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Lark Health raises $70 million from $55 million Series C and $15 million in venture debt | Close Concerns Knowledgebase

October 9, 2020
Lark Health raises $70 million from $55 million Series C and $15 million in venture debt | Close Concerns Knowledgebase

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New funding to expand relationships with commercial payers and telehealth providers; Series C was led by King River Capital; Lark is now preferred DPP provider for Anthem-affiliated plans

Today, Lark Health announced that it has closed a $55 million Series C funding round, as well as a $15 million venture debt credit facility, raising the company’s total funding above $100 million. The Series C round was led by King River Capital and included additional investments from Lightspeed Ventures, Asset Management Venture, Dr. Jonathon Fielding (UCLA Fielding School of Public Health), and Weili Dai (co-founder of Marvell), all of whom have previously invested in Lark. With this announcement, several new investors joined the ranks of Lark investors, including Franklin Templeton, SteelSky Ventures, and Olive Tree Capital. Deals with Trinity Capital and Bridge Bank made up the $15 million venture debt credit facility.

Lark Health intends to use the $70 million in new funding to “further expand its relationship with commercial payers and telehealth providers for chronic disease prevention and management.” As confirmed again in today press announcement, Lark has had “nearly” 2 million patients “managed” on its platform. Today’s update also calls out Anthem affiliated health plans, in particular, as an area of expansion. Lark powers the AI-driven health coaching available in the Anthem’s mobile app (the Sydney app) and notably, is now Anthem’s preferred DPP provider for all Anthem-affiliated health plans.

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