In early January, San Francisco-based health insurance platform Transcarent managed to score $200 million in a Series C funding, achieving unicorn status with a $1.62 billion valuation, in addition to having amassed a $298 million investment purse in a little over a year. The round was led by Kinnevik and Human Capital, with participation from Ally Bridge Group, Northwell Health, Intermountain Healthcare, and Rush University Medical Center. For CEO and avid digital health disrupter Glen Tullman, this is certainly not his first rodeo.
Tullman introduced Transcarent after orchestrating Teladoc's landmark $18.5 billion buy-out of Livongo, his former company. Tullman now has a consumer-directed health and care platform for employees of self-insured employers and their families that gives workers 'round-the-clock access to doctors through the eponymous app. He recognizes that “health consumers want an experience they can understand and feel comfortable with, that provides unbiased information, trusted guidance, and easy access to high value care that always puts quality first.”
Tullman indicated that the new funding will help Transcarent launch numerous research and development initiatives in the near future. There are also plans to upscale its staff and market pursuits, with Medicare Advantage being a high priority.