Vesta Healthcare, a virtual care company for individuals receiving home care, closed a $65 million Series C round with new debt financing.
RA Capital Management led the round with participation from Chrysalis Ventures, Oak HC/FT, CareCentrix/Walgreens, Deerfield Management, Kaiser Permanente Ventures, Nationwide, Lux Capital and Generator Ventures.
Horizon Technology Finance Corporation, a Monroe Capital affiliate, provided debt capital.
WHAT IT DOES
Vesta offers a virtual care provider group for individuals receiving care at home. It provides 24/7 remote patient monitoring and communication services to support patients and their caregivers, providers, insurance plans and home care agencies.
“RA Capital Management is excited to lead this equity round and support Vesta Healthcare’s groundbreaking work. Vesta’s unique model of leveraging caregivers to bridge the gap between healthcare and home care has immense clinical potential. We are excited to see how Vesta’s solutions will continue to improve healthcare outcomes for those with home care needs,” Dr. Michael Sherman, venture partner at RA Capital Management and Vesta Healthcare board member, said in a statement.
MARKET SNAPSHOT
In 2021, the company secured $65 million in growth capital.
It has since formed numerous partnerships, including collaborating with western Massachusetts-based Highland Valley Elder Services, a support service for aging individuals.
The company also announced it and CareAtHome Medical Group were selected by the Centers for Medicare & Medicaid Services to participate in a Medicare alternative payment model to support dementia patients by delivering CMS’ GUIDE program in 11 states. The program is slated to start in July 2025.
Other companies offering virtual care services to individuals in their homes include telehealth and medical transportation company DocGo, which last year announced a partnership with New York-based not-for-profit health insurer EmblemHealth to provide patients with in-home services, such as transitional care management, after being discharged from the hospital.
Denver-based in-home care provider DispatchHealth also offers in-home care services as well as retail giant Best Buy’s home care and remote patient monitoring platform Current Health.
