Centivo, a NYC-based new type of self-funded health plan, raised $34m in Series A funding.
The round was led by Bain Capital Ventures, with additional investments from F-Prime Capital Partners, Maverick Ventures, Bessemer Venture Partners, Ingleside Investors, Rand Capital (NASDAQ: RAND), Grand Central Tech Ventures, Oxeon Investments, and several individual investors, including industry veterans Jim Foreman, Ken Goulet, and Kevin Hill. In conjunction with the funding, Yumin Choi, managing director at Bain Capital Ventures, will join Centivo’s board of directors.
The capital will be deployed to build the company’s technology and infrastructure, develop local partnerships, and support market launch.
Led by CEO and co-founder Ashok Subramanian, Centivo provides a new type of self-funded health plan built specifically for employers and their employees and families.
The Centivo model acts as a catalyst to enhance healthcare purchasing and delivery through:
(1) an innovative primary care-centered network focused on outcomes;
(2) a dynamic benefit design that rewards members for high-value care and adherence; and
(3) a digital technology platform and concierge support that enables care and an improved experience.
The company serves as a health plan or third-party administrator (TPA) for employers and partners closely with local health plans and TPAs to enhance their offerings.
Centivo is launching its product for the 2019 plan year, with a focus on employers with employees in New York, New Jersey, Connecticut, and select other markets.