MCLEAN, Va.--(BUSINESS WIRE)--Somatus, the nation’s leading and largest value-based kidney care company, today announced an oversubscribed Series E financing of $325+ million, at a valuation of over $2.5 billion. The funding will be used to further the reach and impact of its value-based kidney care model. Somatus’ model cares for the whole person by actively partnering with locally-based providers and bringing personalized, in-home care and support directly to patients with kidney disease.
The Company was founded to reshape an industry that has disproportionately focused on the provision of dialysis for those who have already experienced kidney failure. More than 37.5 million Americans have chronic kidney disease, with the majority not knowing they have it or the rapid pace at which it can progress. Through the use of its proprietary technology, multi-disciplinary community-based care teams, and partnerships with nephrologists and primary care physicians, Somatus has built a model focused on prevention and awareness that empowers all people with kidney disease to take control of their health.
“Since our inception, Somatus has always been committed to bringing superior evidence-based integrated care to patients with kidney disease which delays disease progression, improves quality of life, and lowers total cost of care,” said Dr. Ikenna Okezie, chief executive officer and co-founder of Somatus. “This investment puts us in a great position to fund the expansion of our proven care model and continue building a nationwide network of providers and connected patients, who alongside our care teams are working together to improve lives and transform the industry.”
The funding is the latest marker in Somatus’ impressive growth over the past year. In 2021, the Company launched six new health plan partners and established value-based partnerships with multiple provider groups. The Company also grew membership and reach with its current clients and added more than 1,000 team members, bringing its total teammate count to more than 1,350. In 2022, Somatus will serve over 150,000 members in 34 states, across Medicare, Medicare Advantage, Medicaid, and Commercial plans.
The funding round was led by Wellington Management, and included new investments from RA Capital Management, GIC, Fidelity Management & Research Company, and other leading investment organizations. Existing investors Anthem, Blue Venture Fund, Deerfield Management Company, Flare Capital Partners, Inova Health System, Longitude Capital, and Optum Ventures were also contributors. This latest investment brings the total capital raised by the Company to nearly $500 million.
BofA Securities and J.P. Morgan served as co-placement agents to Somatus in connection with the transaction.
Somatus partners with leading nephrology and primary care groups, health plans, and health systems to provide integrated care for patients with, or at risk of developing, kidney disease. As the market leader in value-based kidney care, Somatus' vertically integrated clinical services and technology delay or prevent disease progression, improve quality and care coordination, and increase the use of home dialysis modalities and rates of kidney transplantation. The company is headquartered in McLean, Virginia, and founded by a team of world-class healthcare operators, successful entrepreneurs, and leading clinicians treating kidney disease. For more information, please visit www.somatus.com.