Minnesota-based RetraceHealth has closed an early-stage investment funding round to expand its full-service primary care offering that combines in-home and video visits. The press release doesn’t say how much money the company has raised, but MedCityNews says its $1 million.
The funds was provided by Blue Cross and Blue Shield of Minnesota (Blue Cross), HealthEast Care System (Minnesota), and McKesson Ventures. Beyond investing, HealthEast and BlueCross plan to work closely with RetraceHealth, with latter planning to bring the company’s service into its provider network later this year.
Also participating in the round were Julie Causey, executive committee and audit committee chair of the HealthEast Care System; Abir Sen, founder of Definity; RedBrickHealth; BloomHealth; and Gravie; and Jeff Smedsrud, co-founder and CEO of Healthcare.com.
“Everything RetraceHealth does is focused on creating a system where care makes sense for the patient,” Thompson Aderinkomi, founder and CEO of RetraceHealth, said in a statement. “Our ultimate goal is to change how primary care is financed and delivered to make it more affordable, personal, and accessible to all.”
Founded in October 2013, RetraceHealth aims to simplify primary care experience for users. The company will use the fresh capital to bring its relationship-based care experience to both its growing number of patients in Minnesota as well as to new geographic areas outside the state.
RetraceHealth’s Board of Directors includes Linda Hall, former CEO of MinuteClinic; Kyle Rolfing, founder of Definity and RedBrickHealth; and Doug Davenport, senior vice president and chief financial officer of HealthEast.