Even Healthcare, a managed care provider, has raised $30 million in a Series A funding round, marking a major milestone for the company.
The funding was led by Khosla Ventures, with support from other notable investors, including Founders Fund, 8VC, and Lachy Groom. This latest round brings Even Healthcare’s total funding to $50 million.
The newly secured capital will help the company launch hospital operations and enhance its patient care services, as stated in a recent press release. The company aims to improve its processes for better healthcare delivery and expand its reach.
Before this, Even Healthcare had already raised $15 million in November 2022 from Alpha Wave and Aspada, following an initial $5 million seed investment led by Khosla Ventures in 2021.
About Even Healthcare
Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare offers a different approach to healthcare. It provides members with benefits like free consultations, diagnostic tests, and cashless hospitalization through partnerships with hospitals and insurance providers.
The company focuses on managed care programs, setting itself apart from traditional insurance models by offering services such as unlimited outpatient consultations and easy bill payments using Even cards.
With a growing team of 300 employees, the company has seen its membership expand to hundreds of thousands.
In just 18 months after its commercial launch, Even Healthcare generated $28 million (about Rs 230 crore) in revenue.
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Future Plans
Looking ahead, Even Healthcare plans to open 3 hospitals in Bengaluru that will focus on secondary care. These facilities aim to reduce hospitalization risks through early health risk assessment and managed care programs.
India’s healthcare market, valued at $372 billion in 2022, is growing rapidly, yet private insurance still covers only a small fraction of the population.
Even Healthcare aims to fill this gap by providing comprehensive healthcare solutions that go beyond traditional insurance.
