Total amount raised
$107 Million
Latest funding date
10/01/2023
Location
Waymark has successfully raised $42 million in fresh funding over three rounds, with notable investments from New Enterprise Associates and CVS Health Ventures. The company focuses on improving access and quality of care for Medicaid recipients through community-based services.
Keep reading to explore the intricacies of Waymark's fundraising journey and the investors backing this impactful platform.
What Is Waymark?
Waymark is a healthcare company based in San Francisco, California, dedicated to improving access and quality of care for Medicaid recipients. Operating within the Health Care and Hospital industries, the company employs between 101-250 people.
Waymark connects patients with local care teams, including community health workers, therapists, pharmacists, and care coordinators, to provide personalized care plans. The company partners with health plans and primary care providers to deliver these services at no cost to patients, emphasizing evidence-based practices to improve health outcomes.
How Much Funding Has Waymark Raised?
- Debt Financing
- Amount Raised: USD 20,000,000
- Date: October 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support market expansion and technology investments aimed at improving access and outcomes for Medicaid recipients.
- Series Unknown
- Amount Raised: USD 42,000,000
- Date: October 2023
- Lead Investors: Lux Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and invest in technology to improve healthcare access and outcomes for Medicaid recipients.
- Series A
- Amount Raised: USD 45,000,000
- Date: January 2022
- Lead Investors: Andreessen Horowitz, New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To hire and train community health workers, expand primary care provider capacity, and enhance proprietary machine learning technology.
Total Amount Raised: USD 107,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Lux Capital
- Details: Lux Capital is a venture capital firm that invests in emerging science and technology ventures. They led the recent funding round for Waymark.
- Investment Focus Areas: Emerging science, technology, transformative technologies.
- Notable Investments: Zoox, Kallyope.
- Andreessen Horowitz (a16z)
- Details: Andreessen Horowitz is a private venture capital firm that backs bold entrepreneurs building the future through technology. They are an existing investor in Waymark.
- Investment Focus Areas: Technology, future-oriented ventures.
- Notable Investments: Facebook, Airbnb, Lyft.
- New Enterprise Associates (NEA)
- Details: New Enterprise Associates is a global venture capital firm investing in technology and healthcare. They are an existing investor in Waymark.
- Investment Focus Areas: Technology, healthcare.
- Notable Investments: Robinhood, 23andMe.
- CVS Health Ventures
- Details: CVS Health Ventures is the venture capital arm of CVS Health, focusing on innovative companies transforming care delivery. They are a new backer in Waymark's recent funding round.
- Investment Focus Areas: Healthcare, digital health, innovative care delivery.
- Notable Investments: Unite Us.
What's Next for Waymark?
Waymark stands at the cusp of a significant opportunity, aiming to serve the 83 million Americans enrolled in Medicaid. With recent investments from CVS Health Ventures and other notable backers, the company is well-positioned to expand its market presence and enhance its technology. This growth is supported by partnerships with large health systems and community health centers, which could lead to substantial improvements in healthcare access and outcomes for Medicaid recipients.
Future fundraising opportunities appear promising, given the successful $42 million raise and the involvement of strategic investors. Waymark's focus on technology-enabled, community-based care aligns with industry trends, suggesting potential for further investment rounds. However, the company may face challenges such as scaling operations, integrating technology with existing systems, and navigating regulatory complexities. Despite these hurdles, Waymark's mission to improve Medicaid outcomes through innovative solutions holds strong potential for continued success.
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