Solera Health, a digital marketplace for benefit and chronic disease management programs, has raised $42 million in a Series C round led by Health Care Service Corporation subsidy HCSC Ventures. Prior backers BlueCross BlueShield Venture Partners/Sandbox Advantage Fund, Adams Street Partners and SJF Ventures participated as well.
WHAT THEY DO
Solera’s platform hosts a broad selection of digital behavior modification programs that are offered to the members of its health plan and employer customers. These prevention and management programs cover a wide range of chronic and lifestyle health conditions, such as diabetes, hypertension, weight management, tobacco cessation, stress and poor sleep.
This latest round brings Solera’s total backing to $72 million, according to the company.
WHAT IT’S FOR
Solera said that it will be using the funds to “extend the impact of its novel marketplace and payment innovation model.” In particular, the company noted its interest in addressing behavioral health and social determinants of health issues for its customers.
In addition to the programs it hosts, Solera has found itself a host of new partners over the past few months. In March, the company’s diabetes prevention programs received additional support from Fitbit, and the following month entered a strategic partnership with Blue Cross Blue Shield Institute to launch a national program targeting social determinants of health.
ON THE RECORD
“There is no greater vote of confidence for the impact Solera Health is making than a substantial investment from our health plan clients,” Brenda Schmidt, CEO of Solera Health, said in a statement. “We’ve proven our model’s success in driving results in chronic disease prevention and look forward to expanding our relationships with our health plan partners to help their members holistically manage their health.”