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Value-based kidney care provider Strive Health raised a $166 million Series C.

Why it matters: Triple-digit, later-stage funding rounds are few and far between in today's market — particularly deals that came to market this March.

Details: The round was led by existing investor NEA alongside five new investors, including CVS Health Ventures.

Additional investments came from existing strategic investors including CapitalG (Alphabet), Echo Health Ventures, Town Hall Ventures, Ascension Ventures and Redpoint.

Strive doesn't anticipate needing to raise again for several years, and CEO Chris Riopelle says the company is on a "clear path" to profitability, declining to disclose financial details.

What's next: Strive will continue its organic growth efforts, with no plans to make acquisitions in the near term, Riopelle says.

How it works: Strive works with payors, health systems and physicians to offer value-based, tech-enabled kidney care.

The company serves 80,000 chronic kidney disease and end-stage kidney disease patients across 30 states.

Strive partners with more than 600 nephrology providers across 10 states.

Zoom in: Oak Street Health, which CVS moved to acquire for about $10.6 billion this year, is one of Strive's customers — and CVS' investment will further deepen that relationship, says Riopelle.

CVS also recently acquired Signify Health, a home assessments business. While Strive has no plans to integrate its services with Signify's at the moment, "we certainly will, where we can find synergies together," he adds.

What they're saying: "I think there is an opportunity for consolidation of sorts," says NEA co-president Mohamad Makhzoumi, citing the Fresenius-InterWell-Cricket joint venture formed last year as one example. "But I think that our expectation is that the organic story here is just so compelling."

Makhzoumi says the shift to value-based care and new payment models for kidney care from the Center for Medicare & Medicaid Innovation represent strong enough growth tailwinds without pursuing acquisitions.

"We have more than a $6 billion pipeline of opportunity in front of us," says Riopelle.

Context: Strive initially set out to raise $100 million but came away oversubscribed, Makhzoumi says.

"By the way, this was in March," he says.

The intrigue: Riopelle and Makhzoumi believe Strive could be an eventual public markets play when the economy improves.

"We're barely scratching the surface on this," says Riopelle. "The patient population certainly has the hallmarks of something big enough, in terms of scale, to be very successful as a public company, but also given that it's a big space and there's a few winners in it."

Makhzoumi cites NEA's typical decade-long hold, noting the firm is about halfway through that period with Strive.

"It's candidly one of our most exciting companies across the health care board technology given the impact they're having and how quickly they've managed to build a really valuable business," he says.

State of play: Technology-enabled kidney care has drawn significant dollars, particularly from strategics.

Monogram Health, which Riopelle cited as one of Strive's competitors, raised $375 million in Series C funding in January — also led by CVS, alongside Humana and Cigna. 

Somatus raised $325 million in Series E funds in early 2022, with participation from Optum Ventures and Elevance Health (fka Anthem). 

Editor's note: This story has been corrected to show that among the additional investors is Echo Health Ventures (not Echo Ventures).

Strive Health raises $166M Series C to grow kidney care platform

Kidney care has drawn significant dollars, particularly from strategic investors.

Illustration of a saline bag solution with money as the liquid in the bag. 

Health tech deals

Value-based kidney care provider Strive Health raised a $166 million Series C.Why it matters: Triple-digit, later-stage funding rounds are few and far between in today&#x27;s market — particularly deals that came to market this March.

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Strive Health raises $166M Series C to grow kidney care platform

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