RecoveryOne Closes $33 Million Series C Financing
Company to Scale Business and Accelerate Market Expansion Efforts
NEWS PROVIDED BY RecoveryOne
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.
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.
RecoveryOne is a recovery-focused virtual physical therapy solution for employers, partners, and health plans. In reinventing MSK care delivery, we have created evidence-based programs rich in human-connected care and amplified through technology that help members from head to toe and everything in between. RecoveryOne is reimagining conventional MSK recovery by giving users a highly engaging and tailored experience that reduces costs and speeds recovery. For more information, visit RecoveryOne.com and follow us on LinkedIn.
About Cobalt Ventures, LLC
Cobalt Ventures, LLC is the strategic venture capital arm of Blue Cross and Blue Shield of Kansas City, the largest not-for-profit health insurer in Missouri and the only not-for-profit commercial health insurer in Kansas City. Cobalt invests in high growth companies that align with Blue KC's mission and can scale nationally across the payer industry. Cobalt actively partners with entrepreneurs in bringing innovative solutions to healthcare that increase overall quality, improve outcomes, and lower costs for customers and members. More information about Cobalt Ventures can be found at cobalt-ventures.com.
About TELUS Ventures
As the strategic investment arm of TELUS Corporation (TSX: T,NYSE: TU), TELUS Ventures is one of Canada's most active corporate venture capital funds. TELUS Ventures invests globally in companies from Seed to Pre-IPO with a focus on innovative technologies such as AgTech, HealthTech, Connected Consumer, IoT, AI, and Security to actively drive new solutions across the TELUS ecosystem. Led by a team of experienced operators, investors and executives, the Ventures team is passionate about creating positive social impact through financial tools and has invested in more than 90 companies since inception.
For more information please visit: ventures.telus.com.