NEW YORK, Nov. 17, 2021 (GLOBE NEWSWIRE) -- MedArrive, a healthcare platform that enables payers and providers to seamlessly extend medical services into the home, today announced $25 million in Series A funding following a year of significant company growth. Since the company’s founding in December 2020, MedArrive has doubled the size of its team, expanded into new states and facilitated thousands of home visits. Section 32 led the round with participation from new investors, 7wireVentures and Leaps by Bayer, and existing investors Define Ventures, Kleiner Perkins, and Redesign Health. The new financing will advance MedArrive’s underlying technology platform and fuel expansion of its network to meet rising demand for affordable, in-home care.
MedArrive connects payers and providers to a network of EMTs, paramedics and other skilled healthcare workers to extend care into the home. As the pandemic continues to accelerate the adoption of virtual health – with 40% of U.S. consumers planning to use telehealth moving forward – MedArrive is bridging the virtual care gap by combining physician-led telemedicine with hands-on care from the comfort and safety of the patient’s home.
“Too many people who need medical attention are going untreated, and access to quality care within the home is critical for a sustainable, equitable health system,” said Dan Trigub, CEO and co-founder of MedArrive. “Our approach helps underserved populations overcome healthcare barriers by meeting them where they are and coordinating care with physicians they trust. By continuing to expand our reach, we are improving lives across the country and bringing greater humanity to healthcare.”
MedArrive has established nearly a dozen partnerships with large national and regional health plans including SCAN Health Plan, Clover Health, Bright HealthCare, Molina Healthcare as well as ACOs and government entities such as the LA Department of Health. Through these partnerships, the company is currently conducting home visits across California, Florida, New Jersey, North Carolina, and Texas.
MedArrive will use the new financing to expand its network to additional states, double its team of industry experts and invest heavily in its product and platform to maximize impact. As part of the financing, Andy Harrison, Managing Partner at Section 32, will join MedArrive’s Board of Directors and Alyssa Jaffee, Partner at 7wireVentures, will join as a Board Observer.
“The pandemic has exacerbated long-standing inefficiencies in the medical system and accelerated the transformation of healthcare delivery,” said Harrison. “Over the past year, MedArrive has emerged as a leader in redefining how – and where – care is delivered. We’re proud to support the MedArrive team as they continue to scale their proven model and drive meaningful change in addressing health disparities.”
In addition to improving patient outcomes, MedArrive’s approach also empowers an underutilized segment of the healthcare workforce. MedArrive connects its partners to highly capable EMTs and paramedics, providing them with the opportunity to practice at the full scope of their training and diversify the ways in which they provide care to their communities – while earning supplemental income. Key services include episodic care such as vaccinations and monoclonal antibody treatments; ER avoidance through chronic care management and transitional care; and Healthcare Effectiveness Data and Information Set (HEDIS) gap closure and risk assessment to identify and address patients’ preventative care needs.
“COVID-19 incited a shift towards receiving care in the home and has motivated health plans and health systems to partner with solutions enabling transformational change towards at-home care,” said Jaffee. “We’re proud to partner with the MedArrive team at such a pivotal time in the company’s growth to extend medical services into the home, improve consumer experiences and outcomes, better utilize the healthcare workforce and drive cost savings.”
About MedArrive
MedArrive enables healthcare payers and providers to seamlessly extend care services into the home, unlocking access to high-quality healthcare for more people at a fraction of the cost.
Founded in partnership with Redesign Health, MedArrive’s healthcare logistics and services platform allows providers and payers to bridge the virtual care gap, integrating physician-led telemedicine with in-person care from EMS professionals, Nurses, Community Health Workers, Phlebotomists, and more. As a result, patients can access trusted medical expertise from their homes' comfort and safety without interruption to the continuity of care, ultimately resulting in better patient outcomes, a better-utilized healthcare workforce, and significant cost savings for patients and providers alike.
MedArrive has more than 50k highly-skilled "Field Providers'' including EMS professionals in its national network, and services span dozens of clinical use cases, including complex condition monitoring, transitional care and readmission prevention, vaccinations and immunizations, medication administration and much more. To learn more, visit medarrive.com or follow us on Twitter @medarrive or LinkedIn.
About Section 32
Section 32 is a venture capital fund investing at the frontiers of technology and healthcare. Founded by Bill Maris, the team has vast experience building iconic companies. The firm’s goal is to improve the human condition by accelerating the discovery, development and distribution of important technologies and life-saving medicines. Section 32 invests across the entirety of technology and life sciences. This includes software, cybersecurity, advanced communications and computation, space, climate change related technologies, machine learning, artificial intelligence, biotechnology, therapeutics, advanced diagnostics, precision medicine, genomics and more. For more information, please visit Section32.com.
About 7wireVentures
7wireVentures is one of the country’s leading venture capital firms investing in early-stage digital health companies supporting an “Informed Connected Health Consumer” – the epicenter of a consumer-first, tech-enabled convergence of the health and care markets. Fund successes, such as founding Livongo, are due in large part because the team includes both seasoned operators and investors with extensive industry experience. Being highly selective with investments, the fund works side-by-side with founders to build companies that change the status quo and empower consumers to be better stewards of their health. As company builders, the 7wire team has assumed highly involved roles, in some cases, even pursuing a Hatch strategy to start promising new ventures. Visit www.7wireventures.com to learn more.
Contact
Emily McMahon: emcmahon@launchsquad.com
