The home-based cancer care provider Daymark Health has secured $20 million in a Series A funding round.
The investment firms Healthier Capital and Blue Venture Fund led the round, with participation from Daymark’s existing investors, Yosemite, Maverick Ventures and Oncology Ventures.
“We are seeing a tipping point in oncology, where payers feel the ongoing pressures of managing specialty risk and providers are seeking solutions that put patients first,” said Dr. Justin Bekelman, oncologist and CEO and co-founder of Daymark Health, in a statement. “We built Daymark Health to provide compassionate, intelligent and frictionless cancer care at scale and are honored to partner with our new investors to advance cancer care across the United States.”
Daymark provides care for clinical, mental health and social needs of cancer patients through a comprehensive care platform and a full-risk, value-based approach, according to the company website. By partnering with payers, Daymark’s community-based team of nurse practitioners, nurses, social workers and health partners works with patients’ oncologists and primary care providers to deliver virtual and in-home care.
The Philadelphia-based company launched in April with an $11.5 million seed funding round led by Maverick Ventures and Yosemite, with additional investment from Oncology Ventures. It started operations in partnership with a major payer in the Northeast to provide evidence-based, supportive cancer care to more than 2,500 cancer patients. The company raised another $20 million in a September funding round led by the same investment groups.
Daymark will use the new infusion of capital to further scale their cancer care platform, build new health plan partnerships and make further investments in its technology offerings.
“Daymark is breaking down the silos in healthcare delivery to better enable personalized care for patients with cancer, while improving outcomes and reducing avoidable costs,” said Dr. Aman Mahajan, partner at Healthier Capital, in a statement. “Daymark is delivering a transformational model of personalized, high-quality, value-based cancer care.”
The company has also announced a new partnership with the payer Blue Cross Blue Shield of Rhode Island (BCBSRI). Through this collaboration, Daymark will provide care to as many as 2,500 cancer patients among the health plan’s members.
“There is nothing scarier than being diagnosed with cancer and feeling alone navigating the healthcare system,” said Martha L. Wofford, president and CEO of BCBSRI, in an announcement. “Now with Daymark, our members consistently tell us that they feel supported, and that care feels more coordinated, more personal and less overwhelming.”
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