This funding brings Cityblock Health's valuation to $5.7B. Here are the top-line bullets you need to know.
Cityblock Health, a healthcare services provider, has raised $400M in Series D funding from SoftBank.
HOW’S THE COMPANY PERFORMING?
- New York-based Cityblock Health provides community-based, in-home, and virtual care for physical, mental, and social health to Medicaid and Medicare patients.
- The company reported 300% year-over-year revenue growth in 2020.
- The company reportedly caters to 75,000 members across New York, Massachusetts, Connecticut, North Carolina, and Washington, D.C.
- Cityblock has partnered with health insurers like EmblemHealth, ConnectiCare, Tufts Health Plan, and CareFirst Community Health Plan.
Source: Cityblock Health
WHY DOES THE MARKET MATTER?
- The digital health market is expected to grow at a CAGR of 17.4% and reach a value of $426.9B by 2027, according to Global Market Insights.
- In Q2’21, global healthcare investment rose for the seventh consecutive quarter, surpassing $34.7B across nearly 1.6K deals. Digital health startups accounted for 40% of both the deals and funding raised in the quarter ($14.1B across 628 deals).
- The impact of Covid-19 on healthcare infrastructure, increasing demand for healthcare digitization, and the changing virtual care landscape are all contributing to industry growth.