Total amount raised
$107 Millions
Latest funding date
10/01/2023
Location
Waymark has secured $42 million in fresh funding, supported by investors such as New Enterprise Associates and CVS Health Ventures. The company focuses on improving access and quality of care for people receiving Medicaid through community-based services.
Keep reading to explore the intricacies of Waymark's fundraising journey and the investors backing this innovative platform.
What Is Waymark?
Waymark, founded in 2021 by Rajaie Batniji, is a healthcare company based in San Francisco, California. The company operates in the health care and hospital industries, focusing on improving access and quality of care for Medicaid recipients.
With a workforce of 101-250 employees, Waymark connects patients with local care teams, including community health workers, therapists, pharmacists, and care coordinators. Their innovative approach aims to enhance Medicaid care delivery through personalized care plans and continuous support.
How Much Funding Has Waymark Raised?
- Series A
- Amount Raised: $45M
- Date: January 2022
- Lead Investors: Andreessen Horowitz, New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish and grow the company's operations and technology platform.
- Debt Financing
- Amount Raised: $20M
- 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.
- Venture Round
- Amount Raised: $42M
- Date: October 2023
- Lead Investors: Lux Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the company's technology and expand its market reach.
Total Amount Raised: $107M. 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: Healthcare, technology, life sciences
- Notable Investments: Not publicly disclosed
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a private venture capital firm based in Silicon Valley. They are known for backing innovative technology companies.
- Investment Focus Areas: Technology, healthcare, consumer
- Notable Investments: Facebook, Airbnb, Lyft
- New Enterprise Associates
- Details: New Enterprise Associates (NEA) is a global venture capital firm that invests in technology and healthcare companies. They have been long-time backers of Waymark.
- Investment Focus Areas: Technology, healthcare, software
- Notable Investments: Robinhood, Coursera, 23andMe
- CVS Health Ventures
- Details: CVS Health Ventures is the venture capital arm of CVS Health, focusing on investments that align with their healthcare services and products.
- Investment Focus Areas: Healthcare, pharmacy, wellness
- Notable Investments: Not publicly disclosed
What's Next for Waymark?
Waymark's future is brimming with opportunities as it aims to expand its market presence and enhance its technology. With a focus on serving the 83 million Americans in Medicaid, the company is well-positioned to make a significant impact. The recent $42 million funding round will enable Waymark to scale its operations and invest in advanced machine learning tools to improve healthcare outcomes.
As the company continues to grow, future fundraising opportunities are likely to arise. The interest from major investors like CVS Health Ventures and Andreessen Horowitz suggests that additional rounds of equity financing or lines of credit could be on the horizon. This financial backing will be crucial as Waymark navigates the complexities of transitioning to value-based care models and integrating its technology with existing healthcare systems.
However, challenges remain. Scaling operations to meet the high demand for Medicaid services and ensuring consistent quality across different regions will be critical. Additionally, managing data from diverse sources for accurate risk stratification poses a significant hurdle. Despite these challenges, Waymark's innovative approach and strong investor support position it well for future success.
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