Cityblock Health, a startup using technology to deliver well-rounded primary care to people covered by Medicaid, has raised $400 million in a late-stage funding round that brings the company’s valuation to $5.7 billion, sources familiar with the matter told STAT.
The latest mega-round, led by SoftBank, comes just four months after Cityblock’s last fundraise of $192 million and further elevates the profile of a young startup building a high profile, even as its mission points it firmly away from the direction of most companies in the sector.
Many health tech darlings court “the worried well” — relatively healthy and wealthy patients with access to regular care. Cityblock is no such startup. It serves populations that have historically been left behind as a result of structural racism, poverty, and other factors. Its goal is twofold: improve the health of people who need it most while winning in an area where traditional health care players have consistently lost.
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