WALNUT CREEK, Calif.,
Sept. 14, 2021 /PRNewswire/ --
RecoveryOne, a leading innovator in evidence-based solutions that
personalize and improve the path to recovery from musculoskeletal
(MSK) conditions, today announced completion of a $33 million Series C funding round co-led by
Cobalt Ventures, a wholly-owned subsidiary of Blue Cross and Blue
Shield of Kansas City (Blue KC),
and TELUS Ventures, the strategic investment arm of Canadian
telecommunications and health technology company TELUS. The Series
was rounded out by Cigna Ventures, 7wireVentures, and Leverage
Health Solutions.
Our sustained efforts to transform the recovery journey have
brought us to this moment.
As the largest provider of digital musculoskeletal (MSK)
recovery programs for payers and their members, in addition to
widely supporting employer populations, RecoveryOne will utilize
the investment capital to fuel continued growth in the payer and
employer markets.
Since the company's founding, RecoveryOne has established their
solution as the exemplar for full-body musculoskeletal (MSK)
recovery by concentrating efforts on consumer satisfaction,
engagement, clinical outcomes, and recovery rates. As a result,
they created an unparalleled experience and simultaneously
demonstrated significant savings in total medical costs, which have
been independently measured by RecoveryOne clients in case-matched,
risk-adjusted studies.
"Excelling at MSK care delivery is our mission," said
RecoveryOne CEO Mark Luck Olson.
"Our sustained efforts to transform the recovery journey have
brought us to this moment where we can clearly see the powerful
impact we have on the lives of those suffering from MSK conditions.
We are creating ongoing value for consumers, caregivers, health
plans, and payers, so this funding round will help us to scale
those efforts and extend our impact far beyond the 60+ clients and
nearly three million consumers under contract today."
David Eichler, Cobalt Ventures
President and Managing Partner added, "Digital health innovations
that lower total cost of care for payers while improving access,
engagement and experience for members are a natural extension of
our healthcare portfolio. We foresee great opportunities for our
partnership with RecoveryOne".
Mario Mele, TELUS Ventures Vice
President of Corporate Strategy commented, "We are impressed with
the clear vision shared across the RecoveryOne team. We invest in
disruptive, market-transforming companies to help drive better
health outcomes. RecoveryOne has tapped into a critical and ongoing
market need by delivering an innovative, effective, and affordable
solution that is making a difference in people's lives and will
continue to do so in the future."
The Series C funding builds on a groundbreaking year for
RecoveryOne in terms of growth across employer populations. These
advances are demonstrated by employer renewals and retention rates
of over 90%. In addition, the RecoveryOne virtual MSK program was
included as a standard benefit by a major national payer, designed
to improve the cost and quality of care at scale for millions of
members.
About RecoveryOne
RecoveryOne is a recovery-focused
virtual physical therapy solution for employers, partners, and
health plans. In reinventing MSK care delivery, we have created
evidence-based programs rich in human-connected care and amplified
through technology that help members from head to toe and
everything in between. RecoveryOne is reimagining conventional MSK
recovery by giving users a highly engaging and tailored experience
that reduces costs and speeds recovery. For more information,
visit RecoveryOne.com and follow us on LinkedIn.
About Cobalt Ventures, LLC
Cobalt Ventures, LLC is the strategic venture capital arm of Blue
Cross and Blue Shield of Kansas
City, the largest not-for-profit health insurer in
Missouri and the only
not-for-profit commercial health insurer in Kansas City. Cobalt invests in high growth
companies that align with Blue KC's mission and can scale
nationally across the payer industry. Cobalt actively
partners with entrepreneurs in bringing innovative solutions to
healthcare that increase overall quality, improve outcomes, and
lower costs for customers and members. More information about
Cobalt Ventures can be found
at http://www.cobalt-ventures.com.
About TELUS Ventures
As the strategic investment arm
of TELUS Corporation (TSX: T, NYSE: TU), TELUS Ventures is one of
Canada's most active corporate
venture capital funds. TELUS Ventures invests globally in
companies from Seed to Pre-IPO with a focus on innovative
technologies such as AgTech, HealthTech, Connected Consumer, IoT,
AI, and Security to actively drive new solutions across
the TELUS ecosystem. Led by a team of experienced operators,
investors and executives, the Ventures team is passionate about
creating positive social impact through financial tools and has
invested in more than 90 companies since inception.
For more information please visit: ventures.telus.com.
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SOURCE RecoveryOne