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July 22, 2021

Carbon Health raises $350m to fuel growth

The company will use the investment to accelerate its expansion and become the largest primary care provider in the US.

Carbon Health, a tech-enabled healthcare company, has secured a $350m investment in a funding round led by Blackstone’s Horizon platform.

The round also saw the participation of Atreides, Homebrew, Hudson Bay Capital, Intersect Capital, Fifth Wall, Lux Capital and Silver Lake Waterman.

The company’s existing backers Dragoneer Investment Group and Brookfield Technology Partners and some individual investors also joined.

Established in 2015, Carbon Health operates as an omnichannel healthcare provider in the US. It offers virtual and in-person appointments, primary care, urgent care and mental healthcare.

The company plans to utilise the fresh proceeds to further accelerate its expansion as it seeks to become the largest primary care provider in the country.

Carbon Health co-founder and CEO Eren Bali said: “We believe that everyone deserves great health, and that there is still a tremendous opportunity to close the immense healthcare gap that widened during the Covid-19 pandemic.

“This investment allows Carbon Health to bring our unique offering of high-end — but not high-cost — healthcare to even more people in the US. We will be able to continue building infrastructure and technology that make incredible longitudinal care accessible to the masses, without hidden fees or membership requirements.”

According to the company, Carbon Health recorded a 129% increase in patient volume (excluding patients vaccinated or tested for Covid-19) since its last fundraising round in November last year.

It has also doubled its full-time workforce to 1,600, expanded virtual care to 23 states and opened more than 80 clinics in 12 US states.

The company now plans to expand to 1,500 clinics by 2025.

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