Vori Health Raises Additional Capital from Strategic Partners Intermountain Healthcare, Ascension Ventures, and Echo Health Ventures
With Additional Funding and Strategic Partners, Vori Health Will Continue to Expand its Offerings and Push the Limits to Transform Care
SAN FRANCISCO, July 7, 2021 -- Today, Vori Health, a first-class medical provider for innovative musculoskeletal care, announced additional Series A funding from Intermountain Healthcare, Ascension Ventures, and Echo Health Ventures, bringing the total round size to over $50M. The Series A financing was led by New Enterprise Associates, Inc. (NEA), with participation from current investors AlleyCorp and Max Ventures. With these strategic partnerships with leading health systems and payors, Vori will accelerate its mission to deliver an integrated patient experience and outcomes through its multidisciplinary approach to care, premium online content, and social community.
"Vori Health is ecstatic to partner with Intermountain Health, Ascension Ventures, and Echo Health Ventures. These strategic alliances will further accelerate our mission to fundamentally transform clinical care delivery," said Dr. Ryan Grant, Founder and CEO of Vori Health. Musculoskeletal pain and injury are the top cause of global disability, affecting 54% of the U.S. population. Due to their prevalence and the complexity of needs that emerge from a biopsychosocial standpoint, musculoskeletal conditions are one of the top cost drivers in healthcare. Vori Health was established to deliver a patient goal-driven approach and care experience through tech-enabled services that deliver premium content by way of multidisciplinary care teams. The Company sees itself as a true partner to drive value for patients, payors, providers, employers, communities, and beyond.
"We're thrilled to partner with Vori Health, which is truly working to transform clinical care delivery starting in the musculoskeletal sector," said Dr. Michael Phillips, Managing Director at Intermountain Ventures. "We need an innovative partner who can integrate with our non-surgical and surgical providers, that address a broad range of patients and conditions," said Nickolas Mark, Managing Director at Intermountain Ventures.
"We are ecstatic to partner with Ryan and the Vori team to address the fragmentation of healthcare with forward-thinking care and economic models," said Brian Belsky, Investment Director at Ascension Ventures. "We strongly believe that the Vori team and their integrated approach to MSK care will drive value for a variety of stakeholders, including the payors, in a way that has not been done by other entities," added Dusty Lieb, Partner at Echo Health Ventures.
With these strategic partners, Vori Health will continue to expand its full-stack medical offering across the U.S. and will always welcome forward-thinking partners to join forces on this journey to transform care delivery across the nation and beyond.
About Vori Health
Vori Health is an all-inclusive medical and health provider practicing a holistic, integrated approach starting with musculoskeletal care. The organization offers full service physical medicine and rehabilitation care, physical therapy, prescriptions, imaging & lab ordering, health coaching, nutritional guidance, community support and premium instructional content. The team consists of carefully selected, board-certified physicians and licensed healthcare providers, and provides health services that are accessible at the click of a button from the comfort, convenience, and privacy of a patient's home. Learn more at www.vorihealth.com.
About Intermountain Ventures
Intermountain Ventures is a strategic investment vehicle of Intermountain Healthcare. Its purpose is to source, evaluate, and invest in innovative companies that represent a high return, high growth opportunity and that align with Intermountain's mission of helping people live the healthiest lives possible. Learn more at www.intermountainventures.com.
About Ascension Ventures
Ascension Ventures is a strategic healthcare venture fund whose limited partners are some of the most respected, values-driven nonprofit healthcare systems in the US. As a strategic investor, Ascension Ventures adds value by sharing its portfolio companies' solutions across its limited partner base. Ascension Ventures generates returns to its limited partners that help support their missions to provide care to the poor and vulnerable. Ascension Ventures is currently investing out of their fifth fund, which has over $1 billion in assets under management.
About Echo Health Ventures
Echo Health Ventures drives systemic health care transformation through hands-on, purpose-driven strategic venture capital and growth equity investing. Echo brings together USAble Corporation, Cambia Health Solutions and Mosaic Health Solutions to accelerate health care innovation on a national scale and support meaningful health care impact.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's life cycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions. www.nea.com.
About AlleyCorp and Max Ventures
Founded by serial entrepreneur Kevin Ryan, AlleyCorp is one of the most active early-stage investors in New York. AlleyCorp founded companies include MongoDB, Business Insider, Gilt Groupe, Zola, and Nomad Health (Co-founder Dr. Ryan Grant). AlleyCorp has built and grown a significant healthcare vertical in New York and beyond. www.alleycorp.com
Max Ventures is an early-stage investment firm based in NYC that has invested in more than 60 early-stage companies, primarily focusing on digital health, digital commerce, and SaaS. www.maxventures.vc