Transcarent, a digital platform focused on the self-insured employer market, announced it secured a $126 million Series D investment. The funds bring the unicorn company's total raise to $450 million and valuation to $2.2 billion.

General Catalyst and 7wireVentures led the round, with participation from new investors Memorial Hermann Health System and Geodesic Capital. 

Former investors Human Capital, Kinnevik, Threshold Ventures, Ally Bridge Group, Alta Partners, Leaps by Bayer and Merck Global Health Innovation Fund also contributed to the Series D.

WHAT IT DOES

The California-based company focuses on self-insured employers and their employees. Members can virtually access care 24/7, and a health concierge is available to talk to patients and help them plan surgeries and care paths. 

The company allows members to access weight management, cancer care, urgent care, and behavioral health services, and offers a pharmacy-benefit platform to lower medication costs. 

The company works on a fully at-risk model, where employers have no up-front or per-employee, per-month fees. It also pays health systems up front for surgeries. 

Transcarent will use the funds to speed up its AI capabilities and boost strategic and commercial growth.

"Everyone asked, 'Can you make it easier for our people to access high-quality, affordable care?' and we have. Transcarent is the one place for health and care," Glen Tullman, Transcarent CEO, said in a statement.

"One platform – your mobile phone – for everything you want and need. And an experience people don’t just like but love. High-quality care and cost reductions with a relentless focus on quality. Just what the doctor ordered."

MARKET SNAPSHOT

Transcarent emerged from stealth in March 2021, led by Livongo vet Glen Tullman. 

The company announced it raised $200 million in Series C funding in 2022, and rolled out its pharmacy benefit offering the same year. 

Transcarent Pharmacy Care allows members to search for the lowest-cost drug option and compare prices across pharmacies. They can also transfer their prescription within Transcarent's app and access 24/7 support.

Last year, the company announced plans to acquire assets from 98point6, including its AI-enabled virtual care platform and care business, in a deal worth up to $100 million. 

It also partnered with ViewFi, a tech-enabled virtual orthopedic and rehabilitation platform founded by U.S. tennis champion Andy Roddick. The companies partnered to deliver virtual orthopedic and musculoskeletal care to patients through Transcarent's Consult Solution.