Announcing Centivo’s $51m Capital Raise
We are thrilled to announce Define Ventures’ continued partnership with Centivo, a new health plan for self-funded employers anchored around leading providers of value-based care. Our investment comes as part of a fresh capital round of $51m; we also participated in Centivo’s Series B raise in December 2020.
One of Define Ventures’ core theses in the employer segment is that full stack solutions are needed to achieve healthcare’s triple aim of total cost of care reduction, improved quality and outcomes, and meaningfully better member experience. In our view, an employer full stack solution owns the entire spectrum of employee health benefits, starting with plan design and enrollment through curated network contracts, virtual care delivery, member engagement, plan administration, and reporting and outcomes. This unique product composition and approach at Centivo is exactly what blew us away; having spent years in the employer segment, we knew from our first meeting that Centivo not only had the strategy, but also the team, focus, and vision to deliver on that triple aim for employers.
This new funding will help Centivo expand into new markets and double down in existing ones to continue delivering on the promise of better healthcare for employees and their families. It’s not every day that employers have the opportunity to save 15%+ compared to traditional health insurance carriers while enabling their employees realize a 68% reduction in cost-sharing, a combination that excites all of us at Define. Our work with Centivo has extended across network composition and partnerships in multiple markets; channel partner relationship strategy; and executive recruiting and talent sourcing to help amplify their efforts:
“The Define team’s unique ability to offer deep strategic insights in digital healthcare as well as hands-on tactical assistance makes the firm one of our most important capital partners.” — Ashok Subramanian, Founder and CEO of Centivo
We have been fortunate to partner with Centivo and to have been alongside them as they quickly become the category leader in the employer health plan market. It has been incredible watching how much Centivo has grown over that time, and we couldn’t be prouder to be backing this team again