Company name: Thrive Health Tech
Amount raised: A $7 million round of funding, led by Nashville-based Frist Cressey Ventures, CVS Health Ventures, 25m Health, Shields Health Innovations and Winter Street Ventures, according to a news release.
What they do: Thrive’s debut product is Thrive Mobile, the first health care-focused wireless carrier to receive approval from the Federal Trade Commission, according to the release. More than 43% of Medicaid members have at one time canceled or shut off their wireless service due to costs. Thrive Mobile offers mobile plans for insurers, health care providers and employers that feature nationwide broadband coverage and unlimited talk and text for underserved populations.
Why it matters: Frist Cressey Ventures is one of the largest venture capital firms in Middle Tennessee, according to Nashville Business Journal research, with $315.4 million of capital under management. The firm — which raised $26.98 million in December — was co-founded in 2016 by former U.S. Senate Majority Leader Bill Frist.
25m Health is Brentwood-based LifePoint Health’s incubator, which launched in 2021 with $20 million.
Quotables: "We are excited to have the support of these investors and to use this funding to build our vision of more equitable health care," John Anderson, CEO and founder of Thrive, said in the release. "We are providing a key part of the modern health care infrastructure — a bridge solution for the digital divide that enables any mobile-based digital health offering."
"Thrive Health Tech is addressing a critical need in health care by bridging the gap between those who are digitally included and those who are not. We are proud to be supporting [Thrive Health Tech's] mission to achieve equity in health care and make it more accessible and affordable for all,” Frist said in the release.
