Everside Health Announces $164 Million in Growth Equity Funding from NEA and New Investors
Existing investors NEA, Oak HC/FT and Alta Partners, and new investors, including Endeavor Catalyst, joined the round
Funding will accelerate growth, enhance Everside's technology stack to facilitate predictive, whole-patient care, and support potential M&A opportunities
DENVER, July 25, 2022 /PRNewswire/ -- Everside Health, LLC, a leading national direct primary care provider, today announced that it has raised $164 million in growth equity funding. Longstanding investor New Enterprise Associates, Inc. (NEA), a global venture capital firm that invests in transformational healthcare and technology companies, was joined by all previous Everside investors, including: Oak HC/FT, Alta Partners, as well as nine new investors, including Endeavor Catalyst. Proceeds will be used to support the Company's growth, accelerate its impact and footprint, support potential M&A opportunities and enhance the Company's technology stack, including new functionality and services that will empower Everside's providers to deliver predictive patient care that treats the whole person and not just their symptoms. Everside will expand its services and specialty coverage with initiatives targeting the broad set of problems Americans, employers and union organizations face in healthcare access, cost and outcomes.
"Limited access to quality primary care in the U.S. has compounded chronic conditions, exacerbated mental health problems and increased healthcare costs," said Everside Health CEO, Chris Miller. "Continued investment from NEA, Oak HC/FT and Alta Partners – and participation from our new investors – is a strong endorsement of our work to deliver high-quality, affordable and accessible healthcare. It will enable us to embed additional mental health professionals into our health centers as well as advance our technology capabilities to drive improved clinical outcomes. We are grateful for the funding and partnership of these esteemed investors and pleased to see the continued conviction in our integrated, value-based approach to direct primary care."
Everside's value-based business model emphasizes health outcomes over patient volume, keeping patients active, healthy and out of the emergency room, while allowing doctors and medical professionals to focus on providing quality care while preventing burnout. The Company helps labor unions, school districts, manufacturers and other workforces save an average of 17% on claims costs by year three and 31% by year five based on retrospective claims analysis conducted by the Company.
"It's clear that the U.S. is in the midst of a healthcare crisis, with rising costs, lack of access to care, and mental health issues becoming more severe across the country," said Mohamad Makhzoumi, Managing General Partner, Healthcare at NEA and member of Everside Health's Board of Directors. "While a myriad of organizations are trying to make healthcare more accessible and affordable, Everside's model has already proven to drive better health outcomes and deliver cost savings for patients and providers alike. We look forward to supporting their continued growth and success."
Everside serves hundreds of thousands of patients in 34 states nationwide, representing its commitment to ensuring the working sick have access to comprehensive preventive services, including mental and occupational healthcare. Everside was named 2022 Best in KLAS as the #1 Employer Sponsored Healthcare services provider. Additionally, Miller was recently named as an Ernst & Young Entrepreneur Of The Year® for the Mountain West region for 2022. Entrepreneur Of The Year® is one of the preeminent competitive business awards for entrepreneurs and leaders of high-growth companies who think big to succeed.
About Everside Health
Everside Health is one of the largest direct primary care providers in the U.S., operating 375+ health centers in 34 states located at or near the facilities of its employer, union and other benefit sponsor clients. Everside's patient-focused, care-obsessed, technology-driven approach – which integrates primary, mental and occupational healthcare into one holistic solution – aligns incentives to benefit the patient, the physician and the benefit provider, all while reducing the total cost of care. Patients receive convenient, low- or no-cost access to physicians and 24/7 virtual care that treats the whole person and not just their symptoms. Everside was named the #1 Employer Sponsored Healthcare Services Provider by KLAS for 2022 and is based in Denver, Colorado. For more information, visit www.eversidehealth.com.
About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's track record of investing includes more than 260 portfolio company IPOs and more than 440 mergers and acquisitions.
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SOURCE Everside Health
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