CVS and NEA just sank $166 million into a startup building a new care model for kidney disease. Here’s the pitch deck that convinced CapitalG to back Strive Health’s Series B.
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- Strive Health just raised $166 million in May from investors like NEA and CVS Health Ventures.
- The startup works with insurers and health systems to care for people with kidney disease.
- See the presentation that got Strive Health a $140 million Series B in March 2021.
Kidney-care company Strive Health just landed a hefty cash infusion to continue its mission of displacing dialysis giants like DaVita and improving care for patients with kidney disease.
In May, Strive Health announced it raised $166 million in Series C funding led by healthcare venture firm NEA. The round included CVS Health Ventures, CapitalG, Echo Health Ventures, Town Hall Ventures, Ascension Ventures, and Redpoint.
The company said it plans to use the funding to expand into new markets and put more resources towards its existing partnerships with insurers, health systems, nephrologists, and medical groups.
The capital will also help Strive Health improve the value-based care model that’s core to its business, according to the company. Through its partnerships, Strive Health helps improve outcomes for patients at all stages of kidney disease by providing interventions designed with machine learning.
The Series C is Strive Health’s latest raise since its $140 million Series B in March 2021. CapitalG, the venture arm of Google parent company Alphabet, led the Series B.
The company’s goal, Strive Health CEO Riopelle told Insider at the time of the Series B, is to slow the progression of the disease and ultimately help them avoid the need for dialysis in clinics like the ones DaVita and Fresenius operate. Dialysis treatment cleans the blood for patients whose kidneys don’t function well enough to provide that function on their own.
Should patients need dialysis or a kidney transplant, Strive helps them get to the right treatment. Strive also operates more traditional dialysis centers where patients come in for treatment, but the primary focus is on providing dialysis care at home, Riopelle said.
Riopelle said few companies collect and interpret data on patients with kidney disease, who are typically complex and expensive to care for. Strive uses that data to make predictions about what a patient’s progress may be, what type of clinician is best suited to working with them, and how likely they are to progress in the disease quickly.
As of May 2023, Strive Health supports 80,000 patients with chronic or end-stage kidney disease in 30 states, according to the company.
This article was initially published in March 2021 and has been updated in June following Strive Health’s Series C.
See the presentation that won over CapitalG and other tech investors to the tune of $140 million in March 2021. Some confidential details have been removed by Strive.