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Denver-based kidney care company Strive Health has secured $300 million in Series D equity and $250 million in debt financing, totaling $550 million in its Series D capital raise.
New Enterprise Associates led the equity funding, with participation from CVS Health Ventures, Echo Health Ventures, Redpoint, Town Hall Ventures and CapitalG (Alphabet).
Several new investors, including funds and accounts, also participated in the raise.
WHAT IT DOES
Strive Health offers a value-based care platform that integrates chronic kidney disease and end-stage renal disease patient data from various systems into one platform.
The technology is designed to identify disease progression and make predictions about a patient's condition.
The company also provides support to patients through kidney transplants and dialysis, enabling them to access dialysis via traditional methods or home hemodialysis.
Strive Health will use the funds to expand its strategic partnerships and services and enhance its value-based care model using technology, including AI tools and analytics.
"NEA remains a proud supporter of Strive's mission of deploying its innovative care model to slow the progression of kidney disease, and we are excited at the potential for Strive's impact to grow exponentially with this more than half a billion-dollar capital raise," Mohamad Makhzoumi, co-CEO of NEA, said in a statement.
MARKET SNAPSHOT
Earlier this year, Strive Health announced it was expanding its partnership with Medicare Advantage insurer Zing Health to provide kidney care to Zing members in Ohio, Tennessee and Mississippi.
Zing Medicare Advantage plans are designed for individuals with chronic conditions, offering benefits that address medical and social needs.
The partnership aims to utilize Strive's clinical teams, predictive analytics and patient engagement tools to help reduce hospitalizations and total cost of care among Zing members.
Last year, Strive announced it signed a multi-year deal with Oak Street Health, a chain of primary care clinics geared toward the Medicare population, to provide care to patients suffering from stage 4 chronic kidney disease to end-stage kidney disease.
In 2023, Strive Health secured $166 million in Series C funding led by NEA alongside strategic investor CVS Health Ventures. The company also formed a partnership with not-for-profit Catholic healthcare system Trinity Health to improve kidney care for patients that year.
In 2022, Strive Health partnered with the nephrology group Southern California Kidney Consultants.
The company secured $140 million in Series B funding in 2021, led by Alphabet's growth fund CapitalG, which was expected to provide the company with "unique access" to Google and Alphabet assets at the time.
