Venture Capital News: Vesta Healthcare Announces $30M in Series A
NEW YORK, NY, Vesta Healthcare announced the close of a $30 million Series A. The round was co-led by Oak HC/FT and Deerfield Management Company
Vesta Healthcare, a 24/7 technology and clinical services organization dedicated to supporting caregivers and connecting their insights to the rest of the care team, announced the close of a $30 million Series A. The round was co-led by Oak HC/FT and Deerfield Management Company and includes investment from existing investors, Lux Capital and Kaiser Permanente Ventures as well as new investors Generator Ventures, CareCentrix, Epstein Partners and Nationwide Ventures. The capital will be used to expand product development, engineering, and sales and marketing as well as to support new market expansion.
Bharath Ganesan, Principal at Deerfield, joined the Board of Directors, while Julian Harris, M.D., Partner at Deerfield, and Russell Hirsch, Managing Director at Generator Ventures, were added as Board Observers.
The Company also announced its renaming, from HT Health to Vesta Healthcare. HT Health developed the Hometeam Program to improve health outcomes by connecting in-home caregiver insights, advanced analytics and 24/7 telehealth with the patient's surrounding care team.
"Caregivers are in the home supporting patients with high needs every day. They are on the front lines and the first to notice changes in the health of their loved ones or care recipients, but too often, their insights are not connected back to the care team to take timely action that could prevent unnecessary ED visits, hospitalizations, and readmissions," said Randy Klein, Chief Executive Officer at Vesta Healthcare. "We are delighted to have such an experienced, passionate and dedicated group of investors who see the potential for Vesta to make a meaningful impact on people's daily health by creating engaging and supportive tools for caregivers."
"Deerfield is thrilled to invest in Vesta's efforts to connect in-home care to at-home care. As we looked across the industry, Vesta Healthcare stood out in terms of their passion for supporting caregivers and enabling seniors to age at home," said Dr. Harris. "We are excited to support their vision for connecting the home to the clinical environment through easy-to-use technology and leveraging the platform to provide proactive clinical support when, where and how high-need care recipients want help.".
"We believe strongly that caregivers are currently under-supported and disconnected from the healthcare system, but have an outsized ability to impact the daily health of those who they support," said Annie Lamont, Managing Partner at Oak HC/FT. "By actively engaging caregivers, be they professional, informal or family members, Vesta Healthcare is helping people age safely at home, providing peace of mind that someone is there to answer questions and give guidance at moments of need. We need more solutions like this in our healthcare system."
Vesta is currently growing in Massachusetts, with live programs with Commonwealth Care Alliance¬® and Element Care PACE and plans for 2020 growth into new markets. These programs emphasize quality and outcomes metrics, aligned with the Company's goal to accelerate market participation in value-based programs that are inclusive of home care.
About Vesta Healthcare
Vesta Healthcare is an industry-leading technology and clinical services organization, dedicated to connecting caregiver insights to the rest of the care team. Vesta Healthcare proactively identifies the need for additional resources in the home and provides 24/7 telehealth support for caregivers and care recipients, with a focus on high-need, frail senior populations. Vesta partners with home care agencies, health plans and providers to create value-based population health programs that emphasize clinical quality, improved health outcomes and personalized engagement. Vesta Healthcare is headquartered in New York, NY. To learn more visit www.vestahealthcare.com and follow us on LinkedIn and Twitter.
About Oak HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $1.9 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco.
About Deerfield Management Company
Deerfield is a healthcare investment management firm committed to advancing healthcare through investment, information and philanthropy.
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