July 12, 2017 / in Press Releases / by admin
Financing to Revolutionize the Way Preventive Benefits are Managed
PHOENIX, AZ – July 12, 2017- Solera Health, a provider of integrated chronic disease prevention services, announced today that the company has raised $18.3 million in Series B funding in a round led by Adams Street Partners. Existing strategic investors Blue Cross Blue Shield Venture Partners, Sandbox Industries and social impact fund SJF Ventures also participated in the round. The round brings Solera’s total funding raised to date to $30.3 million.
In its role as a preventive care benefits manager, Solera makes chronic disease prevention programs-including the National Diabetes Prevention Program (DPP)-affordable, accessible and efficient by connecting at-risk individuals with a diverse network of lifestyle modification programs as covered medical benefits. The company’s national model was purpose-built to consolidate highly-fragmented community and digital DPP providers into one integrated network, allowing health plans and employers to offer a wide variety of non-clinical program providers while lowering associated costs. The company drives enrollment, sustained engagement and outcomes by matching consumers to the program provider that best meets their needs and preferences.
Solera has already proven that its model is resonating with payors and employers. Traditionally the chronic disease prevention space has been crowded with more than 1,000 community and digital DPP providers. The company’s growth and proven ability to engage consumers confirms that offering choice through an integrated network model drives sustained engagement and outcomes. Solera has built a robust national network of community organizations and digital DPPs including Weight Watchers, Lark, Retrofit and Noom. Since its launch the company has grown to over 70 employees and has over 40 million covered lives under contract.
Solera will use the Series B funding to meet market demand for the Medicare DPP benefit in addition to expanding its network offering into other highly fragmented prevention, coping and support services which address health issues ranging from mental wellbeing to social determinants of health. Solera will also continue ramping their investments in technology to support the flexibility of their platform for market expansion and continued growth including scaling the model internationally.
“Solera Health has created the preventive care benefits manager category and for the first time is now enabling non-clinical providers to be integrated into healthcare,” said Brenda Schmidt, CEO, Solera Health. “This investment allows us to further scale our model to positively impact the enormous health and financial burdens of chronic disease.”
“Solera Health was immediately compelling as they had such a unique vision and approach for addressing challenges typically related to preventive services administration,” said Tom Bremner, a Partner at Adams Street Partners. “Brenda and her team saw a need for a DPP integrator who could manage engagement, enrollment, billing and reporting, and they built a company around bridging this gap in the healthcare ecosystem. This round of funding will support the company’s ongoing efforts to alter an antiquated approach to the administration of preventive benefits and transform the healthcare delivery model as we know it.”
Dan Phillips, Managing Director of Sandbox Industries, representing Blue Cross Blue Shield Venture Partners on the Board of Solera, added, “Blue Cross Blue Shield Venture Partners has been actively involved with Solera Health from the very beginning. As an early investor, we bring a unique perspective when it comes to evaluating the considerable success Brenda and her team have achieved while building a national scalable and repeatable model for the prevention and management of chronic diseases. Our ongoing investment in the company is a testament of our belief in the substantial impact the company is having on enhancing both DPP enrollment and results for the diverse range of patients who are benefitting from this ever expanding range of services.”
About Solera Health
Solera Health provides integrated chronic disease prevention services connecting patients, payers, and physicians with community organizations and digital therapeutics providers, simply and securely. The company helps consolidate highly fragmented programs and services into one integrated network, allowing health plans and medical providers to increase consumer participation while lowering associated costs. Solera proactively identifies the “best fit” program provider based on each individual’s unique needs and preferences, which has proven to have a significant impact on improved patient outcomes at a fraction of the cost of traditional medical care. For more information, visit Solera Health at www.soleranetwork.com, call 800-858-1714 or follow us on Twitter @SoleraHealth or LinkedIn.
About Adams Street Partners
The Adams Street Venture/Growth Team leads $5 million to $30 million investments into high growth technology and healthcare companies. The Team has nine dedicated investment professionals who manage over $2 billion in assets, and focuses on venture capital and growth equity investments in the SaaS, Mobile, Cloud, Security, FinTech, Healthcare IT, Medical Device, and BioPharma spaces.
Adams Street Partners is one of the largest and most established private markets investment firms in the world. Adams Street commenced its investment program in 1972, and manages over $29 billion of assets across five strategies – primary and secondary private equity fund investments, co-investments, private credit investments, and direct venture/growth investments. Adams Street employs 150+ professionals in Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Singapore, and Tokyo. For more information, visit the firm’s website at www.adamsstreetpartners.com, or follow the firm on LinkedIn.
About Blue Cross Blue Shield Venture Partners
BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. Sandbox Industries is the exclusive provider of investment management services to BlueCross BlueShield Venture Partners. For more information, visit www.bcbsvp.com.
Jessy Green or Kay Kelly
SVM Public Relations