ConcertoCare Procures $105 Million in Series B Funds

ConcertoCare has secured $105 million in a Series B funding round with Wells Fargo Strategic Capital as the lead investor. The senior care provider intends to use the funds to fuel expansion, technology investments and to advance their home-based, interdisciplinary comprehensive care model.

Series B funding is a company’s second round of seeking private equity, venture capital or other investment and typically occurs after the organization reaches certain business development benchmarks, following the initial startup. 

The investment brings ConcertoCare more than dollars and cents, according to CEO Julian Harris, M.D.

“Investment firms and investors bring a number of things that can be helpful to organizations like Concerto in certain cases,” Harris said. “They have relationships and networks in the health care industry that are beneficial if we’re trying to identify new partner organizations. In other cases, they have other portfolio companies that have capabilities that may be of interest to us from a partnership or collaboration perspective.”

Investors may also provide expertise in areas like technology, marketing or business operations, Harris indicated. 

Other investors participating in the round include Obvious Ventures, Vast Ventures, The Schusterman Family Foundation, SteelSky Ventures, Pennington Partners, and returning investor Deerfield Management. ConcertoCare, which among other services provides palliative care, has thus far raised a total $149.5 million of investor capital.

In conjunction with the Series B round, Concerto purchased home-based primary care company Crown Health, based in the Pacific Northwest, a move expected to spur further growth in the region. Financial terms of the purchase were not disclosed.

The infusion of capital will accelerate ConcertoCare’s efforts to build density in key markets as well as enter new geographies, according to Harris. The company currently operates in eight states. The investments will also support Concerto’s development of a soon-to-be-launched PACE business, as well as build out its proprietary data analytics and decision support platform, Patient3D.

“We’re excited to partner with ConcertoCare in their full-stack approach to improving patient outcomes, especially for vulnerable patient populations,” said Vishal Vasishth, co-founder and managing director of Obvious Ventures, which participated in the round. “By leveraging their technology alongside an empathetic approach, ConcertoCare is better addressing at-risk patient needs, ultimately making acute care more accessible and effective.”