Color, a health tech startup, has raised $100 million in Series E funding. This brings the company's value to $4.6 billion. Color now has a total of $378million in Series E funding. This latest round was specifically designed to enable the company to offer new programs that provide the final mile of healthcare services.
Kindred Ventures led the round, with funds managed by T. Rowe Price. Other investors included General Catalyst and Viking Global Investors. Color received $167 million in Series D funding in January at a value of $1.5 billion. The company's value has tripled in the latest round.
Color's software, infrastructure and tools make it easier to access healthcare programs and preventative health. Color has partnered to date with nearly 1,000 organizations including employers and public health departments to provide faster access to healthcare services. Salesforce, Thermo Fisher Scientific and the State of California are some of its partners. It currently hosts over 6,500 COVID-19 test sites in offices and schools. 500 other vaccination sites are also available.
Othman Laraki, Color CEO, stated that the "what we have built" will be a crucial piece of public infrastructure to provide access to healthcare services for those most in need. We have seen an exponential increase in the ability of people to access these services as they become easier and more accessible. Public health should be where public life takes place.
Color's ultimate goal is to rethink healthcare delivery to make it more accessible in people's daily lives. This will allow for low transaction costs and a scalable system that doesn't require much clinical resourcing.
Color is seeking to expand access to public health infrastructure through this funding round. Color will help people access screenings, diagnostics and treatment for their health issues. Color will now offer preventive health services and vaccinations for both schools and businesses. In the future, it will also offer programs to manage infectious diseases.
Color CFO Mike Herring stated that Color has created a strong, profitable, and sustainable business that can scale with the many health challenges facing the U.S. "The response from our partners was incredibly positive and our remarkable team delivered at scale with both speed and quality of execution."
Color was founded by Laraki in 2013 on the basis of his personal experience. TechCrunch was told by the company that Laraki's grandmother died from breast cancer. His mother, a survivor of breast cancer, is also a founder of Color. He is also a carrier for the BRCA2 mutation which can increase a person's chance of developing cancer. He found it difficult to identify this risk and felt that the whole experience could have been made much easier. Laraki's experiences were the catalyst for Color, which now strives to make healthcare more affordable and cost-effective.
According to the company, its combination of existing services and new offerings expands its efforts in building public health technology and infrastructure for employers and governments.
