Strive Health Raises $166 Million in Series C Funding from NEA, CVS Health Ventures and OthersAuthor : Strive Health
DENVER — May 31, 2023 — Strive Health, a national leader in value-based kidney care, has raised $166 million in Series C funding. This funding round was led by NEA alongside five new investors, including large strategic investor CVS Health Ventures. Additional investments from all previous strategic investors – CapitalG (Alphabet), Echo Health Ventures, Town Hall Ventures, Ascension Ventures and Redpoint – completed the round.
This comes at a critical time for the 37 million U.S. adults living with chronic kidney disease (CKD) in need of complete care at all stages of their journey. The company’s value-based care approach to kidney disease has led to over 20% reduction in the total cost of kidney care, 42% reduction in hospitalizations and 94% overall patient satisfaction with Strive’s staff. With this funding, Strive will care for even more patients by expanding partnerships with commercial and Medicare Advantage payors, Medicare, health systems and physicians.
“Since our founding, we’ve strongly believed that we must meaningfully change the standard of kidney care so people with kidney disease can have better access to care regardless of their socioeconomic background,” said Chris Riopelle, CEO and co-founder of Strive. “With the help of our investor partners, this capital raise will propel us further along in our journey to transform kidney care.”
The company will use the new funds to grow and scale the business by expanding into new markets, investing in its existing payor, health system, nephrologist and medical group partnerships and refining its clinical value-based care model. Strive will also continue to invest in its 550 employees to better serve its 80,000 existing CKD and end-stage kidney disease (ESKD) patients across 30 states.
“Strive’s focus on value-based care aligns with CVS Health’s strategy to address the challenges within the U.S. health care system. Their differentiated approach has improved health outcomes for patients and driven success for all their customers, including their more than 600 nephrology partners,” said Vijay Patel, managing partner of CVS Health Ventures.
Over the past few years, Strive has launched or expanded partnerships with several major nephrology partners, payors and health systems. Strive currently manages over $2.5 billion of annual medical spend.
“When our team at NEA surveyed the landscape of value-based care providers, Strive stood out with its proven performance advancing clinical outcomes and simultaneously reducing total cost of care,” said Mohamad Makhzoumi, co-president of NEA. “Since we first invested in Strive at its founding five years ago, Chris and the team have pushed the envelope for innovation in kidney care and our team at NEA is proud to continue supporting Strive as they build the premier value-based platform in CKD and ESKD.”
To learn more about Strive’s value-based care approach to kidney disease, visit StriveHealth.com.
ABOUT STRIVE HEALTH
Strive Health is the nation’s leader in value-based kidney care and partner of choice for innovative healthcare payors and providers. Using a unique combination of technology-enabled care interventions and seamless integration with local providers, Strive forms an integrated care delivery system that supports the entire patient journey from chronic kidney disease (CKD) to end-stage kidney disease (ESKD). To help patients, Strive partners with commercial and Medicare Advantage payors, Medicare, health systems and physicians through flexible value-based payment arrangements, including risk-based programs. As of May 2023, Strive serves 80,000 CKD and ESKD patients across 30 states and partners with over 600 nephrology providers across 10 states. Strive’s case management and population health programs are accredited by the National Committee for Quality Assurance (NCQA), and its technology platform, CareMultiplier™, is certified by HITRUST. To learn more, visit StriveHealth.com.
Strive Health Communications
Walker Sands Public Relations