MedArrive Remote Care Management Platform Raises $8 Million
MedArrivea care management platform that merges telehealth and in-person care, announced that it has received an $8 million strategic investment from Cobalt Ventures, a subsidiary of Blue Cross and Blue Shield of Kansas City.
The round brings the company’s total raise to $40.5 million.
WHAT HE DOES
MedArrive offers a network of paramedics, ambulance attendants and other health care providers who visit patients on behalf of their health insurance plan, providing home health care services, diagnostics, health assessments and preventive health measures. The company also helps with transportation, nutrition and mobility.
With the new investment, the company will increase its work with payers, grow its team, build its platform and expand into new markets.
In 2021, MedArrive scored $25 million in Series A fundingjoining the many companies which prompted investment that year.
However, venture capital funding decreased in 2022. Dan Trigub, CEO and co-founder of MedArrive, describes the complicated financial environment of the year For MobiHealthNews in December.
“This year’s funding environment has quickly separated the ‘good’ from the ‘bad’, which means companies built with poor unit economics on day one will not survive. It has also forced companies to explore new other funding alternatives like venture capital debt or dropping rounds. Founders and management teams leaned into greater due diligence with capital and planned for the worst,” Trigub said.
That same month, MedArrive revealed its intention to associate with Texas-based Superior HealthPlan and a virtual mental health company brave health to provide Texans with access to home health care, virtual behavioral health services and telehealth.
Last month, the remote care company announced a partnership with maternity telehealth platform Ouma Health to expand its maternal and fetal home care offerings to women on Medicaid.