CVS Health Ventures Among Investors in Strive Health’s Series C Funding
Denver-based Strive Health has raised $166 million in Series C funding to scale up its kidney care business by expanding into new markets, investing in its existing payer, health system, nephrologist and medical group partnerships and refining its clinical value-based care model.
This funding round was led by NEA alongside five new investors, including CVS Health Ventures. Additional investments from all previous investors – CapitalG (Alphabet), Echo Ventures, Town Hall Ventures, Ascension Ventures and Redpoint – completed the round.
As of May 2023, Strive serves 80,000 CKD and ESKD patients across 30 states, partners with over 600 nephrology providers across 10 states and manages over $2.5 billion of annual medical spend. The company says its value-based care approach to kidney disease has led to over 20 percent reduction in the total cost of kidney care, 42 percent reduction in hospitalizations and 94 percent overall patient satisfaction with Strive’s staff. With this funding, Strive said it would expand partnerships with commercial and Medicare Advantage payers, Medicare, health systems and physicians.
“Since our founding, we’ve strongly believed that we must meaningfully change the standard of kidney care so people with kidney disease can have better access to care regardless of their socioeconomic background,” said Chris Riopelle, CEO and co-founder of Strive, in a statement. “With the help of our investor partners, this capital raise will propel us further along in our journey to transform kidney care.”
"Strive's focus on value-based care aligns with CVS Health’s strategy to address the challenges within the U.S. health care system. Their differentiated approach has improved health outcomes for patients and driven success for all their customers, including their more than 600 nephrology partners," said Vijay Patel, managing partner of CVS Health Ventures, in a statement.
