Cambridge’s Iora Health has raised a $28 million Series C to push forward its mission of reinventing primary care.
The new funding will be used to expand Iora's network of primary-care practices around the U.S.
The startup manages 11 primary-care practices across six states, including two practices in Massachusetts. The company uses a novel model for payment and delivery of care that aims to both improve patient satisfaction and health outcomes while also reducing the overall cost of the care. Iora Health has also developed its own “collaborative care” software for use at the practices.
The practices are targeted for specific patient populations including employee groups, Medicare Advantage patients and union members and their families. In Massachusetts, Iora Health manages practices in Dorchester and Burlington for the New England Regional Council of Carpenters. The company’s CEO and co-founder is Rushika Fernandopulle, a Harvard-trained medical doctor.
Four new investors took part in the new funding round—Foundation Medical Partners, Rice Management Company, GE Ventures and Khosla Ventures. Existing investors .406 Ventures, Fidelity Biosciences and Polaris Partners also took part. Iora Health has now raised about $48 million since its founding in 2011.
"We are excited to grow with this round to continue to deliver on our mission to restore humanity to health care," Fernandopulle said in a news release.
