Socially Determined raises $26M to further scale platform tracking social risks to health

Socially Determined, a company that analyzes social determinants of health data, has clinched $26 million in a series B funding round. 

The investment was led by Questa Capital, alongside participation from LRVHealth, OSF Healthcare, Ziegler Link-Age Funds and Healthworx. Socially Determined expects to use the funds to scale through product enhancements, sales and marketing efforts and R&D on tech. 

"It is impossible to address the need for affordable, quality, accessible and equitable healthcare without considering all of the factors that influence health," said Doba Parushev, vice president and managing partner of Healthworx Ventures, in a statement. "Socially Determined's technology empowers our data-driven decisions, providing the visibility and insights to take action and drive better health outcomes." 

The company, a winner of the 2022 Fierce 15 awards, features a social risk intelligence platform, SocialScape, that helps payers, companies and providers track social risk and how to address it. The promise of such insights includes the potential to improve health outcomes and reduce disparities in the communities being served, the company says. 

A screenshot of the company's platform

“The advancement of health equity and the broader measurement of SDOH are trends we have been following for a decade, and, until recently, there has not been a scalable solution for quantifying the impact of SDOH on health outcomes,” Brad Sloan, co-founder and managing partner at Questa Capital, said in a statement. He added the venture capital firm is eager to help the company grow and “raise awareness of an important issue within our healthcare system.” 

Earlier this year, Socially Determined expanded its partnership with CareFirst BlueCross BlueShield, the largest health plan in the mid-Atlantic, which runs Healthworx. The partnership meant CareFirst will leverage analytics to help employers understand social risk and optimize investments in new community-based programs.

Designing interventions to target social drivers requires solid and comprehensive data collection, Socially Determined argues. “Put simply, we’ve pioneered a standardized and repeatable approach for assessing SDOH across the country, and our success with clients has proven that it works,” Trenor Williams, M.D., CEO and co-founder of Socially Determined, said in the announcement.