Healthcare startup Color has raised a major $ 167 million in a Series D funding round, at a valuation of $ 1.5 billion post-money, the company announced today. It brings the total raised by color With its latest big round to $ 278 million, to help build on a record year of growth in 2020 with even more expansion to help key healthcare infrastructure across the US – the “last mile” Kovid 19 vaccines, including those related to distribution.
This latest investment in color was led by General Catalyst, and T. Funds invested by Rowe have participation from Viking Global investors as well as others. Along with the funding, the company is also bringing in several key senior executives, including Claire Voe (formerly Optimally) Chief Product Officer, Emily Reuters (formerly Uber, where she played an important role in its IPP process) . Strategy and Operations, and Ashley Chandler (formerly Striped) As VP of marketing.
“I think with [COVID-19] Crisis, it really highlights the lack of infrastructure. We saw it many times, with lab testing, antigen testing and now with vaccines, “Color CEO and co-founder Oman Manki Told me in an interview. “The model that we are developing is working really well and we feel that this is really an opportunity to scale in a very prominent way. I think what is really happening is that public health infrastructure is being built for the country, starting with a technology-first model, as is happening in a lot of industries, which you Let us start with our existing logistics. Assets, and add technology to them. “
Color’s 2020 was a record year for the company thanks to a partnership formed with San Francisco to set up tests for health workers and residents. Larky told me that they have doubled their prior year business, and the company is already set up to grow based on its own revenue, which draws from customers, its ambitions and plans for 2021 and It is right to go beyond this. Time to invest more capital and help accelerate it.
Larki described the approach to color as one that is both cost-efficient for the company, and also a significant cost-savings for healthcare providers working with it. He compares his approach to the changes in the retail sector with the move to online sales, and in particular to the contribution of an industry heavyweight.
“At some point, you build Amazon – A technology-first stack that is optimized around reach and scale, ”said Larki. “I think this is really what we are seeing with healthcare. What is triggering right now is that we are realizing that this applies to the COVID crisis, but at the same time, we have really started working on that for prevention and I think it really Is going to be applied to a huge surface area in the healthcare sector; Basically all aspects of health that are not acute care where you do not need to show up in a hospital. “
Finally, “scalable,” with “low transaction costs” [and] “A lot of clinical resourcing is not used,” says Larky. He notes that it is indeed quite possible. Once you accept the problem, the way things are done depends on knowledge without acknowledging too much about it, resulting in a “heavy Stack “, which is exactly what you need to produce the desired results.
Larkie feels that solving the problem is not easy – on the contrary, he acknowledges that 2021 is likely to be more difficult and challenging for the healthcare industry in many ways than in 2020, and we already know its Have begun to see evidence already in their initial rollout of vaccine delivery and the many challenges faced by delivery. But he is optimistic about Color’s ability to help address those challenges, and to build a “last mile” delivery system for critical care that expands access, while also ensuring Is that things have been done correctly.
“When you take a step back, do a COVID test or a COVID vaccination … they are not complicated procedures – they are extremely simple procedures,” he said. “What’s hard is doing them on a large scale and with very little transaction costs to the individual and the system. And that’s a very different tooling.”