MedArrive, a care management platform that merges telehealth and in-person care, announced it received an $8 million strategic investment from Cobalt Ventures, a Blue Cross and Blue Shield of Kansas City subsidiary.
The round brings the company’s total raise to $40.5 million.
WHAT THEY DO
MedArrive offers a provider network of paramedics, EMTs and other healthcare providers who visit patients on behalf of their health insurance plan, providing in-home healthcare services, diagnostics, health assessments and preventative health measures. The company also assists with transportation, nutrition and mobility.
With the new investment, the company will increase its work with payers, grow its team, build its platform and expand into new markets.
MARKET SNAPSHOT
In 2021, MedArrive scored $25 million in Series A funding, joining the numerous companies that garnered investment that year.
However, venture funding decreased in 2022. Dan Trigub, MedArrive CEO and cofounder, described the year’s complicated financing environment to MobiHealthNews in December.
“This year’s funding environment quickly separated the ‘good’ from the ‘bad,’ meaning businesses built with poor unit economics on day one will not survive. It also forced companies to explore other funding alternatives like venture debt or taking down rounds. Founders and executive teams leaned into being more diligent with capital and planned for the worst,” Trigub said.
That same month, MedArrive revealed its plans to partner with Texas-based Superior HealthPlan and virtual mental health company Brave Health to allow Texans to access in-home healthcare, virtual behavioral health services and telehealth.
Last month, the remote care company announced a partnership with maternity telehealth platform Ouma Health to scale its mother and fetal in-home care offerings to women on Medicaid.