Rush University Medical Center is among the backers of Transcarent’s series C round, which pushed the company’s overall financing to $298m.

Transcarent, a US-based operator of a personalised healthcare platform for employers, secured $200m in a series C round on Tuesday from a consortium featuring Rush University Medical Center, the teaching hospital of Rush University. Kinnevik and Human Capital co-led the round, with participation from health systems Northwell Health and Intermountain Healthcare, pharmaceutical firm Merck & Co’s Global Healthcare Innovation Fund, Ally Bridge, General Catalyst, 7wireVentures, Alta Partners, Jove Equity Partners, Threshold Ventures and GreatPoint Ventures. Transcarent runs a healthcare platform for self-insured employers, allowing to manage care for their staff and dependents. The company does not generally hold members responsible for co-pays or co-insurance. Glen Tullman, chief executive of Transcarent, said: “At Transcarent, we have created a new and different health and care experience that puts consumers back in charge and is simply better aligned for employers, employees and their families, and the providers who deliver high-quality care in this country. “Health consumers want an experience they can understand and feel comfortable with, that provides unbiased information, trusted guidance, and easy access to high-value care and that always puts quality first. “They want better solutions for everyday care, for medications, for surgeries, for care that is delivered where and when they need it, ideally at home and not always during the day, and for high-quality solutions for complex care like cancer. And they want all of that in one place. “This is long overdue and judging by the interest we are receiving in the market from all of us who pay for care and the companies that employ us, everyone likes what we’re doing.” Transcarent picked up $58m in a series B round co-led by General Catalyst and 7wireVentures in June 2021, when Merck & Co and Leaps by Bayer, the investment unit of pharmaceutical group Bayer also invested. The series B round additionally included Kleiner Perkins, GreatPoint Ventures, Threshold Venture, Alta Partners and Jove Equity Partners. The business is the result of a merger between digital health company Transcarent and surgical advocacy provider BridgeHealth, which combined in October 2020 with $40m in series A financing. Transcarent was already backed by 7wireVentures, Alta Partners and General Catalyst by that point.

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Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).