US-based digital health plan provider Centivo has brought in $51m through a funding round co-led by B Capital Group, the venture capital firm backed by consulting firm Boston Consulting Group.
Maverick Ventures co-led the round, which included investment and financial services group Fidelity’s F-Prime Capital subsidiary and Bain Capital Ventures, the VC arm of private equity firm Bain Capital.
Company Ventures, Define Ventures, HarbourVest Partners, Ingleside Investors and Nassau Street Ventures filled out the round together with an Alumni Ventures Group fund and undisclosed private investors.
Centivo provides digital health insurance for small and medium-sized companies in the US with a view to save self-funded employers up to 15% relative to traditional providers.
Proceeds from the round will be used to meet heightened demand as well as develop new services like a virtual primary care plan. It predicts its services will be available in half the top 20 metropolitan areas of the US by the end of next year.
B Capital Group also led a $34m series B round for the company in December 2020 that also featured F-Prime Capital, Rand Capital, Bain Capital Ventures, Nassau Street Ventures, Define Ventures, HarbourVest Ventures, Company Ventures, Maverick Ventures and Ingleside Ventures.
Centivo’s $34m series A was led by Bain Capital Ventures in 2018 and included F-Prime Capital, Maverick Ventures, Oxeon Investments, Rand Capital, Ingleside Investors, Bessemer Venture Partners, Grand Central Tech Ventures and several individuals.
Ashok Subramanian, Centivo’s chief executive, said: “We thank our investors, clients and provider partners for supporting the transformative power of Centivo and our vision of helping even more employers restore healthcare affordability for their employees.
“In this era of covid and challenging talent attraction and retention dynamics in the workforce, it gives us tremendous pride to help employers offer their employees 1980s levels of healthcare affordability while also saving their companies money.”
