WithMe Health Closes $20 Million Series B Financing Round
New Partnerships and Product Launch
SAN MATEO, Calif., Nov. 24, 2020 /PRNewswire-PRWeb/ -- WithMe Health, Inc., a medication guidance company, today announced the closing of a Series B financing round of $20 million led by OMERS Ventures and with participation from existing investor Oak HC/FT, along with new investors Section 32, Shulman Ventures and MTS Ventures. Michael Yang, Managing Partner of OMERS Ventures, will join WithMe Health's Board of Directors and Brian Marcotte, past CEO and President of the Business Group on Health, will join the Advisory Board. Coupled with recent partnerships with Centivo and Consociate Health, the new funding will support further growth of the client base as well as an extension of the core offering.
In addition to providing a full-service replacement for traditional PBMs, WithMe Health is launching a medication guidance service that complements plan sponsors' existing PBM infrastructure by personalizing medication selection and member guidance. The service helps employers and health plans curb their costs while optimizing member experience and outcomes.
WithMe Health tailors medication recommendations and member support to an individual's needs and context by assimilating multiple data sources (pharmacy, medical and lab) to develop an integrated clinical point-of-view. A team of clinical pharmacists, called Medication Guides, then engages with members to guide them to the best possible outcome. These interactions are supported by a proprietary underlying engagement model based in behavioral and economic psychology called MEDS (Meet, Evaluate, Decide, Support).
"The pandemic has really focused everyone on the healthcare system and the ways in which it's falling short," said Joe Murad, Chief Executive Officer, WithMe Health. "This is an excellent time for innovation across all aspects of the pharmacy value chain, from how people receive medication to our area of focus: getting people on the right medication and helping them to understand if it's working. There are few bigger problems than the misaligned incentives that govern medication selection and utilization."
"We are excited to partner with Joe Murad and the WithMe Health team as they bring a new medication management model to a very traditional pharmacy benefit management market. The early traction they've had getting new customers on board is impressive and a clear indication that the need for a product like this is significant and timely," said Michael Yang, Managing Partner, OMERS Ventures.
About WithMe Health
WithMe Health was founded on the belief that improved health outcomes and lower total cost of care can be achieved through better medication guidance. Their personalized medication guidance solution tailors medication selection to the individual and guides members through every step of their medication journey. The company is headquartered in Silicon Valley and has raised $40 million. Follow WithMe Health on Twitter and LinkedIn. https://www.withmehealth.com/
About OMERS Ventures
OMERS is one of Canada's largest defined benefit pension plans, with CAD$109 billion in net assets as of December 31, 2019. OMERS Ventures currently manages CAD$2 billion and has made more than 50 investments in disruptive technology companies across North America and Europe. http://www.omersventures.com.
About Centivo
Centivo is a new type of health plan for self-funded employers that is built to save 15 percent or more compared to traditional insurance carriers and is easy to use for employers and employees. https://centivo.com
About Consociate Health
Since 1995, Consociate Health has partnered with employers, and their trusted advisors, to provide innovative employee benefits programs, plan administration services and actionable plan analytics. https://consociatehealth.com/
Media Contact
Dickon Waterfield, WithMe Health, 917.544.3058, [email protected]
SOURCE WithMe Health
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