VillageMD raises $100M to expand primary care platform

VillageMD, a Chicago-based provider of primary care support solutions, raised $100 million in a Series B funding round led by international investment firm Kinnevik.

Oak HC/FT, Town Hall Ventures and Adams Street Partners also participated in the funding round. Their investments will be used to expand VillageMD's footprint — the company currently partners with more than 2,500 primary care physicians, managing $3 billion in value-based contract spending — and enhance its docOS platform.

"The primary-care physician is best placed to coordinate care delivery and arguably has the greatest influence on healthcare outcomes. VillageMD enables physicians to move towards a primary care-led, high-value and risk-bearing clinical model. Their technology, operational and clinical support capabilities have yielded best-in-market outcomes and proven results," said Chris Bischoff, senior investment director at Kinnevik, who will join VillageMD's board of directors.

The close of the funding round comes not long after VillageMD announced its latest expansion efforts: In April, the company partnered with Walgreens to open several primary care clinics in Houston. The first five clinics, called Village Medical at Walgreens, are scheduled to open by the end of 2019.

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