptive outreach from investors for this funding round highlights the confidence in Transcarent’s goals and relentless commitment to cutting through confusion and complexity while removing costs from the healthcare system. The additional funding will be utilized to accelerate AI capabilities, support commercial growth, and pursue strategic growth opportunities.
Transcarent’s leading health and care platform makes it easy for people to access care and employers to provide and pay for it. And it is the only platform that brings together medical, surgery, pharmacy, and mental health care into one place. Transcarent’s platform connects Members to comprehensive care experiences, including Everyday Care (which includes Care in 60 Seconds), Pharmacy Care, Surgery Care (from the country’s leading health systems, ambulatory care providers, and Centers of Excellence), Weight Health, and end-to-end Cancer Care.
Since the Series C funding round in January 2022, Transcarent has launched comprehensive Weight Health, Cancer, Behavioral Health, and Pharmacy Care Experiences and grown its industry-leading, value-based Surgery Centers of Excellence program. Last year, Transcarent completed the successful acquisition and integration of the 98point6 AI-powered virtual care platform and care business, including the affiliated Transcarent Clinic. And Transcarent launched the National Independent Provider Ecosystem with 12 leading health systems to deliver a more affordable, high-quality consumer experience for self-insured employers.
KEY QUOTES:
“Everyone asked, ‘can you make it easier for our people to access high-quality, affordable care?’, and we have. Transcarent is the One Place for Health and Care. One platform — your mobile phone — for everything you want and need. And an experience people don’t just like but love. High-quality care and cost reductions with a relentless focus on quality. Just what the doctor ordered.”
– Glen Tullman, Transcarent Chief Executive Officer
“Rising healthcare costs place a significant strain on employers and limit US economic growth and vitality. I am proud of the progress Transcarent has made to improve the current system for employers and employees alike who are demanding a better, more affordable health and care experience. The outcomes that Transcarent has delivered allow all stakeholders to focus on what matters most: empowering employees with improved access to health and wellness care.”
– Ken Frazier, Executive Chairman, Transcarent; Chairman, Health Assurance Initiatives, General Catalyst; and former Chairman and Chief Executive Officer, Merck
“Our continued support in Transcarent is driven by their technology, in what we believe is an unmatched integration of software, AI, robust data science, and tailored health guidance. This combination has sparked real change in the delivery of health and care, aligning with our founding mission: to empower millions in navigating the complexities of the healthcare system and achieve better health outcomes.”
– Hemant Taneja, CEO and Managing Director, General Catalyst
“For too long consumers have been left behind by our healthcare system. Transcarent has proven that putting consumers first pays off. By meaningfully engaging consumers in their care, empowering them with the real-time information they need to make the best decisions about their health and care, we see higher quality outcomes and costs go down.”
– Lee Shapiro, Managing Partner, 7wireVentures
“Transcarent is bending the healthcare cost curve for consumers and employers, demonstrating that you can deliver great care and a great experience while also decreasing costs.”
– John Roos, Founding Partner, Geodesic Capital
“The Transcarent platform is redefining how care is accessed and delivered for millions of Americans. Employers are experiencing ‘point solution fatigue’ and know the status quo is untenable.”
– Arvind Ayyala, Partner, Geodesic Capital
“The future of healthcare innovation is today, and consumer-centric platforms will ultimately prevail. Transcarent’s approach to applying responsible AI is reducing the complexity of benefits for employers and consumers alike, and, most importantly, enabling patients to get the right care at the right time at a reasonable price.”
– Emily Melton, Managing Partner, Threshold Ventures
“By building meaningful partnerships with local community health care providers, Transcarent is expanding opportunities for health systems to support national employers through innovative, value-based payment models. Transcarent’s platform empowers employer benefits programs, making it easy for employees to seek high quality care from trusted local providers.”
– Feby Abraham, EVP, Chief Strategy and Innovations Officer at Memorial Hermann Health System
