PremjiInvest backs US startup Devoted Health’s $300m Series B round

Azim Premji. Photo: Reuters

Continuing its investment spree in the US, PremjiInvest, the family office of Wipro chairman Azim Premji, has participated in a $300-million Series B funding round of Devoted Health, a Waltham, Mass.-based insurance startup.

The financing was led by Andreessen Horowitz, and saw participation from another new investor Uprising, as well as existing investors, according to an announcement on Tuesday.

The funds will be used to expand and to continue building technology and operations to support delivery of healthcare services to Devoted members.

Founded in March of 2017 by brothers Todd and ED Park, the company also announced that it has officially launched, beginning to enroll members across eight counties in south and central Florida.

Devoted, which helps Medicare beneficiaries access care through its network of physicians and tech-enabled healthcare platform, raised $7.4 million in funding and seed investments from Venrock, Todd Park, and Ed Park in the second quarter of 2017. In October last year, the company raised a Series A round of $61.95 million from investors including Oak HC/FT, Venrock, F-Prime Capital Partners, Maverick Ventures, and Obvious Ventures.

PremjiInvest, which started out in 2006 with a corpus of $1 billion, now reportedly has at least $3 billion worth assets under management. After backing companies like Snapdeal and Myntra in the online retail space in 2014, it turned its focus towards the US market. It led a $100-million Series D round in e-commerce fraud-prevention company Signifyd, as per an August announcement.

In December last year, enterprise planning cloud firm Anaplan raised a $60 million Series F funding round led by Premji Invest with participation from Salesforce Ventures, Top Tier Capital Partners, and other existing investors. In September, the Indian investor also led a $55 million Series E funding round in US artificial intelligence venture Apttus.

Its other US investments include Zuora, which offers subscription billing, commerce and financial solutions, ServiceMax, a provider of cloud-based field service management solutions, payments firm Yapstone, and database management company DataStax.

Also Read:

PremjiInvest-backed US unicorn Anaplan to raise $217m via IPO

India: SigTuple holds talks with PremjiInvest, DST Gobal to raise up to $50m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.