Color Healthcare Startup Raised $100 Million
In its latest fundraising round, Color raised $100 million, bringing its worth to $4.6 billion.
As we stated in our article about the upcoming startup trends, healthcare will be a vital niche in the startup industry.
Color has now raised a total of $378 million, with this latest round expressly designed to enable the company to offer innovative initiatives that give the final mile of care in healthcare services.
Contributors to this funding round include General Catalyst, Viking Global Investors, and Emerson Collective.
Color raised $167 million in Series D investment in January with an estimated value of $1.5 billion. This latest financing has tripled the company's value.
Color's software and infrastructure make healthcare programs more accessible to preventative health and infectious disease control.
They have worked with over 1,000 institutions to help consumers receive speedier access to healthcare services. These partnerships include public health departments, businesses and colleges. For example, Color has collaborated with the NIH, the California Department of Public Health, the Thermo Fisher Scientific Company, and many others.
More than 6,500 COVID-19 testing locations, including offices and schools, are currently supported by the firm, which manages 500 immunization locations around the US. They've discovered that as these services grow more accessible and comfortable, people's ability to use them increases exponentially. At the same time, public health should take place in the places where people gather.
As an outcome, Color's strategy seeks to reinvent the way healthcare is delivered so that people can get it when they need it with low transaction costs and without the need for an excessive amount of clinical staffing. A new round of investment from Color will help the company expand its public health infrastructure by making screening, diagnostics, and beginning treatment more readily available to the general population.
Schools and businesses can now take advantage of Color's immunization and health prevention programs. In the future, it hopes to provide services for the prevention and treatment of infectious diseases. Color had established a long-term sustainable and profitable business model that can grow as the United States tackles many health issues.
Partner feedback has been highly favorable, and Color's team has delivered at scale with speed and quality of implementation.
The CEO's personal experiences led him to co-found Color in 2013. In an earlier statement the CEO says his grandmother died of breast cancer and that his mother is a breast cancer survivor. BRCA2 mutations, like the one he carries, can raise a person's cancer risk. It was difficult for him to learn about this specific risk, and he thought that the entire encounter felt like a healthcare transaction that might have been much more straightforward.
Color was born out of Laraki's personal experience, which prompted the company to make healthcare more accessible and cost-effective.
According to the company's statement, its efforts to enhance public health technologies and infrastructure are bolstered by a combination of existing offerings and future services.