COLUMBUS, Ohio, Feb. 19, 2021 /PRNewswire/ -- Circulo starts
with $50M out of the gate to bring
much needed, disruptive innovation to Medicaid Managed Care.
Medicaid is a cornerstone of the U.S. healthcare system and is
often passed over by venture backed startups who aim to disrupt
Medicare Advantage and commercial health insurance markets. Circulo
plans to change that by bringing bold new approaches and
Internet-scale technology to more than 75 million members who
depend on Medicaid for their coverage.
Circulo will be built on Olive's technology platform that has
been adopted by over 600 hospitals. Olive will provide automation,
intelligence, network tools, and AI co-worker technologies to
Circulo as they build the Medicaid insurance company of the
future.
Drive Capital, General Catalyst, Oak HC/FT, and SVB Capital are
all investors in Olive and have joined together to fill out
Circulo's large inaugural equity financing. They also return
as backers of Sean Lane who will serve as CEO of both Olive
and Circulo. Sean, an ex-NSA intelligence officer turned
entrepreneur, is Olive's founder and CEO and has led the company to
a $1.5B valuation in the company's
last financing, while growing the workforce to over 550 employees.
"We're excited to invest in Circulo's vision for Medicaid and to
help create another important insurance company from the ground up
here in Columbus," commented
Chris Olsen, co-founder of Drive
Capital.
"Circulo is going to use Olive's unique platform to build the
Medicaid insurance company of the future from scratch, right here
in Columbus, Ohio - the emerging
insurtech capital of the U.S." said Sean
Lane, CEO of Circulo and Olive. "There's no better place to
build and grow a high-tech insurance company and there's no better
mission than to do it to serve the country's most underserved
population."
Circulo plans to add dozens of new roles immediately. To learn
more about joining the Circulo team, contact
readytoserve@circulohealth.com.
About Circulo
Circulo is building the Medicaid
insurance company of the future to provide tech-enabled,
world-class care to the nation's sickest and poorest populations.
Circulo is based in Columbus,
Ohio, the emerging insurtech capital of the U.S. Check us
out on LinkedIn.
About Drive Capital
Drive Capital is a Columbus-based venture capital firm that is
focused on investing in the world's next generation of
market-defining companies. The firm started in 2013 and raised over
$1B of funds to invest in startups
solving problems in large markets. Drive is an investor in more
than 40 companies outside of Silicon Valley, including Root
Insurance, Duolingo, and Branch.
About General Catalyst
General Catalyst is a venture
capital firm that invests in powerful, positive change that endures
— for our entrepreneurs, our investors, our people, and
society. We support founders with a long-term view who
challenge the status quo, partnering with them from seed to growth
stage and beyond to build companies that withstand the test of
time. With offices in San
Francisco, Palo Alto,
New York City, and Boston, the firm has helped support the growth
of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot,
Illumio, Livongo, Oscar, Snap, Stripe, and Warby Parker. For more: generalcatalyst.com.
About Oak HC/FT
Founded in 2014, Oak HC/FT is the
premier venture growth-equity fund investing in Healthcare
Information & Services ("HC") and Financial Services Technology
("FT"). With $1.9 billion in assets
under management, we are focused on driving transformation in these
industries by providing entrepreneurs and companies with strategic
counsel, board-level participation, business plan execution and
access to our extensive network of industry leaders. Oak HC/FT is
headquartered in Greenwich, CT,
with offices in Boston and
San Francisco. Follow Oak HC/FT on
Twitter, LinkedIn, and Medium.
About SVB Capital
For more than 35 years, SVB
Financial Group (NASDAQ: SIVB) and its subsidiaries have helped
innovative companies and their investors move bold ideas forward,
fast. SVB Financial Group's businesses, including Silicon Valley
Bank, offer commercial, investment and private banking, asset
management, private wealth management, brokerage and investment
services and funds management services to companies in the
technology, life sciences and healthcare, private equity and
venture capital and premium wine industries. Headquartered in
Santa Clara, California, SVB
Financial Group operates in centers of innovation around the world.
Learn more at svb.com.
Media Contact:
Mike Renn
mike@circulohealth.com
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SOURCE Circulo