Pager Announces $33M Financing Round
NEW YORK, March 9, 2020 /PRNewswire/ -- Pager, a virtual care companion that provides a personalized, connected care experience throughout your healthcare journey, has announced $33 million in equity and debt financing, bringing the total raised by the Company to $63 million to date. The proceeds of the new round will be used to expand in new markets, launch new products, and scale the technology platform and clinical operations in New York, NY and Raleigh, NC.
The Series B equity financing was led by growth equity investor Health Catalyst Capital with the participation of Horizon BlueCross BlueShield of New Jersey as well as existing investors Goodwater Capital, Three Fields Capital, New Enterprise Associates and Lux Capital with additional debt financing from Silicon Valley Bank. Other investors include board member Steve Shulman, former CEO of Magellan Health.
"Healthcare is so confusing and frustrating for people to navigate on their own, which is why it's so important to connect patients with a care team of professionals together all on one common platform to make faster and smarter decisions," said Walter Jin, Chairman and CEO of Pager. "I'm excited to have Health Catalyst Capital join our group of reputable investors that support our mission, validate our value proposition and collaborate on more ways to distribute this incredible technology to millions of people."
This next round of financing comes in the wake of a highly successful 2019 for Pager. The company welcomed major new partnerships, including Cambia Health Solutions and Seguros SURA, the leading provider of health insurance services in South America and Pager's first international partnership. Pager has more than doubled its employee headcount and tripled its revenues in the past two years.
"HCC is pleased to lead this round of financing with acceleration capital to support the deployment of Pager to health insurers that seek to modernize and automate member engagement features," said Charles Boorady, Founding Managing Director of Health Catalyst Capital. "The overwhelmingly positive feedback from customers is a testament to the innovative technology and team they have built."
Pager's unique solution provides consumers with an end-to-end care navigation experience, while bringing doctors, nurses and the rest of the care team together in one place where they can collaborate, share information and make better decisions. Pager partners with leading payers to make its solution available to consumers on a large scale.
"Pager has been an essential element of Horizon's digital strategy that is providing our members with innovative tools and technologies to make it easier for them to engage with their health and get the care they need," said William Georges, Chief Strategy Officer at Horizon Healthcare Services, New Jersey's largest insurer.
Pager was started in 2014 in New York by entrepreneurs Gaspard de Dreuzy, Philip Eytan and Uber's founding CTO Oscar Salazar. Pager is contracted to serve more than 10 million patients in the US and internationally.
Pager is your virtual care companion that provides a personalized, connected care experience throughout your healthcare journey, like having a "doctor in the family." Pager provides people with the right information, navigation and coordination services to access the complete set of virtual care services including triage, telemedicine, prescriptions, appointments, transportation and after-care follow-up. Pager simplifies the healthcare experience by enabling collaboration with multiple healthcare professionals into a unified group conversation through various omni-channel modalities. Pager's embedded SaaS technology integrates with claims and clinical data systems, in addition to third-party point solutions, to enable AI automation that delivers a personalized, seamless engagement experience. Pager partners with payers, providers and employers to offer this solution to over 10 million people across the United States, in addition to Latin America.
About Health Catalyst Capital
Health Catalyst Capital is an independent private equity firm that invests in growth stage healthcare information technology and technology-enabled services businesses, including artificial intelligence, genomics, data analytics and informatics. HCC was formed by a team of experienced healthcare investors and operators seeking profitable investment opportunities, while at the same time seeking to improve the human condition and promote value based care.