A Continued Investment In Our Communities
What a Series C Extension round means for our member population
Dr. Toyin Ajayi, Bay Gross, and Iyah Romm
This week we announced an extension to our Series C fundraising round. Tiger Global led the $192 million raise, bringing the total investment to the Cityblock care model to about $500 million.
This funding will enable us to accelerate the deployment of our community and value-based care model, bringing desperately needed transformation to the most vulnerable and underserved communities across the country. It means we can do things like open a permanent vaccination site in a neighborhood that was disproportionately impacted by the COVID-19 pandemic and scale new care models like our Community Rapid Response program, which brings paramedics into our members’ homes, guided virtually by a provider on a tablet.
Simply put, this investment, on the heels of a $160 million round that we closed in December, demonstrates further confidence in the Cityblock model and allows us to scale our platform to new geographies and with new services.
More importantly, though, this massive investment signals something more significant for our member population: that the industry and investors are starting to understand the magnitude of the need for better care for our vulnerable communities and the opportunity to create scalable, lasting change.
There are over 70 million people on Medicaid — folks who encounter challenges accessing timely, quality and personalized health and social care because they have long been thought to be too difficult, too expensive, and too complex to effectively engage in care.
COVID-19 laid bare the longstanding deep fractures of our society and the inequity of our social and health safety net and has reinforced for all of us the need for a radical transformation of community health.
We’re working to build new solutions in a space where not many others are — and we’re seeing success. Data from our first member cohort pointed to a 15% reduction in emergency room visits and a 20% reduction in in-patient hospital stays associated with Cityblock services. We see 70% member engagement compared to a health plan average of 5–7% member engagement, and we receive average NPS scores of 85, compared to the provider average of 15. And while delivering those outcomes, we are experiencing 3x year over year revenue growth.
A different way is possible. Health equity is possible. We need to align the health needs of our population with our financial structure and reimbursements so that when folks need care, their providers are able to show up for them.
We’re grateful to our investors and partners for giving us the opportunity to prove this model works. We’re building a team of passionate, creative, whip-smart folks who care deeply about working with urgency towards achieving health equity — and about building a radically inclusive, anti-racist workplace.
If you’re interested in joining a team that’s revolutionizing care, or if you know someone who might be interested, here’s the link to explore careers with Cityblock. We hope you take a look.