US-based digital health plan provider Centivo has raised $34m in a series B round led by B Capital Group, a venture capital firm backed by consulting firm Boston Consulting Group.
F-Prime Capital, a subsidiary of investment and financial services group Fidelity, also took part, as did business development company Rand Capital.
Bain Capital Ventures, the VC arm of private equity firm Bain Capital, filled out the round with VC firm Alumni Ventures Group’s Nassau Street Ventures fund, Define Ventures, HarbourVest Partners, Company Ventures, Ingleside Investors, Maverick Ventures and unnamed others.
Founded in 2019, Centivo provides a digital health plan for medium-sized and large companies it claims can save them 15% compared to traditional insurers. Its partners include health systems Mount Sinai Health System, Orlando Health, Scripps Health and UCLA Health.
The funding will be used to expand Centivo’s presences into new markets and grow its operations. It picked up $34m in a Bain Capital Ventures-led series A round in July 2018 that also featured F-Prime Capital, Rand Capital, Maverick Ventures, Bessemer Venture Partners, Ingleside Investors, Company Ventures and Oxeon Investments.
B Capital Group general partner Karen Page will join the company’s board of directors in connection with the round. She said: “The rising cost of healthcare continues to be a challenge for both employers and their employees.
“Centivo is structurally lowering the cost of healthcare purchasing by using technology and analytics to create efficiencies and improve outcomes. Their solution yields sustainable savings and boosts quality for the long term for employers and employees alike.”