VillageMD landed $100 million in new funding as the fast-growing Chicago startup looks to brings its healthcare technology platform to more doctors.
The Series B round was led by a $75 million investment from Kinnevik, a Swedish investment firm. Other backers in the round include Oak HC/FT, Town Hall Ventures and Adams Street Partners.
VillageMD has now raised more than $215 million to date. It last raised a $80 million round in 2018.
VillageMD partners with primary care providers to help them cut costs and deliver better patient outcomes. The startup provides doctors with data analytics, staffing support and other resources to improve the quality of care.
The company, founded in 2013 by healthcare veterans Tim Barry and Clive Fields, says it has worked with more than 2,500 physicians in eight markets. VillageMD says it will use the new funding to expand to more cities and improve its docOS tech platform.
"VillageMD enables physicians to move towards a primary care-led, high-value and risk-bearing clinical model," Chris Bischoff, senior investment director at Kinnevik, said in a statement. "Their technology, operational and clinical support capabilities have yielded best-in-market outcomes and proven results."
Bischoff joined the VillageMD board following the investment.
$100 million+ so-called "mega rounds" have increasingly become commonplace in Silicon Valley, though they're less frequent in Chicago and elsewhere in the Midwest. Chicago startup Tempus has raised more than $100 million in two different rounds of funding, raising $200 million earlier this year and $110 million the year before. Uptake raised $117 million in 2017, SMS Assist raised $150 million in 2016, and lending startup Avant has raised several rounds (of equity and debt) in the hundreds of millions.
