WelbeHealth, a Menlo Park, CA-based healthcare services company delivering coordinated and value-based care to medically frail seniors, raised $15m in Series B financing.
The round was co-led by Longitude Capital and Ulysses Diversified Holdings (Ulysses) with participation from former Medicare Chief Andy Slavitt’s Town Hall Ventures, as well as existing investors F-Prime Capital and .406 Ventures. In conjunction with the financing, Gregory Grunberg, M.D., Managing Director of Longitude Capital, and Errik Anderson, Founder and Managing Partner of Ulysses, joined WelbeHealth’s board of directors.
The company intends to use the funds to expand the reach of its innovative care programs.
Led by Si France, M.D., co-founder and CEO, WelbeHealth provides programs of All-Inclusive Care for the Elderly (PACE), which deliver comprehensive healthcare to the most vulnerable elderly patients. PACE serves medically frail, Medicare-Medicaid eligible seniors who would otherwise qualify to live in state-funded nursing homes.
The company plans to open its first PACE organization to serve the Stockton and Modesto, Calif. area, the largest region in California without a PACE program. The program will provide thousands of medically frail seniors in the region with access to a suite of high quality healthcare services, including primary care, physical therapy, occupational therapy, social services, and dentistry.