Centivo, a new type of digital health plan, raised $34m in Series B funding.
B Capital Group led the round with participation from new investors Define Ventures, HarbourVest Partners, and Nassau Street Ventures, an AVG fund, and existing investors Bain Capital Ventures, Company Ventures, F-Prime Capital, Ingleside Investors, Maverick Ventures, and Rand Capital (Nasdaq: RAND), as well as various individuals.
The company will use the financing to expand its offerings into new markets and further scale its operations in response to growing demand.
Led by CEO and co-founder Ashok Subramanian, Centivo was built to serve the self-funded employer and allows them to offer a benefits solution to their diverse workforce. With Centivo, employers can offer their employees affordable and predictable costs, a tech member experience, and a range of benefit options including both traditional and proprietary networks. The company develops high-value networks in partnership with local healthcare providers and uses data analytics to refine the network and navigate members to the right providers. Members get a partner for all their healthcare needs through a primary care-centered model, as well as expanded access and fully integrated virtual care.
Provider partners include health systems including Mount Sinai Health System, Orlando Health, Scripps Health, and UCLA Health, among others, as well as independent practices.
Centivo’s health plan solution is available to mid-sized and large employers in New York, New Jersey, Connecticut, Southern California, Florida, and North Carolina, and will be expanding to additional markets in 2021.
The company has offices in Stamford, CT, Buffalo, NY and New York, NY.