US-based healthcare provider Cityblock Health closed a $192m series C extension yesterday featuring Echo Health Ventures, a venture capital partnership between care provider Cambia Health Solutions and investment firm Mosaic Health Solutions.
Hedge fund manager Tiger Global Management led the extension, which also featured VC firms 8VC and General Catalyst as well as AIMS Imprint, the impact investment arm of investment bank Goldman Sachs’ Asset Management unit.
Wellington Management, Kinnevik, Maverick Ventures, Thrive Capital and Redpoint Ventures also took part in the extension, having participating in Cityblock’s $160m series C round four months ago, which was led by General Catalyst at a $1bn valuation.
Cityblock provides healthcare, behavioural health services and social services for low-income patients supported by the US government’s healthcare programmes, Medicare and Medicaid, supplying its services to 70,000 members located across the country.
The company was founded in 2017 as an offshoot of Sidewalk Labs, an urban infrastructure subsidiary of internet and technology conglomerate Alphabet. It said the series C extension has increased its total funding to roughly $500m.
Health insurer EmblemHealth, Alphabet and Echo Health Ventures participated in a $53.5m series B-plus round for Cityblock in July 2020 that was led by Kinnevik and which also featured Goldman Sachs Asset Management, Maverick Ventures, Redpoint Ventures, Thrive Capital, Town Hall Ventures and 8VC.
Cityblock picked up $65m in an April 2019 series B round led by Redpoint Ventures with investments from EmblemHealth, Echo Health Ventures, 8VC, Town Hall Ventures, StartUp Health, Thrive Capital and Maverick Ventures. The last two had joined Sidewalk Labs in a $20.8m series A round the previous year.