Transcarent CEO Glen Tullman
Transcarent, a care navigation startup, raised $126 million in a Series D funding round, the company said Thursday morning.
The round brings Transcarent’s funding total to $450 million and values the company at $2.2 billion. Venture capital firm General Catalyst led the funding round.
Other investors included venture capital firm Geodesic Capital, Houston-based Memorial Hermann Health System, as well as previous investors Threshold Ventures, Kinnevik, Ally Bridge Group, Human Capital, Merck Global Health Innovation Fund, Alta Partners and Leaps by Bayer.
Transcarent is led by digital health entrepreneur Glen Tullman, who previously ran digital diabetes management company Livongo and electronic health record company Allscripts. Tullman also oversees three venture capital firms: 7WireVentures, Tullman Community Ventures and his most recent one, 62 Ventures.
Transcarent’s platform connects self-insured employer customers to behavioral health, urgent care, cancer care, pharmacy and weight management services. The company said it will use the funds to accelerate artificial intelligence capabilities, support commercial growth and for strategic growth opportunities..
The fundraise comes at a challenging time for digital health startups. Digital health companies received $2.7 billion in funding during the first quarter of 2024, according to research firm Rock Health, the lowest total of digital health funding in a first quarter of the year since 2019.
This fundraise is down from Transcarent's previous round, when it received $200 million in January 2022.
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