CVS Health's VC arm invests $100M in Carbon Health

Days after announcing a mass layoff, Carbon Health secured $100 million in series D funding from CVS Health Ventures Jan. 10.

Carbon Health, a hybrid healthcare company focused on primary and urgent care, announced plans to roll back its public health, remote patient monitoring, hardware and chronic care programs on Jan. 6, and laid off more than 200 employees.

The company said it would focus more on primary and urgent care, and aims to use the new funds to scale its Connective Care model, sign new value-based arrangements and invest in technology to become a leader in primary and urgent care nationwide.

Carbon Health has 125 physical locations in 13 states and a virtual care platform.

Alongside the $100 million investment, CVS Health will pilot the Carbon Health operating model inside some existing locations to improve the patient experience.

"Our investment in Carbon Health is another important step toward our vision of becoming the leading health solutions company for consumers," said Vijay Patel, managing partner and co-founder of CVS Health Ventures. "This pilot will allow us to explore Carbon Health's potential to advance the retail health experience, connecting consumers to care where and when they need it with a simple and engaging user-driven experience that can be adapted and delivered across our platform."

J.P. Morgan was Carbon Health's financial advisor.

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