Total amount raised
$15.4 Millions
Latest funding date
12/01/2019
Location
Parachute Health has successfully raised funding from eight investors, including Alumni Ventures and Dan Ahrens, to support its digital platform for ordering medical equipment and supplies. The platform offers a range of features such as ePrescribing for clinicians, digital intake for suppliers, and tools for health plans to manage DME spending.
Keep reading to explore the intricacies of Parachute Health's fundraising journey and the investors backing this innovative platform.
What Is Parachute Health?
Parachute Health, founded in 2015 by David Gelbard, is a healthcare technology company based in Manhattan, New York. The company specializes in medical equipment and supplies, offering a platform that simplifies the ordering process for healthcare providers, suppliers, and payors.
Operating within the healthcare, medical, and software industries, Parachute Health employs between 101-250 people. The platform features ePrescribing, real-time digital chat, and EHR integration, aiming to enhance patient care through efficient and transparent coordination of medical equipment and supplies.
How Much Funding Has Parachute Health Raised?
- Funding Round: Series A
- Amount Raised: $5.5M
- Date: March 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely used to develop and enhance the platform and its integration with electronic medical record systems.
- Funding Round: Series B
- Amount Raised: $9.5M
- Date: June 2018
- Lead Investors: Dan Ahrens, Harley Miller
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Parachute Health's ePrescribing platform into key markets across the United States.
- Funding Round: Venture Round
- Amount Raised: $400K
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at scaling operations and enhancing product features.
- Funding Round: Funding Round
- Amount Raised: $1K
- Date: December 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at minor operational enhancements.
Total Amount Raised: $15.401M
Current Valuation: Not publicly disclosed
Key Investors
- Alumni Ventures
- Details: Alumni Ventures is a venture capital firm that invests in high-growth startups. They leverage a network of alumni from top universities to identify and support promising companies.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Not publicly disclosed
- Dan Ahrens
- Details: Dan Ahrens is an individual investor known for his involvement in healthcare and technology startups. He has played a significant role in funding Parachute Health.
- Investment Focus Areas: Healthcare, technology
- Notable Investments: Not publicly disclosed
- Harley Miller
- Details: Harley Miller is a managing partner at Insight Venture Partners, a firm that focuses on high-growth technology and software companies. He has been instrumental in leading funding rounds for Parachute Health.
- Investment Focus Areas: Technology, software, healthcare
- Notable Investments: Twitter, Shopify, DocuSign
- GNYHA Ventures
- Details: GNYHA Ventures is the business arm of the Greater New York Hospital Association. They invest in ventures that can improve healthcare services and operations.
- Investment Focus Areas: Healthcare, hospital operations
- Notable Investments: Not publicly disclosed
- Anthony Welters
- Details: Anthony Welters is a former Executive Vice President at UnitedHealth Group. He has a strong background in healthcare and has invested in Parachute Health to support its growth.
- Investment Focus Areas: Healthcare, patient care, operational efficiencies
- Notable Investments: Not publicly disclosed
What's Next for Parachute Health?
Parachute Health is poised to capitalize on the growing trend of digitization in healthcare. With plans to expand its ePrescribing platform across key markets in the United States, the company is set to revolutionize the traditional process of prescribing Durable Medical Equipment (DME) through advanced machine learning technologies. This expansion presents a significant growth opportunity, potentially transforming how medical equipment is ordered and managed.
Given the strong investor interest demonstrated in previous funding rounds, Parachute Health is well-positioned for future fundraising opportunities. The successful raising of $9.5 million, led by prominent investors, indicates a robust potential for additional capital to support further technological advancements and market expansion.
However, the company may face challenges such as competition from other healthcare technology platforms and integration issues with various electronic medical record systems. Navigating regulatory and compliance landscapes across different states will also be crucial for sustained growth. Despite these hurdles, Parachute Health's innovative approach and strong investor backing suggest a promising future.
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