A Martin Ventures-founded startup has raised some fresh cash — and more could be on the way.
Wellvana Health LLC has raised more than $64.5 million in a new equity offering, according to a U.S. Security and Exchange Commission filing.
In an emailed statement to the Business Journal a spokesperson for Wellvana said, “The raise remains active and more accurate information on the raise and new partners will surface in the coming weeks.”
Founded in 2018, Wellvana builds networks of independent physicians, backed by care coordinators, designed to reduce operating costs and improve patient care using value-based care models. These models offer financial incentives to physicians, health systems and other providers based on quality of care.
At the beginning of last year, Wellvana managed more than 50,000 patients across six states, including Arizona, Florida, Georgia, Michigan, New Mexico and Texas.
The raise, which included 13 investors, is the latest major cash influx into a Nashville value-based care startup during a period in which large rounds of funding have been rare. Last year, value-based senior care startup CareBridge closed a $140 million round of funding, led by Oak HC/FT, at a $1 billion valuation. That was followed by value-based kidney care startup Monogram Health, which closed a $375 million round of funding in January.
Wellvana is also financed by Martin Ventures and several San Antonio physicians. Martin Ventures CEO Devin Carty is chairman of Wellvana and former SmileDirectClub Chief Financial Officer Kyle Wailes is CEO of the startup.
