US-based healthcare management software producer Olive completed a $225m financing round yesterday that included GV, the corporate venturing subsidiary of internet technology group Alphabet formerly known as Google Ventures.
Hedge fund manager Tiger Global Management led the round, which also featured General Catalyst, Drive Capital, Silicon Valley Bank, Sequoia Capital Global Equities, Dragoneer Investment Group and Transformation Capital Partners.
The round valued the company at $1.5bn and doubled its funding to about $450m since it was founded as CrossChx in 2012.
Olive has built a business management platform for healthcare providers that is used by more than 600 hospitals, enabling them to manage their resources more effectively by connecting disparate data. It is channelling the funding into product development.
Sean Lane, Olive’s chief executive, said: “In the year ahead, we are setting our sights on the big picture – investing in R&D to bring more solutions to hospitals and health systems that not only disrupt the industry, but also help to fix a broken system at a critical time for humanity.”
The company raised $32.8m in a 2018 series D round featuring Ascension Ventures, the venture capital firm backed by care providers including Ascension, Oak HC/FT, Drive Capital and Silicon Valley’s SVB Capital.
General Catalyst subsequently led a $51m round for Olive in April this year that included Ascension Ventures, Drive Capital and Oak HC/FT. All those investors joined SVB Capital in a $106m round five months later.
Drive Capital, Silicon Valley Bank, Khosla Ventures, NCT Ventures and Moonshots Capital were all investors in the company prior to its series D round.
