Just six months after closing on its $25 million Series B, Eden Health announced Thursday it has raised another $60 million in fresh capital. The Series C was led by Insight Partners, and brings the medical care company’s total funding raised to $100 million.
Launched in 2017, Eden Health helps HR departments and commercial real estate landlords provide better medical care to their employees. By combining telehealth, in-person primary care, behavioral health and its “medical home” method — a practice that promotes ongoing relationships between patients and a dedicated care team — Eden aims to provide users with reliable, 24/7 care that will work for them long term.
The goal, Insight Partners’ managing director Richard Wells said, is to improve more patients’ overall quality of care, thus “restoring” their trust in the larger healthcare system.
“Restoring trust in healthcare will be catalyzed in part by transforming the patient experience from one that is transactional to one that is rooted in relationship and proactive care,” Wells said in a statement. “[Co-founders Matt McCambridge and Scott Sansovich] were early in identifying the integration of primary care, mental-health care, and insurance navigation as a major driver in improving overall quality of care and the patient experience for average healthcare consumers.”
Over the last four years, Eden has accumulated more than 100 customers across a range of industries, including finance, retail, real estate and technology. The company claims to have experienced particularly “exceptional” growth in 2020 due to the pandemic, with a recurring revenue growth of 800 percent. Eden also rolled out a specialized COVID-19 response tool, providing a way to screen employees for the novel coronavirus so essential workers can remain at work.
“Access to quality healthcare is a fundamental human right. The pandemic has put a spotlight on the value of employee well-being and has created a greater focus on population health. More than ever, employers understand that excellent healthcare is a business priority and a competitive advantage,” McCambridge said in a statement. “Our company is at an exciting growth phase where we are focused on scale.”
Indeed, Eden says it plans to use this fresh funding to further develop its technology and product, as well as expand its network of brick-and-mortar medical offices around the United States. The company is also hiring, with dozens of open tech positions available at its NYC headquarters.
