Capital raise included strategic investors and customers as Vincere scales into risk-based contracting with more health plans and provider networks
BOSTON–(BUSINESS WIRE)–Boston-based start up, Vincere Health, has raised a customer-led strategic funding round of $1.75m. Having set out to raise $1m in additional capital, the round was oversubscribed on a SAFE note with 2x the valuation cap of the last priced round of $3m in 2021. The funding opportunity was driven by Inception Health, the innovation arm of the Froedtert & the Medical College in Wisconsin (MCW) health network, with participation by BrightEdge, the impact investment and venture capital arm of the American Cancer Society, and participation from existing specialist healthcare investors including SixThirty Ventures, Flare Capital, and Trevor Fetter.
Vincere has built an expertise in activating, engaging and driving objectively measurable outcomes in smoking cessation among some of the hardest to reach populations in US healthcare – individuals who are low income, in remote rural settings, and across diverse minority population groups. Over 75% of the population they have treated have been Medicaid members. Among this population, using their unique financial incentive, remote monitoring and data analytic tools which complement human clinical care, they have achieved compliance rates in excess of 62% and quit rates in excess of 40% for complex populations.
What was particularly appealing to the Froedtert & MCW health network, as a customer, and BrightEdge, is Vincere’s ability to put full fees at risk based on objectively measured outcomes and stringent performance guarantees around patient engagement. Vincere is thus a pioneer in accountability and value based care for specific verticals of care to drive important preventive health outcomes – particularly among those who need the most help.
“We’re particularly excited about Vincere’s work in advancing health equity and expanding novel smoking-cessation services to underserved communities,” said Alice Pomponio, managing director of BrightEdge, which invests in early-stage companies developing cancer-focused therapies, diagnostics, devices and technologies that accelerate ACS’s mission. “Our involvement in this seed round is consistent with our mission to defeat cancer from every angle and nicely complements our existing investments by adding cancer-prevention and tobacco-control services to our portfolio.”
Mike Maschek, Director at Inception Health, said, “As a strategic investor, Inception Health looks to invest in digital health startups that are driven to solve big problems in health care. We are incredibly excited to bring the Vincere Health solution to our community in Southeast Wisconsin and look forward to continued partnership with the Vincere Health team.”
About Vincere Health
Vincere offers a turnkey, risk-bearing health engagement platform built from the ground up to reach the hardest to help low-income populations, starting with helping smokers and vapers in partnership with state governments and Managed Care Organizations. Vincere combines clinical support with real-time incentives based on the latest behavioral science to give health plans 2-way SMS and calls, integrated clinicians and bots, automated nudges, digital financial rewards, remote monitoring, and more.
Cameron D. Jacox