Medicare Advantage startup AllyAlign Health has secured nearly $300 million in a funding round led by New Enterprise Associates.
The investment was first reported by Axios.
The company, which focuses on addressing the health of people in senior housing communities, said the new investment will allow it to further grow its workforce, partnerships and technology platforms.
"Eight years ago, we set out on an audacious mission—to transform the care of frail, vulnerable seniors by leveraging a full risk model in partnership with high-quality skilled nursing and senior housing partners," said Will Saunders, founder of AllyAlign Health, in a statement. "We're proud of the impact and improved health outcomes we've had within the senior community thus far and are thrilled at the opportunity to expand our offering."
Oak HC/FT and Town Hall Ventures, as well as existing investors Heritage Group and Ziegler, also participated in the funding round.
Mohamad Makhzoumi, general partner and head of Global Healthcare Investing at NEA, said in a statement that the demands of the COVID-19 pandemic helped prove the value of the services AllyAlign Health provides, making it an attractive investment option.
Alongside the funding news, AllyAlign announced industry veteran Mark Price will join as its new CEO. Price previously held leadership roles at Intermountain Healthcare, DaVita, ChenMed and Bain and Company.
"I'm elated to join the talented team at AllyAlign Health and be part of the mission to improve the quality of life of seniors around the country. AllyAlign has designed a care model for senior housing communities that is accessible, comprehensive, and compassionate with proven results," Price said in a statement.
"I'm also excited that NEA will be supporting us on this journey. NEA brings highly relevant expertise given it has helped create and scale hundreds of transformative healthcare and technology companies over the last 40 years," Price said.