Sharecare has raised $91M total for patient engagement

By Aditi Pai
08:00 am
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02-SC-Homepage[2]-1 Screenshot of Sharecare's website

Atlanta-based online health advice portal Sharecare raised an undisclosed sum from Nashville-based investment firm Heritage Group, bringing its total funding to $91 million. Up until this week, the company's only disclosed funding was the $14 million the company raised last year.

Sharecare will use the funding to support patient engagement between health systems, payers and employers and patient populations.

Launched by WebMD Founder Jef Arnold, Sharecare is an online portal that connects healthcare professionals and patients. It offers a question and answer service for patients to connect with experts and health systems, a portal to connect with other patients dealing with health issues and a 16-week program to help users get fit. Sharecare also has a "RealAge Test" for users to find the true age of their body.

“Sharecare is helping bridge the gap between the US health care system's fee-for-service structure, and the rapidly evolving focus on accountable care and population health management,” Heritage Group Managing Director Rock Morphis said in a press release. "We are impressed by Sharecare’s unique approach, track record and proven ability to meaningfully engage the consumer, and see great growth potential for the company.”

A high profile company, Arnold created the company in collaboration with television personality and physician Dr. Mehmet Oz, in partnership with Oprah Winfrey’s Harpo Studios, Remark Media, Sony Pictures Television, and Discovery Communications.

Last year, Sharecare acquired physician directory app Little Blue Book and raised $14 million from Galen Partners and TomorrowVentures. At the time, the website's main offering was the question and answer feature on the website although the company planned to add a video conferencing feature. The option to have a consultation with a doctor has not been added yet.

Heritage Group has previously invested in remote monitoring startup Vivify Health and real-time location systems provider Awarepoint.

A similar company, HealthTap, which also has a question and answer platform for physicians and patients to use, raised $25 million from Khosla Ventures in May bringing its total announced funding to $37.9 million. At the time, HealthTap counted more than 38,000 physicians as part of its network — marking a near quadrupling over the past year, the company said.

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