US-based healthcare diagnostic test provider PWNHealth has raised $61.8m, from investors including Blue Venture Fund, a vehicle backed by multiple Blue Cross and Blue Shield health insurers.
The size of the round was revealed by a securities filing and it was led by growth equity firm Spectrum Equity. BVF is a collaboration between 36 Blue Cross and Blue Shield companies, Blue Cross Blue Shield Association and venture capital firm Sandbox.
PWNHealth uses telehealth and diagnostics technology to facilitate population-level diagnostics testing. It will use the money to expand its product offering to direct-to-consumer testing brands, diagnostic testing laboratories, healthcare plans and life sciences companies.
The company had previously secured an undisclosed amount in a September 2015 round led by Farragut Capital Partners, according to database provider Tracxn.
Anna Haghgooie, managing director of BVF, will join PWNHealth’s board of directors. She said: “We are excited to support the PWNHealth team – especially at a time when preventive and proactive care in home and community-based settings is of growing importance.
“PWNHealth is the market’s leader in quality and oversight for home-based testing programmes, and we are excited to support the company as it continues to scale its services.”
