Color Health Tech Raises $100M at $4.6B Valuation
Color Secures $100 Million in Series E Funding
Color, a health technology startup, has successfully raised $100 million in Series E funding. This investment elevates the company’s valuation to $4.6 billion.
To date, Color has accumulated a total of $378 million in funding. The purpose of this latest funding round is to facilitate the delivery of comprehensive healthcare services, focusing on the crucial “last mile” of care.
Investment Details
Kindred Ventures and funds managed by T. Rowe Price spearheaded the funding round. Existing investors, including General Catalyst, Viking Global Investors, and Emerson Collective, also participated.
In January, Color had already secured $167 million in Series D funding, achieving a valuation of $1.5 billion. This recent round represents a tripling of the company’s assessed worth.
Expanding Healthcare Accessibility
Color’s software and infrastructure are designed to enhance preventative health and infectious disease management. They achieve this by increasing the accessibility of vital healthcare programs.
The company has established partnerships with nearly 1,000 organizations. These include public health departments, employers, and universities, all working to expedite access to healthcare for individuals.
Notable partners include Salesforce, the National Institutes of Health, the State of California, and Thermo Fisher Scientific.
Current Operations
Currently, Color operates over 6,500 COVID-19 testing locations in workplaces and educational institutions.
Furthermore, the company manages 500 vaccination sites nationwide.
Vision for Public Health
“The infrastructure we’ve developed will be essential for delivering healthcare access to those who require it most,” stated Othman Laraki, CEO of Color.
“Our observations indicate a significant increase in service utilization as healthcare becomes simpler and more convenient. Public health initiatives should be integrated into the fabric of everyday life.”
Rethinking Healthcare Delivery
Color’s core strategy involves reimagining healthcare delivery. The aim is to make it readily accessible within people’s daily routines, minimizing costs and reducing the demand for extensive clinical resources.
Future Plans
This new funding will enable Color to accelerate the development of accessible public health infrastructure.
The company intends to broaden access to screening, diagnostics, and initial treatments for a wider range of health needs.
Color’s services will now encompass vaccination and preventative health programs for schools and employers. Future plans include the implementation of infectious disease management programs.
Financial Stability and Growth
“Color has established a robust, sustainable, and profitable business model capable of scaling to meet the numerous health challenges facing the U.S.,” commented Mike Herring, CFO of Color.
“The response from our partners has been overwhelmingly positive, and our dedicated team has consistently delivered exceptional results with both speed and quality.”
The Founding Story
Othman Laraki co-founded Color in 2013, drawing from personal experiences.
He shared with TechCrunch that his grandmother succumbed to breast cancer, and his mother is a survivor. He also carries a BRCA2 mutation, increasing his cancer risk.
Navigating this personal risk proved challenging, leading him to believe healthcare transactions could be significantly simplified. This experience served as the impetus for creating Color.
Expanding Public Health Technology
The company asserts that its combined offerings and new services will amplify its efforts to construct public health technology and infrastructure for governments, employers, and institutions serving large populations.