Cricket Health Names New CEO Robert Sepucha, Secures $15 Million in Growth Capital from K2 HealthVentures to Expand Operations
Co-Founder Arvind Rajan Named Executive Chairman of the Board
SAN FRANCISCO, Oct. 22, 2020 /PRNewswire/ -- Cricket Health, a comprehensive kidney care provider with a personalized, evidence-based approach to managing kidney disease, today announced that co-founder Arvind Rajan has been named Executive Chairman of the Board of Directors and Robert Sepucha has been appointed Rajan's successor as the company's CEO.The news comes as Cricket announces $15 million in debt financing from K2 HealthVentures (K2HV), a healthcare-focused specialty finance company, which will help the company further expand its innovative kidney care model to more people across the country through additional payer partnerships.
"I have spent much of my career in kidney care, and what Cricket Health has built in a relatively short time is nothing short of revolutionary. Since I began my work at Cricket, I have been impressed by the dedication of the team to our mission of shifting the paradigm in renal care to better serve people with kidney disease and kidney failure," said Sepucha. "I look forward to leading the company as we enter our next phase of growth, expanding relationships with existing partners and forming new partnerships to improve care for more people with kidney disease in our current markets in California, Texas, and beyond."
Sepucha, who is based in Cricket's Cambridge, Massachusetts office, joined the company in 2018 as chief administrative officer, responsible for legal and sales strategy. He previously led government affairs, strategic communications, and industry outreach at Fresenius Medical Care for nearly a decade.
"When we founded Cricket Health five years ago, we wanted to build a kidney care company where our clinical focus and economic incentives were aligned with the best interests of our patients — keeping them from kidney failure for as long as possible, and healthy, at home, and out of the hospital," said Rajan. "Bobby shares those values, and I know that Cricket is well-served by his wealth of expertise as the company expands our reach throughout an area of health care that is on the verge of breakthrough reforms."
The leadership changes come as Cricket has raised $15 million in debt financing from K2 HealthVentures, which will be used to support Cricket's growth as the company adds more payer customers, supports more nephrology practices, and serves more people with kidney disease. In recent months, Cricket has signed deals in California with Blue Shield of California and Cigna. The new funding will support that growth, as well as bringing Cricket's innovative model of kidney care to Texas and other states in the coming months.
"Cricket Health has distinguished itself as the leading provider of innovative, patient-focused kidney care, and has real momentum with both payers and providers," said Austin Sherwindt, Principal at K2HV.
"This investment follows our commitment to supporting cutting edge healthcare and life science companies with innovative management teams that are looking to dramatically improve the lives of patients," added Parag Shah, Founding Managing Director and Chief Executive Officer at K2HV.
About Cricket Health
Cricket Health is a comprehensive kidney care provider with a personalized, evidence-based approach to managing chronic kidney disease (CKD) and end-stage renal disease (ESRD). Cricket works with payers and providers to identify patients who are at risk, acts early to slow progression of the disease, and delivers patient-centered, personalized kidney care through a multidisciplinary care team. If a patient progresses to ESRD, Cricket educates them about their treatment options and delivers patient-centered care, whether it is transplant support, home dialysis, conservative care, or in-center dialysis. Founded in 2015 and based in San Francisco and Cambridge, the company's leadership includes some of the leading experts in nephrology, health care, and technology. Learn more at www.crickethealth.com or follow us @crickethealth.
About K2 HealthVentures
K2HV is an alternative investment firm focused on providing flexible, long-term financing solutions to innovative private and public companies in the life sciences and healthcare industries. The investment team is comprised of collaborative, experienced professionals with diverse backgrounds in finance and operations, as well as deep domain knowledge across various healthcare sectors. A uniquely flexible, permanent capital structure enables the firm to provide creative, adaptive financing solutions and to meet the evolving capital needs of its portfolio companies as they grow. K2HV is driven by dual goals of Profit and Purpose – aiming to fuel the growth of innovative companies that will ultimately improve the lives of patients and giving a percentage of investment profits back to underserved areas in healthcare.
SOURCE Cricket Health
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