Venture Funding

Carbon Health Reels In $100 Million Round

SAN FRANCISCOCarbon Health, a national healthcare provider, announced it has secured $100 million in Series C funding led by Dragoneer Investment Group, with participation from existing investors Brookfield Technology Partners (BTP), DCVC, and Builders VC.

Leveraging its unique technology platform, Carbon Health provides its patients with omnichannel care: seamless care from the same trusted providers at a wide variety of access points, including clinics, pop-up sites, video, the Carbon Health app, and on-site at their employers. Carbon Health also provides value-based care to enterprise partners across a broad range of industries, including academia, sports, entertainment, biotechnology, and travel.

The new investment allows Carbon Health to advance its omnichannel care strategy and expand nationally as a primary care provider.

“A striking one in five counties in the United States is a healthcare desert, and this year the COVID-19 pandemic exposed the profound effects of these disparities and weaknesses in our healthcare system,” said Eren Bali, co-founder and CEO of Carbon Health. “Our mission is to solve these problems — and with help from this investment, we can accelerate our plans to deliver accessible preventative and chronic illness care to close the healthcare gap in this country.”

Over the last year, Carbon Health has seen strong growth, increasing its clinic footprint from seven to 27 clinics across six states and introducing virtual care to 16 states. The company has also seen a sixfold increase in patient volume over the past year. Today, Carbon Health provides access to care to nearly two-thirds of the country, and it plans to grow its clinic footprint to 1,500 locations across the U.S. by 2025, focusing on increasing access to care in healthcare deserts.

Carbon Health quickly deployed COVID-19 mobile testing clinics in April and accelerated the launch of its innovative, highly scalable model of pop-up clinics to meet the rapidly evolving needs of the pandemic. These sites support COVID-19 testing and future COVID-19 vaccinations, while also laying the infrastructure to serve as comprehensive primary care access points in the future. Carbon Health plans to open 100 pop-up clinics across 20 markets by the end of winter, focusing on communities that need it most.

The company is also building out its evidence-based specialty programs, such as chronic illness management and women’s health, that will underscore its accessible approach to care. In October, the company launched one of its first specialty-based initiatives — a cross-disciplinary COVID Positive Care program that provides patients who have tested positive for COVID-19 a pathway to recovery.

Carbon Health is also further expanding into the enterprise channel, aiming to deliver high-quality, value-based primary care to enterprise partners and their employees. The company’s clinical expertise, oversight, and tight integration of technology and seamless omnichannel care delivery have already proven successful this year with its first-of-its-kind COVID Ready workplace safety program, which is currently implemented broadly in industries ranging from academia to sports, entertainment, biotech, and travel.

“Carbon Health has reengineered what patients can expect from their healthcare provider — employing technology to deliver high-quality, accessible healthcare,” said Eric Jones, partner at Dragoneer Investment Group. “We are excited to partner with Carbon as they expand their footprint, bringing their differentiated approach to primary care to a national scale.”