1. Not '08, but not great

Health tech deals editor Claire Rychlewski and Lincoln MD Emily Wildes sit on a stage each in chairs.

2. Artera accumulates $90M

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3. Food-as-medicine is next frontier


4. EHP invests $45M in Janus Health

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5. SonderMind buys Mindstrong assets

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Happy Friday, Health Tech enthusiasts. We made it. 

👀 ICYMI: Sen. Mark Kelly (D-Ariz.), Rep. Mike Gallagher (R-Wis.) and White House Office of Science and Technology Policy director Arati Prabhakar join the mainstage speaker lineup at Axios’ second annual What’s Next Summit on Wednesday in Washington, D.C.! Request an invitation to attend  here.

👋 Programming note: Aaron will be in Nashville, Tenn., for ViVE 2023 next week. Say hi if you see him! 

💰One Axios HQ thing: The software company launched by Axios' founders raised $20m in Series A financing at a $100m valuation. Go deeper

🙏 Thanks for reading, and extra thanks to copy editor Brad Bonhall. Please ask your friends, family and colleagues to sign up. See you Monday!

Health Tech Deals

1 big thing: Private equity looks inward  

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2. The BFD: SonderMind buys Mindstrong assets

3. Deals o' the day

4. It's Personnel

5. Your daily dose

Happy Friday eve, Health Techies! Let's get to it. 

🙏 Claire wants to thank the Chicago-based subscribers who came out for a great discussion on health care M&A last night. 

✅ Thanks for reading, and extra thanks to newsletter editor Claire Rychlewski and copy editor Brad Bonhall. Please ask your friends, family and colleagues to sign up.

1 big thing: Maven expands to Britain with Naytal buy

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2. The BFD: Artera accumulates $90M

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🤝 In-person networking thing: Join us tomorrow at RPM Seafood in Chicago for a subscriber-exclusive happy hour featuring Emily Wildes, managing director at Lincoln International LLC. RSVP here

🍗 Aaron ate all the food at Sylvia's this weekend, while Al Sharpton was dining at a nearby table.

👏🏻 Thanks for reading, and extra thanks to newsletter editor Claire Rychlewski and copy editor Brad Bonhall. Please ask your friends, family and fellow foodies to sign up.

1 big thing: Mubadala's Camilla Languille talks pharma services

photo illustration of camilla macapili anguille of mubadala investments surrounded by circles and charts

2. State of play: Baxter's CDMO divest 

Illustration of a person retrieving a newspaper titled "State of Play" from a mailbox.

3. The BFD: EHP invests $45M in Janus Health

4. Deals o' the day

5. It's Personnel

6. Your daily dose

👋 Situational awareness: Join Axios tonight at RPM Seafood in Chicago for a subscriber-exclusive happy hour featuring Emily Wildes, managing director at Lincoln International LLC. RSVP here

🚴🏻 Erin is back in the Peloton saddle after a multimonth hiatus. Send all your class and teacher recommendations this way, please!

❤️ Thanks for reading, and extra thanks to newsletter editor Claire Rychlewski and copy editor Brad Bonhall. Please ask your friends, colleagues and fellow Pelotoners to sign up.

1 big thing: Food-as-medicine is next frontier

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2. The BFD: Apprentice.io raises $65M

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1 networking thing: Join us in Chicago on Wednesday, March 22, for a subscriber-exclusive happy hour featuring Emily Wildes, managing director at Lincoln International, and Health Tech Deals editor Claire Rychlewski. RSVP here.

🛩️ Erin returned from Iceland, where she witnessed the dance of the northern lights, crossed a partially frozen waterfall and entered the shell of a small jet that crashed — without a single death! — on the tundra in 1973.

💙 Thanks for reading, and extra thanks to newsletter editor Claire Rychlewski and copy editor Brad Bonhall. Please ask your friends, family, colleagues and travel buddies to sign up.

Deepening its global footprint in virtual women's and family care, Maven Clinic has acquired London-based reproductive telehealth startup Naytal.

Why it matters: Maven's meteoric rise from nascent startup to unicorn and beyond reflects the surge of interest in fertility services, as reproductive rights in the U.S. remain under attack.

Deal details: Although neither company disclosed deal terms, CEO Kate Ryder says Maven will continue to be acquisitive "when it comes to new or adjacent markets."

This is a situation "where we're benefiting from a local team on the ground in the U.K.," Ryder says, and "that’s exactly why we would acquire — accelerating market entry."

Naytal CEO Leila Thabet will join Maven as regional vice president of global growth and partnerships, and Naytal’s providers will join Maven’s caregiver network.

Be smart: This isn't Maven's first international rodeo. The company since 2014 has provided care to users in more than 175 countries, Ryder tells Axios.

60% of Maven's global clients offer its services to their international employees, Ryder says.

Outside of the U.S., the U.K. is the company's largest market, with more than 70 employer clients in the region.

The Naytal buy is Maven's second acquisition to date following its 2020 purchase of parent-child relationship app Bright Parenting.

Flashback: Maven last fall scored $90 million in Series E capital, bringing total funding to $300 million.

How it works: Based in New York, employer-facing Maven connects people virtually to caregivers trained in adoption, fertility, pregnancy, pediatrics and menopause.

Similarly, London-based Naytal provides virtual access to women’s and family health experts across fertility, pregnancy, psychology, postpartum care and menopause.

How it happened: Ryder says Naytal CEO Thabet was flagged to her several months ago "as the perfect person to take what we had going on in the U.K. and grow it. I jumped on a call with her, immediately liked her and was really thrilled."

State of play: Venture interest in women's virtual care has ballooned on the heels of last summer's Dobbs decision. Startups focused on women's mental health, fertility and telemedicine abortion have recently secured significant funding, including:

Fertility clinic operator and employer benefits provider Kindbody this month scored $100 million at a $1.8 billion valuation.

Future Family, a startup combining fertility financing and virtual care, last spring raised $25 million in Series B capital at an $80 million valuation.

Iron Health this month collected $4.5 million in seed funding to bolster OB-GYN care with a digitally accessible medical team.

🇬🇧 One fun thing: Ryder graduated from the London School of Economics and had been living in London for several years when she started Maven — so in a way, the company is returning to its roots with the deal.

London "always felt like home," she says.

Maven expands fertility footprint in U.K. with Naytal buy

CEO says Maven will continue to be acquisitive "when it comes to new or adjacent markets."

Health tech deals

Deepening its global footprint in virtual women&#x27;s and family care, Maven Clinic has acquired London-based reproductive telehealth startup Naytal.Why it matters: Maven&#x27;s meteoric rise from nascent startup to <a class="gtmContentClick" data-vars-link-text="unicorn" data-vars-click-url="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuc3RhdG5ld3MuY29tLzIwMjEvMDgvMTcvbWF0ZXJuYWwtaGVhbHRoLXN0YXJ0dXAtbWF2ZW4tdmFsdWF0aW9uLWhpdHMtMS1iaWxsaW9uLXZhbHVhdGlvbi8_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXByb19kZWFsc19oZWFsdGh0ZWNoX3N1YnMmc3RyZWFtPXRvcA/61b8a591584bc520355bcf50B44fb010f" data-vars-content-id="2d964a60-a8c1-4a9d-80f9-9c8b87575946" data-vars-headline="Maven expands fertility footprint in U.K. with Naytal buy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuc3RhdG5ld3MuY29tLzIwMjEvMDgvMTcvbWF0ZXJuYWwtaGVhbHRoLXN0YXJ0dXAtbWF2ZW4tdmFsdWF0aW9uLWhpdHMtMS1iaWxsaW9uLXZhbHVhdGlvbi8_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXByb19kZWFsc19oZWFsdGh0ZWNoX3N1YnMmc3RyZWFtPXRvcA/61b8a591584bc520355bcf50B44fb010f" target="_blank">unicorn</a> and <a class="gtmContentClick" data-vars-link-text="beyond" data-vars-click-url="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIyLzExLzE0L21hdmVuLXJhaXNlcy05MC1taWxsaW9uLXNlcmllcy1lLW1hdGVybmFsLWhlYWx0aD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/61b8a591584bc520355bcf50B3d6f483b" data-vars-content-id="2d964a60-a8c1-4a9d-80f9-9c8b87575946" data-vars-headline="Maven expands fertility footprint in U.K. with Naytal buy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIyLzExLzE0L21hdmVuLXJhaXNlcy05MC1taWxsaW9uLXNlcmllcy1lLW1hdGVybmFsLWhlYWx0aD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/61b8a591584bc520355bcf50B3d6f483b" target="_blank">beyond</a> reflects the <a class="gtmContentClick" data-vars-link-text="surge of interest" data-vars-click-url="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjMvMDEvMjUvdmVudHVyZS1jYXBpdGFsLWZsb3dzLWZlcnRpbGl0eS10ZWNobm9sb2d5P3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1wcm9fZGVhbHNfaGVhbHRodGVjaF9zdWJzJnN0cmVhbT10b3A/61b8a591584bc520355bcf50B1af20236" data-vars-content-id="2d964a60-a8c1-4a9d-80f9-9c8b87575946" data-vars-headline="Maven expands fertility footprint in U.K. with Naytal buy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjMvMDEvMjUvdmVudHVyZS1jYXBpdGFsLWZsb3dzLWZlcnRpbGl0eS10ZWNobm9sb2d5P3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1wcm9fZGVhbHNfaGVhbHRodGVjaF9zdWJzJnN0cmVhbT10b3A/61b8a591584bc520355bcf50B1af20236" target="_blank">surge of interest</a> in fertility services, as reproductive rights in the U.S. remain under attack.Deal details: Although neither company disclosed deal terms, CEO Kate Ryder says Maven will continue to be acquisitive &quot;when it comes to new or adjacent markets.&quot;<ul><li>This is a situation &quot;where we&#x27;re benefiting from a local team on the ground in the U.K.,&quot; Ryder says, and &quot;that’s exactly why we would acquire — accelerating market entry.&quot;</li><li>Naytal CEO Leila Thabet will join Maven as regional vice president of global growth and partnerships, and Naytal’s providers will join Maven’s caregiver network.</li></ul>Be smart: This isn&#x27;t Maven&#x27;s first international rodeo. The company since 2014 has provided care to users in more than 175 countries, Ryder tells Axios.<ul><li>60% of Maven&#x27;s global clients offer its services to their international employees, Ryder says.</li><li>Outside of the U.S., the U.K. is the company&#x27;s largest market, with more than 70 employer clients in the region.</li><li>The Naytal buy is Maven&#x27;s second acquisition to date following its <a class="gtmContentClick" data-vars-link-text="2020 purchase" data-vars-click-url="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cubW9iaWhlYWx0aG5ld3MuY29tL25ld3MvbWF2ZW4tYnV5cy1wYXJlbnQtY2hpbGQtcmVsYXRpb25zaGlwLWFwcC1icmlnaHQtcGFyZW50aW5nP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1wcm9fZGVhbHNfaGVhbHRodGVjaF9zdWJzJnN0cmVhbT10b3A/61b8a591584bc520355bcf50Bb001e9ea" data-vars-content-id="2d964a60-a8c1-4a9d-80f9-9c8b87575946" data-vars-headline="Maven expands fertility footprint in U.K. with Naytal buy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cubW9iaWhlYWx0aG5ld3MuY29tL25ld3MvbWF2ZW4tYnV5cy1wYXJlbnQtY2hpbGQtcmVsYXRpb25zaGlwLWFwcC1icmlnaHQtcGFyZW50aW5nP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1wcm9fZGVhbHNfaGVhbHRodGVjaF9zdWJzJnN0cmVhbT10b3A/61b8a591584bc520355bcf50Bb001e9ea" target="_blank">2020 purchase</a> of parent-child relationship app Bright Parenting.</li></ul>Flashback: Maven <a class="gtmContentClick" data-vars-link-text="last fall scored $90 million" data-vars-click-url="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIyLzExLzE0L21hdmVuLXJhaXNlcy05MC1taWxsaW9uLXNlcmllcy1lLW1hdGVybmFsLWhlYWx0aD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/61b8a591584bc520355bcf50C3d6f483b" data-vars-content-id="2d964a60-a8c1-4a9d-80f9-9c8b87575946" data-vars-headline="Maven expands fertility footprint in U.K. with Naytal buy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIyLzExLzE0L21hdmVuLXJhaXNlcy05MC1taWxsaW9uLXNlcmllcy1lLW1hdGVybmFsLWhlYWx0aD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/61b8a591584bc520355bcf50C3d6f483b" target="_blank">last fall scored $90 million</a> in Series E capital, bringing total funding to $300 million.How it works: Based in New York, employer-facing Maven connects people virtually to caregivers trained in adoption, fertility, pregnancy, pediatrics and menopause.<ul><li>Similarly, London-based Naytal provides virtual access to women’s and family health experts across fertility, pregnancy, psychology, postpartum care and menopause.</li></ul>How it happened: Ryder says Naytal CEO Thabet was flagged to her several months ago &quot;as the perfect person to take what we had going on in the U.K. and grow it. I jumped on a call with her, immediately liked her and was really thrilled.&quot;State of play: Venture interest in women&#x27;s virtual care has ballooned on the heels of last summer&#x27;s Dobbs decision. Startups focused on women&#x27;s mental health, fertility and telemedicine abortion have recently secured significant funding, including:<ul><li>Fertility clinic operator and employer benefits provider Kindbody this month <a class="gtmContentClick" data-vars-link-text="scored $100 million" data-vars-click-url="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIzLzAzLzAyL2ZlcnRpbGl0eS1raW5kYm9keS1yYWlzZXMtMTAwLW1pbGxpb24tMi1iaWxsaW9uLXZhbHVhdGlvbj91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/61b8a591584bc520355bcf50B8aed1766" data-vars-content-id="2d964a60-a8c1-4a9d-80f9-9c8b87575946" data-vars-headline="Maven expands fertility footprint in U.K. with Naytal buy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIzLzAzLzAyL2ZlcnRpbGl0eS1raW5kYm9keS1yYWlzZXMtMTAwLW1pbGxpb24tMi1iaWxsaW9uLXZhbHVhdGlvbj91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/61b8a591584bc520355bcf50B8aed1766" target="_blank">scored $100 million</a> at a $1.8 billion valuation.</li><li>Future Family, a startup combining fertility financing and virtual care, last spring raised <a class="gtmContentClick" data-vars-link-text="$25 million in Series B capital at an $80 million" data-vars-click-url="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjIvMDQvMDQvZnV0dXJlLWZhbWlseS1mZXJ0aWxpdHktY2FyZS1yYWlzZXMtMjUtbWlsbGlvbj91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/61b8a591584bc520355bcf50B652e4860" data-vars-content-id="2d964a60-a8c1-4a9d-80f9-9c8b87575946" data-vars-headline="Maven expands fertility footprint in U.K. with Naytal buy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjIvMDQvMDQvZnV0dXJlLWZhbWlseS1mZXJ0aWxpdHktY2FyZS1yYWlzZXMtMjUtbWlsbGlvbj91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/61b8a591584bc520355bcf50B652e4860" target="_blank">$25 million in Series B capital at an $80 million</a> valuation.</li><li>Iron Health this month <a class="gtmContentClick" data-vars-link-text="collected $4.5 million in seed funding" data-vars-click-url="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIzLzAzLzA5L2lyb24taGVhbHRoLXJhaXNlcy01LW1pbGxpb24tb2JneW4td29tZW5zLXZpcnR1YWwtY2FyZT91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/61b8a591584bc520355bcf50B62b27679" data-vars-content-id="2d964a60-a8c1-4a9d-80f9-9c8b87575946" data-vars-headline="Maven expands fertility footprint in U.K. with Naytal buy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30909522.945/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIzLzAzLzA5L2lyb24taGVhbHRoLXJhaXNlcy01LW1pbGxpb24tb2JneW4td29tZW5zLXZpcnR1YWwtY2FyZT91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/61b8a591584bc520355bcf50B62b27679" target="_blank">collected $4.5 million in seed funding</a> to bolster OB-GYN care with a digitally accessible medical team.</li></ul>🇬🇧 One fun thing: Ryder graduated from the London School of Economics and had been living in London for several years when she started Maven — so in a way, the company is returning to its roots with the deal.<ul><li>London &quot;always felt like home,&quot; she says.</li></ul>

Virtual care enabler OpenLoop raised $15 million in Series A funding and released a new revenue cycle offering, CEO Jon Lensing tells Axios exclusively.

Why it matters: As virtual care is encumbered by antiquated administrative burdens, many startups have emerged to address individual pain-points — but OpenLoop seems to offer many of those solutions in one place.

Deal details: Nava Ventures helmed the round and was joined by new backers UnityPoint Health Ventures and PrimeTime Ventures, plus insiders SpringTide Ventures and ManchesterStory.

Fast-growing OpenLoop is using the money to launch its insurance-as-a-service program, which is aimed at helping telehealth entities accept insurance.

"If companies can’t accept insurance, digital health can only scratch the surface of what it’s trying to be," says Nava Ventures founder and OpenLoop investor Freddie Martignetti.

Lensing expects the company will raise a Series B around the end of the second or third quarter. "We're very close to a profitability marker," he says.

How it works: Based in Des Moines, Iowa, OpenLoop bills itself as a one-stop-shop for virtual care companies.

Its white-labeled services span tools for e-prescribing and note charting, legal and financial support, staffing and onboarding, licensing and credentialing, scheduling and payroll, booking, payments and compliance.

The company takes a commission on its staffing products, charges an SaaS fee for its tech, and charges an RCM fee for its insurance processing services.

Flashback: The company in January acquired the medical practice group of Austin, Texas-based telehealth company Reliant to expand the depth of its clinical services.

State of play: Venture backers are rushing to power telehealth enablement startups with seed and Series A rounds. For example:

AI-powered revenue cycle service provider CodaMetrix in February collected $55 million in Series A capital.

Capable Health, maker of a plug-and-play software platform for nascent virtual care startups, last spring raised $6 million in seed funding.

Opkit, which offers an insurance verification platform for telehealth companies, this month debuted with $1 million in seed financing.

Of note: OpenLoop currently works with roughly 140 heath care clients, Lensing says.

It also recently made another acquisition of Imaging Panda, a Los Angeles-based, API-first method for clinicians to order imaging to any imaging center across the country and have the results inputted back into its electronic heath record system.

What's next: Martignetti sees OpenLoop's next challenge as continuing to diversify its client base from early-stage startups to larger and publicly traded businesses.

"That's a new chapter we're really excited to pursue," he says.

Exclusive: Telehealth enabler OpenLoop raises $15M Series A

Virtual care is encumbered by antiquated administrative burdens, and OpenLoop aims to solve them.

Virtual care enabler OpenLoop raised $15 million in Series A funding and released a new revenue cycle offering, CEO Jon Lensing tells Axios exclusively.Why it matters: As virtual care is encumbered by antiquated administrative burdens, many startups have emerged to address individual pain-points — but OpenLoop seems to offer many of those solutions in one place.Deal details: Nava Ventures helmed the round and was joined by new backers UnityPoint Health Ventures and PrimeTime Ventures, plus insiders SpringTide Ventures and ManchesterStory.<ul><li>Fast-growing OpenLoop is using the money to launch its insurance-as-a-service program, which is aimed at helping telehealth entities accept insurance.</li><li>&quot;If companies can’t accept insurance, digital health can only scratch the surface of what it’s trying to be,&quot; says Nava Ventures founder and OpenLoop investor Freddie Martignetti.</li><li>Lensing expects the company will raise a Series B around the end of the second or third quarter. &quot;We&#x27;re very close to a profitability marker,&quot; he says.</li></ul>How it works: Based in Des Moines, Iowa, OpenLoop bills itself as a one-stop-shop for virtual care companies.<ul><li>Its white-labeled services span tools for e-prescribing and note charting, legal and financial support, staffing and onboarding, licensing and credentialing, scheduling and payroll, booking, payments and compliance.</li><li>The company takes a commission on its staffing products, charges an SaaS fee for its tech, and charges an RCM fee for its insurance processing services.</li></ul>Flashback: The company in January acquired the medical practice group of Austin, Texas-based telehealth company Reliant to expand the depth of its clinical services.State of play: Venture backers are rushing to power telehealth enablement startups with seed and Series A rounds. For example:<ul><li>AI-powered revenue cycle service provider CodaMetrix in February <a class="gtmContentClick" data-vars-link-text="collected $55 million in Series A" data-vars-click-url="https://link.axios.com/click/30844782.95/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIzLzAyLzI3L2NvZGFtZXRyaXgtcmFpc2VzLTU1LW0tc2VyaWVzLWEtYWktaG9zcGl0YWwtcmV2LWN5Y2xlLWJpbGxpbmctdGVjaD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/62b08994dc126ea6680998dbBe61e0e60" data-vars-content-id="7d9b53b7-7f3c-47d4-bae8-baa1971df44f" data-vars-headline="Exclusive: Telehealth enabler OpenLoop raises $15M Series A" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30844782.95/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIzLzAyLzI3L2NvZGFtZXRyaXgtcmFpc2VzLTU1LW0tc2VyaWVzLWEtYWktaG9zcGl0YWwtcmV2LWN5Y2xlLWJpbGxpbmctdGVjaD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/62b08994dc126ea6680998dbBe61e0e60" target="_blank">collected $55 million in Series A</a> capital.</li><li>Capable Health, maker of a plug-and-play software platform for nascent virtual care startups, last spring <a class="gtmContentClick" data-vars-link-text="raised $6 million in seed" data-vars-click-url="https://link.axios.com/click/30844782.95/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIyLzA1LzAyL3ZpcnR1YWwtY2FyZS1jYXBhYmxlLTZtLXNlZWQ_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXByb19kZWFsc19oZWFsdGh0ZWNoX3N1YnMmc3RyZWFtPXRvcA/62b08994dc126ea6680998dbBf91b55ef" data-vars-content-id="7d9b53b7-7f3c-47d4-bae8-baa1971df44f" data-vars-headline="Exclusive: Telehealth enabler OpenLoop raises $15M Series A" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30844782.95/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIyLzA1LzAyL3ZpcnR1YWwtY2FyZS1jYXBhYmxlLTZtLXNlZWQ_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXByb19kZWFsc19oZWFsdGh0ZWNoX3N1YnMmc3RyZWFtPXRvcA/62b08994dc126ea6680998dbBf91b55ef" target="_blank">raised $6 million in seed</a> funding.</li><li>Opkit, which offers an insurance verification platform for telehealth companies, this month <a class="gtmContentClick" data-vars-link-text="debuted with $1 million in seed" data-vars-click-url="https://link.axios.com/click/30844782.95/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIzLzAzLzA3L29wa2l0LWxhdW5jaGVzLWluc3VyYW5jZS12ZXJpZmljYXRpb24tdGVsZWhlYWx0aD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/62b08994dc126ea6680998dbBbeb8faad" data-vars-content-id="7d9b53b7-7f3c-47d4-bae8-baa1971df44f" data-vars-headline="Exclusive: Telehealth enabler OpenLoop raises $15M Series A" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/30844782.95/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy8yMDIzLzAzLzA3L29wa2l0LWxhdW5jaGVzLWluc3VyYW5jZS12ZXJpZmljYXRpb24tdGVsZWhlYWx0aD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249cHJvX2RlYWxzX2hlYWx0aHRlY2hfc3VicyZzdHJlYW09dG9w/62b08994dc126ea6680998dbBbeb8faad" target="_blank">debuted with $1 million in seed</a> financing.</li></ul>Of note: OpenLoop currently works with roughly 140 heath care clients, Lensing says.<ul><li>It also recently made another acquisition of Imaging Panda, a Los Angeles-based, API-first method for clinicians to order imaging to any imaging center across the country and have the results inputted back into its electronic heath record system.</li></ul>What&#x27;s next: Martignetti sees OpenLoop&#x27;s next challenge as continuing to diversify its client base from early-stage startups to larger and publicly traded businesses.<ul><li>&quot;That&#x27;s a new chapter we&#x27;re really excited to pursue,&quot; he says.</li></ul>

Food-as-medicine is being embraced as a new appetizer on the menu of holistic care, but investors and execs tell Axios hurdles remain before the concept can be served up as an entrée.

Why it matters: Although most agree that social factors like housing and food should be accounted for in health care, measuring data and getting insurers on board are the most immediate obstacles. 

Driving the news: Six states — New Mexico, Washington, New York, New Jersey, Delaware and Maine — have pending waiver requests to tap Medicaid funds for food in pilot programs.

If approved, they'll join Arkansas, Oregon and Massachusetts, which were already green-lit by the Biden administration to roll out Medicaid-for-groceries pilots.

What they're saying: "Diabetics get admitted with hypoglycemia at the end of the month because they’re taking the same dose of insulin, but their food stamps ran out," says Rajaie Batniji, CEO of public benefit company Waymark.

"It’s an obvious yes that food is medicine."

State of play: Companies like Cityblock have already made social determinants of health central to their business strategies.

Cityblock, which provides a caregiving team for Medicaid populations specifically, has community care partners that help patients access fresh food, childcare and housing.

Meanwhile, new entrants like Andreessen Horowitz-backed Season Health are making food-as-medicine their primary focus. (Season is also backed by Cityblock CEO Toyin Ajayi.)

"What’s making [food-as-medicine] stickier these days is codifying the payment rails, since payers were doing it discretionarily to attract members and it was sitting in supplemental benefits outside of medical rails," says Andreessen Horowitz general partner Julie Yoo.

Between the lines: Season's approach mitigates a scenario in which patients use benefits to buy unhealthful or non-nutritious food, codifying its network of food vendors.

Medicaid's food-as-medicine program, as it stands, doesn't have guardrails on what food can be bought with the money, several industry sources say.

Nor is data being collected on what people are buying, says LexisNexis risk solutions government group CEO Haywood Talcove.

Zoom in: Within digital health, Yoo sees food-as-medicine being executed in three ways currently:

Some companies are aggregating a network of nutritionists and dietitians, contracting with employers to get optimal rates, like NourishedRx.Not to be confused with NourishRx, focused on patients with eating disorders. 

Others, like Soda Health, are tackling the issue via payments, which matches people with personalized benefits (including food) and provides them with a single prepaid debit card to use at participating retailers.

Finally, she notes retail has a role to play, citing Instacart's initiative to expand access to nutritious food for underserved communities.

"We need to take infrastructure like Instacart and make those compatible with health care payment rails," Yoo says.

Context: Retail's penetration into health care has been a long journey, with groceries, pharmacies and e-commerce all taking their respective shares of the pie.

Some grocers have already incorporated food-as-medicine, like Kroger's OptUp program that helps consumers make more healthful food choices.

Albertsons — set to be acquired by Kroger for $25 billion if regulators allow it — launched its digital health platform Sincerely Health in February, which helps users make choices about food, physical activity, sleep and mindfulness.

"This seems like an obvious place for consumer-facing retailers to be doing something," Yoo says, noting that food-as-medicine is an easy way for retailers to claim health market share when competing with pharmacies and Big Tech.

What's next: "The payer is the 900-pound gorilla in the room with power they can exert on policymakers," Yoo says. "We need to see commitment from insurers to see this work."

Food is medicine, investors and execs say

Measuring data and getting insurers on board are the most immediate obstacles to adopting food-as-medicine

Medicaid

Food-as-medicine is being embraced as a new appetizer on the menu of holistic care, but investors and execs tell Axios hurdles remain before the concept can be served up as an entrée.Why it matters: Although most agree that social factors like housing and food should be accounted for in health care, measuring data and getting insurers on board are the most immediate obstacles.

Telemental health company SonderMind has acquired the assets of once-buzzy telemental health startup Mindstrong.

Why it's the BFD: SonderMind CEO Mark Frank billed the company as a "natural consolidator" to Axios last summer. Now the company is making good on that moniker.

Flashback: Frank said in August that SonderMind planned to build out specialized psychiatric programs and offer more data-driven care by buying up other companies.

Details: Denver-based SonderMind will hire about 20 of Mindstrong's employees. The remaining 100 will lose their jobs, including CEO Michelle Wagner, who will not have a role at SonderMind.

“This is sort of the final chapter for the Mindstrong care business," Wagner tells Modern Healthcare.

The acquisition comes after Mindstrong halted services and closed its Silicon Valley headquarters this month.

💭 Our thought bubble: Although Mindstrong's demise exemplifies the difficulties of starting a company in the crowded behavioral health sector, it could prove a boon for SonderMind, which has long had its sights on deepening its efforts in high-acuity mental illness.

Catch up quick: Mindstrong raised $160 million in venture capital, including a $100 million Series C round from high-flying backers including General Catalyst and Arch Venture Partners.

The business was co-founded and helmed for a time by Tom Insel, the former director of the National Institute of Mental Health.

But after billing itself as a unique digital biomarker-tracking platform for brain disorders, the company pivoted multiple times throughout its  history, eventually becoming yet another virtual therapy platform on an already crowded telemental health stage.

What they're saying: "Technology has a critical role to play in improving mental health care delivery and outcomes, but not on its own," Frank said in a statement.

'Natural consolidator' SonderMind buys Mindstrong assets

CEO Mark Frank told Axios last summer it planned to use acquisitions to deepen its efforts in serious mental illness.

Telemental health company SonderMind has <a class="gtmContentClick" data-vars-link-text="acquired the assets" data-vars-click-url="https://digitalhealth.modernhealthcare.com/mergers-acquisitions-ma/sondermind-buys-mindstrongs-tech-assets" data-vars-content-id="efd3e3f1-9e2d-489a-a200-0308c61a7caa" data-vars-headline="&#x27;Natural consolidator&#x27; SonderMind buys Mindstrong assets" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://digitalhealth.modernhealthcare.com/mergers-acquisitions-ma/sondermind-buys-mindstrongs-tech-assets" target="_blank">acquired the assets</a> of once-buzzy telemental health startup Mindstrong.Why it&#x27;s the BFD: SonderMind CEO Mark Frank billed the company as a &quot;natural consolidator&quot; <a class="gtmContentClick" data-vars-link-text="to Axios last summer" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2022/08/04/sondermind-ceo-acquisition-strategy-data-mental-health" data-vars-content-id="efd3e3f1-9e2d-489a-a200-0308c61a7caa" data-vars-headline="&#x27;Natural consolidator&#x27; SonderMind buys Mindstrong assets" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2022/08/04/sondermind-ceo-acquisition-strategy-data-mental-health" target="_self">to Axios last summer</a>. Now the company is making good on that moniker.Flashback: Frank said in August that SonderMind planned to build out specialized psychiatric programs and offer more data-driven care by buying up other companies.Details: Denver-based SonderMind will hire about 20 of Mindstrong&#x27;s employees. The remaining 100 will lose their jobs, including CEO Michelle Wagner, who will not have a role at SonderMind.<ul><li>“This is sort of the final chapter for the Mindstrong care business,&quot; Wagner tells Modern Healthcare.</li><li>The acquisition comes after Mindstrong halted services and closed its Silicon Valley headquarters this month.</li></ul>💭 Our thought bubble: Although Mindstrong&#x27;s demise exemplifies the difficulties of starting a company in the crowded behavioral health sector, it could prove a boon for SonderMind, which has long had its sights on deepening its efforts in high-acuity mental illness.Catch up quick: Mindstrong raised $160 million in venture capital, including a $100 million Series C round from high-flying backers including General Catalyst and Arch Venture Partners.<ul><li>The business was co-founded and helmed for a time by Tom Insel, the former director of the National Institute of Mental Health.</li><li>But after billing itself as a unique digital biomarker-tracking platform for brain disorders, the company pivoted multiple times throughout its history, eventually becoming yet another virtual therapy platform on an already crowded telemental health stage.</li></ul>What they&#x27;re saying: &quot;Technology has a critical role to play in improving mental health care delivery and outcomes, but not on its own,&quot; Frank said in a statement.

Venture backers are rushing to power telehealth enablement startups with seed and Series A rounds. For example:

Virtual care enabler OpenLoop raised $15 million in Series A funding in March.

Opkit, which offers an insurance verification platform for telehealth companies, debuted with $1 million in seed financing in March.

State of play: Telehealth enablement

Recent deals in the sector underscore the needs.

Illustration of a white board with a tactical diagram using letters spelling out "State of Play."

Last updated on March 15, 2023Venture backers are rushing to power telehealth enablement startups with seed and Series A rounds. For example:<ul><li>Virtual care enabler OpenLoop raised <a class="gtmContentClick" data-vars-link-text="$15 million in Series A funding" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2023/03/15/openloop-raises-15-m-series-a-telehealth-enabler" data-vars-content-id="f0700296-919d-4e19-873c-401d7c1bc3fd" data-vars-headline="State of play: Telehealth enablement" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2023/03/15/openloop-raises-15-m-series-a-telehealth-enabler" target="_self">$15 million in Series A funding</a> in March.</li><li>AI-powered revenue cycle service provider CodaMetrix in February <a class="gtmContentClick" data-vars-link-text="collected $55 million in Series A" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2023/02/27/codametrix-raises-55-m-series-a-ai-hospital-rev-cycle-billing-tech" data-vars-content-id="f0700296-919d-4e19-873c-401d7c1bc3fd" data-vars-headline="State of play: Telehealth enablement" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2023/02/27/codametrix-raises-55-m-series-a-ai-hospital-rev-cycle-billing-tech" target="_self">collected $55 million in Series A</a> capital.</li><li>Capable Health, maker of a plug-and-play software platform for nascent virtual care startups, last spring <a class="gtmContentClick" data-vars-link-text="raised $6 million in seed" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2022/05/02/virtual-care-capable-6m-seed" data-vars-content-id="f0700296-919d-4e19-873c-401d7c1bc3fd" data-vars-headline="State of play: Telehealth enablement" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2022/05/02/virtual-care-capable-6m-seed" target="_self">raised $6 million in seed</a> funding.</li><li>Opkit, which offers an insurance verification platform for telehealth companies, <a class="gtmContentClick" data-vars-link-text="debuted with $1 million in seed" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2023/03/07/opkit-launches-insurance-verification-telehealth" data-vars-content-id="f0700296-919d-4e19-873c-401d7c1bc3fd" data-vars-headline="State of play: Telehealth enablement" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2023/03/07/opkit-launches-insurance-verification-telehealth" target="_self">debuted with $1 million in seed</a> financing in March.</li></ul>

Erin Brodwin

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Food is medicine, investors and execs say

State of play: Telehealth enablement

Exclusive: Telehealth enabler OpenLoop raises $15M Series A

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