Cityblock Health, a provider of comprehensive personalised care for underserved communities in the US, raised $116 million in a Series E led by General Catalyst.
Alongside the funding, Cityblock has signed a deal to acquire Homeward Health in an all-stock transaction to expand its reach into rural Medicare Advantage care.
Homeward Health serves almost 50,000 members. Cityblock Health serves almost 200,000 members. The combined entity will serve almost 250,000 people across the US.
The financial terms of the acquisition were not disclosed by Cityblock Health or Homeward Health.
Cityblock Health reported its annualized revenue of $2.2 billion, up 77% year over year and more than four times what it was at the company’s last fundraising round in 2021.
Cityblock Health said the latest funding strengthens its position as an outcomes-based care provider for people covered by Medicare, Medicaid or both, including patients with complex healthcare needs.
Commenting on the latest fundraise and acquisition, Cityblock Health said: “In this next chapter, we’re excited to continue on the trajectory we’ve established. We’ll take the experience from this first acquisition to do more: grow our platform, organically and inorganically, so that we can serve as many people as we can, wherever they may be.”