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Eden Health Bags $25 Million in Series B Round of Financing
Eden Health is known for its innovative direct-to-employer healthcare delivery model, bringing in-person and virtual healthcare together to deliver an exceptional patient experience to the employees of mid-market companies.
FREMONT, CA: National medical practice Eden Health raised $25 million in Series B round of financing, led by Flare Capital Partners with participation from principals from Stone Point Capital, a private equity firm that focuses on the financial services industry, including the HR benefits, insurance, and real estate sectors. Existing investors who participated in the Series B round include Greycroft, PJC, Max Ventures, and Aspect Ventures. The new round brings Eden Health's total raise to $39 million.
Eden Health's membership model makes high quality, comprehensive healthcare an affordable benefit for the average employer, with low to no out-of-pocket costs for their employees. Regardless of whether a company owns, operates, or occupies a physical location, they are now part of the healthcare delivery system by choice or circumstance. Both employers and property owners realize that offering convenient access to medical services is a short-term market differentiator and a long-term must-have, as employers are faced with protecting their workforce's health whether their staff is at home, remote or entering a physical building.
"For the past four years we've been singularly focused on building exceptional healthcare experiences for employers and their workers. Our proactive, comprehensive, tech-enabled approach put us in a strong position to deliver high quality healthcare in a way that works for this moment," said Matt McCambridge, co-founder, and CEO, Eden Health. "What employers are realizing is that they have a responsibility to manage their entire workforce's physical and emotional health. The optimal management of workforce health meets that individual and their family member where they are, whether it's at their worksite, at home, or in the community. With today's funding and the advances we've developed, we're set to radically improve care delivery and health outcomes."
Headquartered in New York, Eden Health launched in 2016 as a digitally-native alternative to traditional care models. Today, the company is a nationally recognized medical practice that provides members with a dedicated Care Team. Care Teams are composed of highly credentialed clinicians delivering evidence-based, top-quality care. Each team offers digital care around the clock, same-day in-person primary care, behavioral health services, and benefits navigation. Employees interact with the same dedicated Care Team, whether they are communicating virtually or in-person. Where necessary, Eden Health consults specialists to determine needs, before connecting employee members with fully-vetted, cost-effective in-network specialists.
"One of the things we liked most about Eden Health was its commitment to human-centered design and how it aligns the incentives of healthcare and business," said Dr. Dan Gebremedhin, Partner, Flare Capital Partners. "What we're seeing now is that the pandemic has pressed the fast-forward button, bringing both employers and work-sites around to the fact that offloading healthcare labor onto patients and insurance companies is no longer a viable solution. We're thrilled to partner with Matt, Scott and the Eden Health team to tackle some of the hardest problems in healthcare."
Over the past four years, Eden Health has become a trusted benefits partner for more than 33,000 employees, spanning more than 100 employers across a broad range of industries, including finance, retail, real estate, and technology.