US-based primary care provider Iora Health secured $126m yesterday in a series F round led by investment group Premji Invest that also featured automotive and media conglomerate Cox Enterprises.
The round included F-Prime Capital and Devonshire Investors, two subsidiaries of investment and financial services group Fidelity, in addition to Singaporean state-owned investment firm Temasek, Flare Capital Partners, Polaris Partners, Khosla Ventures and .406 Ventures.
Iora operates a healthcare system that has grown to 48 practices across the US. In addition to physical ailments, it treats mental health, facilitates behavioural health management and operates a telehealth service and collaborative care platform called Chirp.
Practices are opened in partnership with organisations ranging from employers and insurers to health systems and unions. Its partners include aerospace manufacturer Boeing, insurance firm Humana and Dartmouth University.
The company has now raised approximately $350m in equity financing to date and the series F capital will go to accelerating growth and the further improvement of its care model. Iora is developing new features for Chirp and aims to have the platform certified as a Medicare Certified Electronic Health Records system.
The latest round comes after a $100m series E round in mid-2018 featuring Humana and industrial group General Electric’s corporate venturing unit, GE Ventures, as well as the other series F participants bar Cox and Premji Invest.
GE Ventures and Humana had previously participated in Iora’s $75m series D round in 2016 together with Temasek, F-Prime Capital, .406 Ventures, Flare Capital, Khosla Ventures, Polaris Partners and Rice Management Company.
The companhy had picked up $28m in series C funding from GE Ventures, Rice Management, Khosla Ventures, .406 Ventures, Polaris Partners and F-Prime Capital (then known as Fidelity Biosciences) in 2015. Cox was listed as a returning backer in the latest round but has not revealed when it first invested.
