RecoveryOne Closes $33 Million Series C Financing
Company to Scale Business and Accelerate Market Expansion Efforts
WALNUT CREEK, Calif., Sept. 14, 2021 /PRNewswire/ -- RecoveryOne, a leading innovator in evidence-based solutions that personalize and improve the path to recovery from musculoskeletal (MSK) conditions, today announced completion of a $33 million Series C funding round co-led by Cobalt Ventures, a wholly-owned subsidiary of Blue Cross and Blue Shield of Kansas City (Blue KC), and TELUS Ventures, the strategic investment arm of Canadian telecommunications and health technology company TELUS. The Series was rounded out by Cigna Ventures, 7wireVentures, and Leverage Health Solutions.
Our sustained efforts to transform the recovery journey have brought us to this moment.
As the largest provider of digital musculoskeletal (MSK) recovery programs for payers and their members, in addition to widely supporting employer populations, RecoveryOne will utilize the investment capital to fuel continued growth in the payer and employer markets.
Since the company's founding, RecoveryOne has established their solution as the exemplar for full-body musculoskeletal (MSK) recovery by concentrating efforts on consumer satisfaction, engagement, clinical outcomes, and recovery rates. As a result, they created an unparalleled experience and simultaneously demonstrated significant savings in total medical costs, which have been independently measured by RecoveryOne clients in case-matched, risk-adjusted studies.
"Excelling at MSK care delivery is our mission," said RecoveryOne CEO Mark Luck Olson. "Our sustained efforts to transform the recovery journey have brought us to this moment where we can clearly see the powerful impact we have on the lives of those suffering from MSK conditions. We are creating ongoing value for consumers, caregivers, health plans, and payers, so this funding round will help us to scale those efforts and extend our impact far beyond the 60+ clients and nearly three million consumers under contract today."
David Eichler, Cobalt Ventures President and Managing Partner added, "Digital health innovations that lower total cost of care for payers while improving access, engagement and experience for members are a natural extension of our healthcare portfolio. We foresee great opportunities for our partnership with RecoveryOne".
Mario Mele, TELUS Ventures Vice President of Corporate Strategy commented, "We are impressed with the clear vision shared across the RecoveryOne team. We invest in disruptive, market-transforming companies to help drive better health outcomes. RecoveryOne has tapped into a critical and ongoing market need by delivering an innovative, effective, and affordable solution that is making a difference in people's lives and will continue to do so in the future."
The Series C funding builds on a groundbreaking year for RecoveryOne in terms of growth across employer populations. These advances are demonstrated by employer renewals and retention rates of over 90%. In addition, the RecoveryOne virtual MSK program was included as a standard benefit by a major national payer, designed to improve the cost and quality of care at scale for millions of members.
About Cobalt Ventures, LLC
About TELUS Ventures
For more information please visit: ventures.telus.com.
Company Codes: NYSE:TU, Toronto:T
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