Arkansas-based USAble Corporation joins the Echo Innovation Alliance as an investor
The Alliance – made up of Echo Health Ventures, with its parents Cambia Health Solutions and Mosaic Health Solutions, and USAble – will build on Echo’s proven investment model to scale health care innovation nationally
DURHAM, N.C.; LITTLE ROCK, AR; PORTLAND, OR – (January 11, 2021) – Echo Health Ventures (Echo), a strategic collaboration of Cambia Health Solutions and Mosaic Health Solutions to invest in innovative health care companies, today announced the formation of the Echo Innovation Alliance (the Alliance), a powerful strategic investing engine that extends Echo’s proven investment model.
Echo and USAble Corporation will collaborate through the newly formed Alliance to invest in transformative companies and drive broader market impact. The depth of the Alliance will bring together forward-thinking health solutions companies with demonstrated experience providing products and services to millions of Americans – increasing Echo’s ability to drive health care innovation to scale, support meaningful health care impact, and expand investment sourcing and industry relationships.
The Alliance will seek to invest in health care technology, health care services and digital health companies that are bringing innovative solutions and new capabilities to market and will invest across these companies’ development stages. The Alliance continues and builds upon Echo’s strategic investing model, which efficiently connects market-driven innovations with the scale of innovative health care enterprises like Cambia, Mosaic and USAble. Echo provides not only capital but also valuable health care market insights, sector expertise and active engagement with each portfolio company to grow and scale their business.
Since its founding in 2016, Echo’s experienced team of nationally recognized health care investment and industry professionals has worked in partnership with its parent companies (Cambia and Mosaic) to deliver strong financial returns and a track record of success including:
- A deep portfolio of 20+ innovative portfolio companies;
- Multiple IPOs and considerable financial value created across its portfolio; and,
- More than 30 collaborations between its more than 20 portfolio companies and Echo’s parent companies to drive health care transformation.
USAble Corporation serves its parent company, Arkansas Blue Cross and Blue Shield, by identifying and investing in strategic capabilities and products designed to serve the needs of the businesses and individuals served by Arkansas Blue Cross. USAble Corporation has a long history of making investments into building partnerships to supply ancillary insurance products to groups, serve the provider community via electronic data interchange and clearing house activities, and serve self-funded employers by creating curated network options through enhanced data analytics.
“At a time like this, when the need for innovation in health care is so urgent, we are excited to launch the Echo Innovation Alliance, a new model of highly strategic venture investment, in collaboration with such respected, progressive health care leaders,” said Echo Health Ventures Chief Executive Officer Rob Coppedge. “The Echo Innovation Alliance further validates Echo’s unique model and will accelerate our work with leading entrepreneurs and management teams to scale their innovations nationally.”
“As a health solutions company, we are excited to support those we serve, improving their health and well-being as well as their health care experience,” said Curtis Barnett, president and CEO of Arkansas Blue Cross and Blue Shield and a member of the USAble Corporation Board of Directors. “Every day, we are committed to finding ways to solve for the challenges that our members and health care system faces. By joining the Echo Innovation Alliance, we will have access to deep health care industry knowledge and funding, which allows us to have greater speed to bring critical innovations to market for the benefit of members, providers and communities.”
“This is an exciting time for our collaboration with Echo Health Ventures, which is demonstrating innovation in action,” said Jared Short, Cambia CEO and Echo board member. “As one of Echo’s parents, we are committed to work with this new Alliance and its portfolio to bring these innovative solutions to market faster to serve people, their families, communities and providers.”
“The Echo Innovation Alliance strengthens Echo’s mission to improve the health and well-being of our communities,” said Tunde Sotunde, Echo board member and president and CEO of Blue Cross and Blue Shield of North Carolina. “Through the strategic investments the Alliance enables, we will find even more opportunities to drive innovation in health care for the benefit of patients, providers and payers.”
About Echo Health Ventures and the Echo Innovation Alliance
Echo Health Ventures drives health care transformation through hands-on, purpose-driven strategic venture capital and growth equity investing. The Echo Innovation Alliance is a strategic investment collaboration between Echo Health Ventures and USAble Corporation. For more information, please visit www.echohealthventures.com.