Ribbon Health raises $43.5M Series B to become the leading API data platform in healthcare
Ribbon’s technology is the infrastructure for a future where every patient care decision is accessible, affordable and high quality.
It’s no secret that healthcare is in desperate need of simplification and consumerization. Costs continue to skyrocket, and the “navigation” of healthcare, which has always been a need not always met, is now becoming an industry standard. New digital health companies are being born on the premise of ensuring better access to high quality, cost-effective care, and traditional health plans are racing to transform their models to meet member needs. Entities across the entire healthcare ecosystem – from providers to care navigators, health plans to health systems, and beyond, are striving to keep up with increased individual and regulatory expectations. These expectations are vast, but all have one common theme – the need for comprehensive and flexible data infrastructure. To enable access to on-demand virtual care, adopt value-based arrangements, and form greater insight into the cost of care and patient outcomes, everyone driving healthcare decisions must be more informed than they are today.
Currently, more than half of the data on medical providers is incorrect. Better infrastructure powered by relevant data is a necessary foundation of next-generation healthcare solutions.
We witnessed this burning need first-hand when we launched Ribbon Health, allowing us to quickly build partnerships with the most progressive health plans, provider organizations, and digital health companies across the healthcare ecosystem.
Since founding Ribbon in 2016, we’ve powered care decisions for over 10 million people across over 30 customers using real-time, accurate, and comprehensive data on providers, facilities, insurance plans, cost, and quality of care. Our partners include innovative companies like Oak Street Health, Health Advocate, PacificSource, Ro, and Firefly Health. In just the last year, Ribbon has also experienced notable revenue growth thanks to new and expanded partnerships with our customers, demonstrating their high level of satisfaction with our product and interest in growing with Ribbon. As a result, we are on track to more than quadruple the size of our team by the end of 2021. Importantly, Ribbon’s platform has a strong network effect by allowing individuals to easily make edits to data and integrate our API platform for any use case or workflow.
Today, we are incredibly proud and excited to announce our $43.5MM Series B funding round, led by General Catalyst and joined by previous and new investors that include a16z, BoxGroup, Rock Health, and Sachin Jain.
We’re delighted to welcome Holly Maloney, manager director at General Catalyst, to the Board of Directors with this new round. “Ribbon is on a path to power the next generation of care navigation for both patients and referring clinicians,” said Holly Maloney. “What Ribbon Health has built is not only a leading healthcare data platform that solves the decades-old issue of not being able to easily find the highest quality and most affordable clinician but a mission-driven culture that has set them up to scale and succeed. General Catalyst is thrilled to be leading Ribbon’s Series B, as they share our vision of healthcare as a powerful, connected ecosystem.”
This funding will enable us to accelerate and scale Ribbon Health, creating even more value for our partners with exceptional talent and technology. We will expand our reach across health plans, provider organizations, and digital health solutions. Ribbon will improve the health plan member experience with enhanced provider matching and data management and strengthen health plans’ competitive moat by delivering unique insights on network adequacy and design. Ribbon will continue to solve key navigation and referral challenges, improve care operations, and drive meaningful growth for our customers. Importantly, by investing in our platform’s distribution and ease of use, Ribbon will seek to eliminate the problem of data inaccuracy altogether and ultimately partner with all healthcare companies that seek to build solutions that drive positive patient experiences and better healthcare outcomes.
Ultimately, Ribbon will become the connective tissue that allows patients to find the care they need across any touchpoint in the healthcare system.
Accurate provider data, delivered through our flexible and intuitive API data platform, is the infrastructure for a future where every care decision is convenient, cost-effective, and high-quality. Delivering on these goals will require an experienced, passionate team, and so today, we say – join us. We’re ready to simplify healthcare.
Interested in Ribbon’s data? Contact us to learn how we can help.
About Ribbon Health
Ribbon Health offers the most comprehensive, accurate API data platform that is the infrastructure for a future where every patient care decision is convenient, cost-effective, and high-quality. Built to integrate seamlessly into existing healthcare workflows, Ribbon offers a reliable and straightforward way for health plans, providers, and digital health solutions to develop and maintain accurate provider directories and competitive networks, simplify referral management, and ensure efficient care navigation — all in one platform.
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, London, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker.