Carbon Health Secures $350M to Expand Omnichannel Primary Care

With rapid patient and clinic growth, Carbon Health doubles down on its mission to become a national healthcare provider for all Americans

Carbon Health, a leading omnichannel healthcare provider, announced that it has raised $350 million. The investment enables Carbon Health to further accelerate its expansion to become the largest primary care provider in the U.S. and fulfill its mission to make high-quality healthcare accessible to everyone.

“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,” said Eren Bali, co-founder and CEO of Carbon Health. “This investment allows Carbon Health to bring our unique offering of high-end — but not high-cost — healthcare to even more people in the U.S. 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.”

The round was led by Blackstone’s Horizon platform with participation from Atreides, Homebrew, Hudson Bay Capital, Intersect Capital, Fifth Wall, Lux Capital, Silver Lake Waterman, and funds and accounts managed by BlackRock. Existing investors Dragoneer Investment Group and Brookfield Technology Partners also participated, as well as individual investors including Amazon Worldwide Consumer CEO David Clark, Salesforce co-founder and CTO Parker Harris, Founding Board Member of Salesforce and Executive Chair of Informed Magdalena Yesil, Stripe Head of Banking Karim Temsamani, activists Shepard and Amanda Fairey, NBA players Klay Thompson and Khris Middleton, MLB players Nolan Arenado and Matt Chapman, MLS soccer player Weston McKinnie, and newly retired NFL player Alex Smith.

“Carbon Health is redefining primary care medicine with the important goal of helping more Americans access high-quality healthcare,” said Scott Bommer, Chief Investment Officer of Blackstone’s Horizon platform. “This investment will help Eren and his outstanding team further invest in new technology and products to differentiate and expand their services — all while maintaining an intense focus on how to improve healthcare services for all.”

With its omnichannel care model — designed to create a seamless patient experience via in-person clinics, home-based care, and hardware — Carbon Health is redefining primary care. Through this unique model, Carbon Health is reducing friction for both patients and providers and closing the gaps in care that lead to bad outcomes. The company’s proprietary iPad-based electronic medical record platform has been built from the ground up to empower providers to focus on delivering the best possible care, thus reducing physician administrative time, lowering burnout, and increasing retention. Carbon Health also recently acquired Steady Health, a CGM-enabled virtual diabetes clinic; this acquisition will enable the company to grow its hardware capabilities. And the company has brought on two new executives: former Apple Health head Myoung Cha to grow its innovative omnichannel care model, and Nita Sommers to expand Carbon Health’s service areas and value-based offerings for employers and payers.

Since its last fundraising round in November 2020, Carbon Health has experienced a 129 percent increase in patient volume (excluding patients vaccinated or tested for COVID-19), with availability having expanded to more than 75 percent of people in the U.S. With its focus on accessibility and affordability, Carbon Health serves the entire socio-economic spectrum of the U.S. — nearly 50 percent of Carbon Health’s patients have a household income of less than $80K, 26 percent of Carbon Health’s patients have an income of more than $150K, and nearly one in three patients (27 percent) pay for healthcare out of pocket.

To address the healthcare needs that arose from and during the COVID-19 pandemic, Carbon Health scaled from 800 to 1,600 full-time employees, expanded virtual care to 23 states, and opened more than 80 clinics in 12 states, with plans to expand to 1,500 clinics by 2025. The company also leveraged its technology capabilities and clinical and operational expertise to administer more than 1.4 million COVID-19 tests and 1.5 million COVID-19 vaccines, and developed first-of-their-kind programs such as COVID Positive Care for COVID-positive patients and COVID Ready for enterprises. The company’s ability to quickly scale while innovating on care delivery in order to address healthcare problems that impact Americans played a role in investors’ enthusiasm for the company.

“We are thrilled to see Carbon Health bring its vision to reality by using this capital to build new technologies, grow its physical and virtual footprint, and address the equity challenges faced by the healthcare system,” said Eric Jones, Partner at Dragoneer Investment Group. “This is an incredible opportunity for Carbon Health to address the healthcare disparities COVID-19 exacerbated — by broadening access points for patients and lowering the cost of care.”

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