Centivo Health Reels in $50 Million Investment

BUFFALO, NY — Centivo, a new health plan for self-funded employers that is anchored around leading providers of value-based care, has raised an additional $51 million in funding, less than 10 months after its previous round. These funds will support Centivo’s rapid growth and expansion amid increased demand from employers for health plans that are structurally built to address employee healthcare affordability. It will also support the development of expanded products and services such as a fully integrated virtual primary care-centered health plan, which was recently launched in Florida.

B Capital Group and Maverick co-led the round. Additional existing investors, including Bain Capital Ventures, Company Ventures, Define Ventures, F-Prime Capital, HarbourVest Partners, Ingleside Investors, Nassau Street Ventures, an AVG fund and various individuals also participated.

Since implementing its first client in 2019, Centivo now serves employer clients ranging in size from 100 employees to Fortune 500 companies and has increased its member count ten-fold. By the end of 2022, Centivo’s health plan will be available in half of the top 20 metropolitan areas in the country. The firm also recently developed a new strategic distribution arrangement with the Business Health Care Group (BHCG) in eastern Wisconsin.

Centivo says employers can save 15% or more compared to using other health plans.

“Since first investing in Centivo, I have been extremely impressed with the market momentum and scale the company continues to generate,” said Karen Page, General Partner at B Capital Group, and a member of Centivo’s Board of Directors. “Our enthusiasm for how Centivo is delivering on its mission and vision of affordable, quality healthcare is strong, and we are proud to co-lead this round of financing.”

“Self-funded employers and their employees are facing a true healthcare affordability crisis in this country, and we believe Centivo is primed to be the leading driver of change for the better,” said Ambar Bhattacharyya, Managing Director at Maverick Ventures, and a member of Centivo’s Board of Directors. “It has been impressive to watch Centivo’s rapid growth and success as they continue to pave the way to make healthcare effective and affordable.”

“We thank our investors, clients and provider partners for supporting the transformative power of Centivo and our vision of helping even more employers restore healthcare affordability for their employees,” said Ashok Subramanian, CEO of Centivo. “In this era of COVID and challenging talent attraction and retention dynamics in the workforce, it gives us tremendous pride to help employers offer their employees 1980s levels of healthcare affordability while also saving their companies money.”