Pager, an app-based virtual care and services navigation app, announced this morning $33 million in both equity and debt funding. According to the company, equity comprised roughly two-thirds of this total.
Health Catalyst Capital headed the growth equity investment, which also saw participation from new backer Horizon BlueCross BlueShield of New Jersey as well as returning institutional investors Goodwater Capital, Three Fields Capital, New Enterprise Associates and Lux Capital. Silicon Valley Bank provided the debt financing.
WHAT THEY DO
Pager's platform seeks to guide users throughout the course of their care experience, from an initial in-app encounter with a live nurse, to scheduling appointments, to paying for those services. Other patient features supported by the platform include referral management, provider searches, prescription or lab-test management, house calls and transportation arrangements. Administrators are provided access to patients' benefits information and EHRs.
"Healthcare is so confusing and frustrating for people to navigate on their own, which is why it's so important to connect patients with a care team of professionals together all on one common platform to make faster and smarter decisions," Walter Jin, chairman and CEO of Pager, said in a statement.
WHAT IT'S FOR
Pager said that its raise would support new market expansion, new product launches and scaling of its platform and clinical operations in New York City and Raleigh, North Carolina.
"[Health Catalyst Capital] is pleased to lead this round of financing with acceleration capital to support the deployment of Pager to health insurers that seek to modernize and automate member engagement features," said Charles Boorady, Founding Managing Director of Health Catalyst Capital. "The overwhelmingly positive feedback from customers is a testament to the innovative technology and team they have built."
THE LARGER TREND
Today's announcement represents the company's first funding since a $5.2 million raise back in 2016. It also comes just a couple weeks after Pager announced a new deal that will bring its service to South America, the company's first push beyond the US.