In the past three years, the primary care startup Carbon Health has been growing steadily.Company from Seven clinics to 27 clinics By the end of 2020, it has expanded to more than 80 clinics. Now, with $350 million in new funding led by Blackstone’s Horizon platform, it is advancing an aggressive expansion plan because it hopes to open 1,500 clinics by 2025.
The San Francisco-based company was founded in 2015 and hopes to compete with direct primary care competitors such as One Medical and Forward through fundraising.
“We are delighted to see Carbon Health use this funding to develop new technologies, expand its physical and virtual footprints, and solve fairness challenges facing the healthcare system, turning its vision into reality,” said Eric Jones, partner of Dragoneer Investment Group. Also participated in this round of financing, said in the press release. “For Carbon Health, this is a rare opportunity to address the disparities in healthcare that Covid-19 has exacerbated by expanding patient access points and reducing care costs.”
Carbon needs insurance, but about one-third of patients pay out of their pockets. Last year, its number of patients more than doubled, excluding those who were tested or vaccinated for Covid-19, and it expanded its telemedicine services to 23 states.
Last month, the company acquired Steady Health, a startup that uses continuous blood glucose monitoring data and video access to help people control diabetes. This is Carbon Health’s first foray into remote patient monitoring.
Two recent employees of the company also hinted at its future plans: The former Apple Health head, Myoung Cha, was hired to develop its omni-channel care model, and Nita Sommers was hired as a health plan and insurance company to expand value-based care products.
While the primary care sector is becoming more and more crowded, Carbon Health has established an important market position. It currently has more than 80 clinics in 12 states. In contrast, One Medical Listed last yearAs of March, there are 110 clinics in 13 markets.
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