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Venture Capital News: Quartet Kicks Off 2018 with $40M in Series C

NEW YORK, NY, Quartet, the technology company bridging physical and mental healthcare, announced that it has raised $40 million in a Series C round.
Quartet, the technology company bridging physical and mental healthcare, announced that it has raised $40 million in a Series C round to fuel the nationwide expansion of its proven model. The financing was led by F-Prime Capital Partners and Polaris Partners with all existing investors participating, including Oak HC/FT and GV (formerly Google Ventures), and new investor Deerfield Management. This brings the total amount of capital raised to date by Quartet to $87 million.

Quartet will use the new capital to expand its core engineering and product capabilities across its primary care, behavioral health and patient platforms, scale its machine learning team, and continue to build out its provider network, partner success and new business development functions.

"Making collaboration between primary care physicians and behavioral health specialists work is a must if we are ever going to improve the overall health of our country," said Arun Gupta, founder and chief executive officer of Quartet. "The bridge between mental and physical health is being built with technology leading the charge. We have experienced tremendous growth coming into 2018, and are excited to have the best of the healthcare and technology worlds supporting us as we scale."

Quartet is separately adding three industry-leading executives to its board of directors:

Carl Byers, executive partner at F-Prime Capital and previously longtime athenahealth chief financial officer and founding team member
Ken Goulet, former executive vice president and president of commercial and specialties businesses at Anthem Inc.
Lanham Napier, former chief executive officer of Rackspace and co-founder at BuildGroup
"Having been involved with Quartet for several years, I've seen the company's rapid maturation process firsthand and it is much farther along than most healthcare companies at this stage," said Byers. "Quartet is harnessing technology and innovative thinking to drastically improve the delivery of care. I am excited to join Quartet's board and to work even more closely with the Company in striving to bridge the gap between physical and mental care."

Ken Goulet said, "Quartet is showing very compelling results in an area of our healthcare system that so needs innovation. For insurers nationwide today, it's all about finding opportunities to enhance the member experience, better collaborate with providers and improve the healthcare quality and cost dynamic. Quartet is one of the most promising companies I've seen that is winning on all three of those fronts."

"Our healthcare system is so in need of what I know we can do with great technology. Quartet is really proving that technology can help this dysfunctional healthcare system of ours. That's what drew me in," said Napier.

Quartet also announced today it's launching in New Jersey, which marks the Company's sixth major market and first statewide implementation. Teaming up with New Jersey's oldest and largest health insurance company, Horizon Healthcare Services, Inc., Quartet is helping improve the total health of residents in New Jersey.

Quartet is building a collaborative health ecosystem by curating effective care team networks and combining their expertise with data-driven insights and innovation. By ensuring care is personalized and tailored to individual patient needs, Quartet strives to significantly improve patient outcomes and overall well-being.

About Quartet

Quartet is a pioneering technology company connecting physical and mental care to improve people's health and quality of life. We are building a collaborative technology platform that brings together physicians, mental health providers, and insurance companies to effectively improve patient outcomes and drive down healthcare costs. Our data-driven platform identifies high-need patients and facilitates access to personalized care. Backed by $87 million in venture funding from top investors including F-Prime Capital Partners, Polaris Partners, GV (formerly Google Ventures), Oak HC/FT and Deerfield Management, Quartet is headquartered in New York City and is currently operating in several markets across the US -- Pennsylvania, Massachusetts, Louisiana, Washington, Northern California, and New Jersey.
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