Population health startup Cityblock landed $192 million in a Series C extension funding round. This funding builds on the company's $160 million Series C round, which made the startup a member of the unicorn club, and brings the total funding to more than $500 million.
Tiger Global led the round, with participation from Kinnevik AB, Maverick Ventures, General Catalyst, Wellington Management, Thrive Capital, Redpoint Ventures, Echo Health Ventures, 8VC and AIMS Imprint of Goldman Sachs Asset Management.
WHAT THEY DO
Cityblock is focused on addressing the social determinants of health (SDOH) by using technology to help create support teams. The company developed a platform, called the Commons, that integrates primary care, behavioral health, social services and 24/7 virtual care.
It's based on a team-based model, which includes doctors, nurses, social workers and a Community Health Partner, who is hired from the community and trained in empathy and relationships to act as the point person for the patient. If a patient has an issue or a need, the Community Health Partner can help coordinate care and resources.
Cityblock, which spun out of Alphabet subsidiary Sidewalk Health, is focused specifically on Medicaid and lower-income Medicare beneficiaries.
Last week, the company announced a partnership with EmblemHealth to open a COVID-19 vaccination site in collaboration with New York City and an affordable housing development in Brooklyn, New York. The site, which will distribute the Pfizer vaccine, is aimed at inoculating more individuals in low income communities.
WHAT IT'S FOR
The company said the new funds will be going toward speeding up the development of its care model on a nationwide scale.
“We’re incredibly proud and grateful that some of the world’s best and brightest healthcare minds have joined us,” said Iyah Romm, CEO and cofounder of Cityblock. “But more than anything, we’re excited for what this level of capital investment means for our member population. It’s clear that there is increased awareness of this massive problem of health inequity. We’re starting to see urgency from investors and industry leaders alike.”
Cityblock isn't the only organization focused on SDOH. New York-based UniteUs is focused on using its tech to connect community-based organizations to health organizations, insurers, governments and nonprofits. Earlier this month, the company closed a $150 million Series C funding round led by Iconiq Growth. Like Cityblock, UniteUs is also a unicorn company.
Health equity has come into the spotlight during the coronavirus pandemic. The CDC reports that some racial and ethnic minority groups have been disproportionately affected by COVID-19, and the places where "people live, learn, work, play and worship" can impact the risks and outcomes of COVID-19.