Cityblock Health, a US-based, low income-focused healthcare provider backed by internet and technology group Alphabet and health insurer EmblemHealth, closed its $160m series C round yesterday at a $1bn valuation.
The round was led by venture capital firm General Catalyst and included investment management firm Wellington Management, investment firm Kinnevik and VC firms Maverick Ventures, Thrive Capital and Redpoint Ventures.
Founded in 2017 as an offshoot of Alphabet subsidiary Sidewalk Labs, Cityblock partners health plans and local community organisations to provide healthcare for patients on the government’s Medicaid scheme and lower-income patients on its Medicare plan.
The capital will fund regional growth and the expansion of the company’s services in addition to boosting its product, engineering, data science, clinical and business operations teams. It has now raised about $300m altogether.
Kinnevik led Cityblock’s last round, a $53.5m series B-plus round in July this year that was led by Kinnevik and backed by Alphabet, EmblemHealth and Echo Health Ventures, which was formed by healthcare provider Cambia Health Solutions
Goldman Sachs’ Asset Management division filled out the July round alongside Maverick Ventures, Redpoint Ventures, Thrive Capital, Town Hall Ventures and 8VC.
The company had secured $65m in an April 2019 series B round led by Redpoint Ventures that also featured EmblemHealth, Echo Health Ventures, 8VC, Thrive Capital, Maverick Ventures, 8VC, Town Hall Ventures and StartUp Health.
Maverick Ventures and Thrive Capital had previously joined Sidewalk Labs in Cityblock’s $20.8m series A round in early 2018.
