US-based Iora Health has closed a $75-million Series D financing in a round led by Singapore state fund Temasek Holdings.
Other investors who participated in the round include Iora Health’s existing institutional investors .406 Ventures, Flare Capital Partners, F-Prime Capital, GE Ventures, Khosla Ventures, Polaris Partners, and Rice Management Company.
“We are honored to have Temasek join Iora on our journey to transform healthcare,” said Rushika Fernandopulle, MD, MPP, co-founder and CEO of Iora Health. “Temasek’s investment in Iora will accelerate our vision of fixing health care delivery which is one of the largest business and social problems, not just in the US, but globally.”
Iora Health has built a different kind of health system that delivers high impact, relationship based care. With 34 primary care practices in 11 US markets, Iora serves diverse populations with an increasing focus on the most under-served and complex patients — including people aged 65 years and older on Medicare.
Iora’s innovative model delivers an exceptional patient experience, with coordinated care that drives better clinical outcomes and significantly lower costs than the traditional healthcare system. Iora will use the new capital to drive further expansion and efficiencies in the model, including continued investment in Chirp, Iora’s proprietary collaborative care IT platform.
“Iora Health continues to unlock tremendous value through its current partnerships, with a deep pipeline of others on the way,” said Terry McGuire, partner at Polaris Partners and Iora Health board member.
“Our integrated care model is delivering world class clinical outcomes, industry-leading patient experience and over 20% lower total cost of care. We are showing very attractive unit economics and the ability to rapidly scale in multiple geographies. We are excited to continue to support Iora in its journey to transform health care.”
GE Ventures’ Leslie Bottorff added, “Iora’s model simultaneously improves patients’ health and reduces the overall costs of health care to the system — an essential need for this country.”