HealthTech start-up Color raises $100 million in Series E funding
This round of funding means that start-up Color has raised $378 million in total, with the most recent round specifically aimed to help the company offer innovative programs that deliver the last mile of care across healthcare services.
Kindred Ventures led the program, which was managed by T. Rowe Price, alongside support from existing investors including General Catalyst, Viking Global Investors and Emerson Collective. This latest round triples the company’s worth, as last January, Color raised $167 million in series D funding at a valuation of $1.5 billion.
Start-up Color’s software and infrastructure aids in preventative health and infectious disease management by making healthcare programs more accessible. The company has partnered with around 1,000 organisations, such as public health departments, employers, and universities to help people get quicker access to healthcare services. Partners include the National Institutes of Health, the State of California, Salesforce and Thermo Fisher Scientific.
The company currently has over 6,5000 COVID-19 testing sites in offices and schools, and it also facilitates 500 vaccination sites across the US.
“What we have built will serve as a critical piece of public health infrastructure to deliver access to healthcare services to those who need them most,” said Color CEO Othman Laraki. “We have learned that there is an exponential uptick in people’s ability to use these services as they become simpler and more convenient. Public health should happen where public life happens.”
With the recent round of funding, Color plans to accelerate the expansion of accessible public health infrastructure by enabling patients to get access to screening, diagnostics, and initial treatments. Color will now offer vaccination and preventative health services for schools and employers. It also aims to offer infectious disease management programs in the future.
“Color has built a strong, sustainable and profitable business that can scale alongside the myriad of health challenges the U.S. faces,” said Color CFO Mike Herring. “The response from our partners has been incredibly positive, and our remarkable team has delivered at scale with both pace and quality of execution.”
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