National medical practice Eden Health announced Thursday that it raised $60 million in series C funding it plans to use to scale its healthcare practice for employees at companies nationwide.
Eden Health is a concierge provider that offers healthcare services to employers and commercial real estate building landlords. It specializes in team-based collaborative care, which includes a mix of digital care, primary care, behavioral health services and benefits navigation.
Growth stage investor Insight Partners led the funding along with Amigos Health, Aspect Ventures, Company Ventures, Flare Capital, Flexcap Ventures, Max Ventures and PJC. The company reported that it had secured $100 million in venture capital in less than two years. Industrywide global digital health funding grew 45% year over year in 2020, according to research firm CBInsights.
The company closed a $25 million series B financing round back in September, led by Flare Capital Partners, with participation from Greycroft, Aspect Ventures and other investors.
With the new investment, Eden plans to scale up by incorporating work with third-party groups and connected devices, which let people manage their wellness. The company will also grow its clinical team. Eden says it has seen 800% growth in annual recurring revenue since the beginning of 2020, partly due to the COVID-19 pandemic, according to Matt McCambridge, co-founder and CEO of Eden.
The company is investing in several areas that include longitudinal virtual primary care, navigation and coordination of care as well as virtual and in-person services, McCambridge said.
Eden currently operates out of medical offices in New York City and New Jersey and virtually across the U.S. The company plans to grow the number of brick-and-mortar medical offices in cities such as Boston, Chicago, Houston and Los Angeles.
“This expansion will allow us to further our promise of providing integrated, virtual and in-person care to more people nationwide,” McCambridge told Fierce Healthcare.
Venture capital firm Insight Partners specializes its investments in scale-up, or growth-stage, companies and has invested in more than 400 companies worldwide overall. McCambridge previously worked at Insight Partners out of college from 2013 to 2015. Insight Partners recently co-led an investment round in virtual care provider Tyto Care, which offers an at-home medical exam and telehealth device kit.
Eden offers an integrated care model called Integrated 360 Care, which consists of a team of medical and mental health providers, physical therapists and insurance experts. The idea is to build a relationship with a team of care providers using technology to encourage a strong patient-provider relationship, McCambridge explained.
“In healthcare, we've lost this human touch in many ways,” McCambridge said. “We have an opportunity for technology to help get us back to that relationship-based healthcare system. We've seen it with COVID, where people have been physically separated but have been able to maintain their support systems and even their clinical relationships.”
Eden employs a medical home strategy that coordinates care among the team of medical professionals.
“Our aim at Eden Health is to rebuild trust in the healthcare system by moving the patient to the center of a team-based preventive care model, and taking responsibility for each patient’s care journey,” McCambridge said.
Patients use a chat and video interface to get in touch with their care team. Employees access the Eden platform using a mobile app.
Employers that offer care through Eden Health include Stack online software community Stack Overflow, Emigrant Bank and men’s grooming and shaving company Harry’s.
During the COVID-19 pandemic, Eden not only cared for patients but worked with companies that faced pressure to stay operational during the crisis, McCambridge said.
Other companies that have recently earned series C funding include AI-powered navigation platform Buoy Health. As part of a $37.5 million series C funding round, Buoy gained financial backing from Cigna Ventures, Humana and Optum Ventures as well as venture capital firms WR Hambrecht + Co. and Trustbridge Partners.
After the COVID-19 pandemic, Eden plans to continue to grow its platform as well as add new members nationwide.
“We will certainly continue to add new and interesting features and expand our service offerings, but we're also going to be collaborating with those people in the market that share our vision to allow everyone the chance to develop a relationship with a trusted healthcare provider,” McCambridge said. “We are committed to making that a reality.”