PORTER SECURES $5.4 MILLION SERIES SEED FINANCING LED BY GRIT CAPITAL PARTNERS, OLD LINE CAPITAL, AND JLC FAMILY OFFICE, ADDS DOMAIN EXPERTISE TO ITS BOARD

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Jan 04, 2023, 10:25 ET

Funds will be used to strengthen its position as a leading technology and clinical services platform for care coordination and quality optimization, benefitting patients and payors alike.

MIAMI and NEW YORK, Jan. 4, 2023 /PRNewswire/ -- Porter, the leading technology & services platform connecting members with personalized services, products, and care coordination, has raised a $5.4 million Series Seed round led by Grit Capital Partners, Old Line Capital, and JLC Family Office. With this financing, Porter will build on its growing market share as the most comprehensive solution for patients and payors looking to optimize care and quality. The company also announced that George Davis, of Evergreen Advisors and a Technoogy C-Suite advisor, and Phil Traylor, CEO of TapCloud and long-time healthcare innovator, have joined the company's board of directors.

Porter's approach and innovative model really caught our attention, especially since the company achieved its early growth on a small amount of capital," said Paul Palmieri, Managing Partner at Grit Capital Partners. "Porter's combination of care coordination with strong data analytics and coverage insights, gives the company massive credibility with members. The company's deep understanding of risk adjustment and the payor ecosystem got us excited to invest in the disruptive alignment of interests that the platform brings to payors and consumers."

Porter connects members with the personalized services, products, and information they need —navigable content, a curated marketplace, coverage information, and a supportive online health community— so they can make informed health decisions based on speed, quality, and cost. Driven by powerful AI analytics, Porter's virtual Care Guide Team helps the member navigate the healthcare delivery system and secures the right support for each member's unique needs for care at home.

Porter's team of expert Clinicians perform comprehensive in-home assessments, complete with lab and diagnostic testing, all in concert with the member's designated Care Guide. By coordinating the complexities of each unique care journey, Porter closes the gaps that have the largest impact on quality measures, total cost of care, and risk adjustment, while providing member-centered care.

"Old Line Capital is excited to help Porter advance its innovative and comprehensive service offering to support health insurers and at-risk providers", stated John Kessler, Old Line Capital's General Partner and Deal Lead for Porter. "OLC is confident that the marketplace will benefit from Porter's more advanced technology and its more member-centric care model."

"We are excited to partner with this experienced set of investors and board directors", added John Criswell, Founder & CEO. "Gaining their wisdom and financial support in step with our growth is positioning us well to deliver on the model we're building here at Porter."

About Porter

Porter is a leading healthcare IT and services platform for care and coverage coordination, delivering optimal outcomes. Porter delivers understanding, compassion, information and peace of mind for consumers. For the healthcare ecosystem, it aligns member optimal outcomes with key quality measures like star rankings, and total cost of care; while keeping the member's care experience at the center of each stop along their journey. Porter combines the power of data analytics with the power of care. For more information visit www.helloporter.com

About Grit Capital Partners

Grit Capital Partners invests in high potential entrepreneurs who seek to disrupt industries with technology and data – and are on a path to change the world. We are decidedly biased toward solutions that can catalyze entire ecosystems. Our focus is on ecosystem technologies bringing creative disruption to Financial Services, Commerce, Media and Healthcare IT.

About Old Line Capital Partners

Old Line Capital is a venture capital firm focused on the financing and development of early-stage technology startups in Maryland and the broader mid-Atlantic region.

Media contact:
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SOURCE Porter