Arcadia-based Clever Care Health Plan Inc., which specializes in supplemental Medicare coverage that includes both Western and Asian medicine, has raised $71 million in Series B financing, the company announced Sept. 22.

Clever Care launched early last year as the first Medicare Advantage plan to offer an integrative approach for beneficiaries interested in medical and dental benefits encompassing both Western clinical-based medicine and Asian medicines and methodologies such as acupuncture, tai chi classes and herbal supplements.

 
Clever Care’s location in the heart of the San Gabriel Valley’s Asian community gives it easy access to a large market for those seeking coverage for Asian medicines and medical techniques.


Bolstered by initial funding rounds totaling $25 million, Clever Care’s network has grown to include more than 15,000 medical providers and 58 hospitals, mostly in Southern California.


The Series B funding round was led by San Francisco-based Health Velocity Capital and previous investors Norwest Venture Partners, also of San Francisco, and Global Founders Capital of Berlin. Also participating in the round were New York City-based Redesign Health Inc., Palo Alto-based PruVen Capital and Chicago-based health plan provider network CommonSpirit Health.


The funds raised will allow Clever Care to continue its growth and outreach in advance of the 2022 annual enrollment period. It will also enable Clever Care to expand its network of independent physicians and clinicians, enter new markets, and provide its members with access to community-based, culturally sensitive overall wellness and care.


“The successful closing of this funding round not only demonstrates confidence in the leadership team and the unique Medicare Advantage plans offered by Clever Care but also provides the company with additional momentum heading in to the important 2022 annual enrollment Period,” Heath Schiesser, a Clever Care board member, said in the fundraise announcement. 
As part of the Series B funding, Marty Felsenthal, partner at Health Velocity Capital, is joining Clever Care’s board.

“At Health Velocity Capital, we have a mission of being the preferred partner of entrepreneurs seeking to build an affordable, sustainable, consumer-friendly health care system,” Felsenthal said in the fundraise announcement. “We were attracted to (Clever Care’s) highly personalized and modern approach to serving Medicare Advantage beneficiaries, which provides truly differentiated, culturally sensitive care to the communities they serve and look forward to helping them expand in their existing and new markets.”

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