Telehealth provider Vesta Healthcare has raised $65 million in capital to help it expand in other states, increase program offerings and develop partnerships with home care agencies over the next few months.
“Through this additional investment, we will be able to rapidly expand our presence as well as continue building novel care models and data-driven technology solutions for the home,” Vesta Healthcare CEO Randy Klein said in a statement.
Deerfield Management Company led the financing, with existing investors Oak HC/FT, Kaiser Permanente Ventures, Lux Capital, Generator Ventures, Nationwide, CareCentrix, Epstein Partners and K2 HealthVentures.
The latest infusion of cash comes two years after Vesta Healthcare raised $30 million, bringing total funding to date to $95 million. The money will help it compete in the $9.5 billion U.S. telehealth industry, which grew 80% last year due in part to the COVID-19 pandemic.
Vesta was founded in 2018, focusing on high-need, frail seniors living at home. The company partners with home care agencies, health plans and providers to create value-driven health programs aimed at improving health outcomes. The company identifies additional needs in the home and delivers care virtually 24/7.
Over the past year, NY-based Vesta has expanded its footprint and is currently in five states. The company also has nearly nationwide coverage through affiliated medical groups.