Transaction:
- Biofourmis, a healthtech startup announced that it has become a unicorn with $300 Million Series D investment, at a valuation of $1.3 Billion, led by leading global private equity firm General Atlantic.
- CVS Health (NYSE: CVS) and existing investors also participated in the round.
Biofourmis:
- Biofourmis provides advanced technology and clinical support for Care@Home and digital therapies. It personalizes care and predicts clinical worsening before it happens.
- The platform, powered by machine learning and advanced analytics, enables better healthcare, maximizes the effectiveness of high-value drugs, and lowers costs across the entire care continuum.
General Atlantic:
- General Atlantic, established 1980, is a leading global growth equity firm with over four decades of experience in providing capital and strategic support to over 445 growth companies throughout its history.
- Fund has over $84 billion in assets under management and has more than 215 investment professionals across the globe.
Rationale:
- With this fund raise, Biofourmis plans to scale up its virtual care offerings which includes delivering personalized and predictive in-home care to acutely ill patients and expanding its recently announced virtual specialty care services, Biofourmis Care, to those patients with complex chronic conditions.
- In parallel, Biofourmis plans to fund clinical trials to advance the development of digital therapies that work in conjunction with high-value drugs to improve efficacy.
- It also plans on forming strategic partnerships and accelerate the growth of its virtual care platform, Care@Home, which enables providers and payers to remotely manage patients (RPM). It believes that traditional RPM solutions are focused on “monitoring” as opposed to proactive “management” of patients.
- General Atlantic said that they see a significant trend towards virtual at-home care, which has become a critical alternative to in-person care and Biofourmis is differentiated by technology solutions underpinned by its deep clinical research and personalized treatments.
- Kuldeep Singh Rajput, Founder & CEO of Biofourmis said that “We are excited to partner with General Atlantic, which shares our vision for the future of virtual care and the urgency to bring the Biofourmis solution to customers and patients across the globe.”
- Earlier Biofourmis had raised $100 million Series C funding round led by SoftBank Vision Fund in September 2020.
- To date, Biofourmis has raised a total of $445 million in funding. Existing investors include SoftBank Vision Fund 2, Openspace Ventures, Mass Mutual Ventures, Sequoia Capital and EDBI.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
Disclaimer:
This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.
This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction.
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