Somatus raises $325 million
Kidney care company Somatus announced an oversubscribed Series E financing of $325 million, at a valuation of over $2.5 billion. The funding round was led by Wellington Management, and included new investments from RA Capital Management, GIC, Fidelity Management and Research Company and other investment organizations. Existing investors Anthem , Blue Venture Fund, Deerfield Management Company, Flare Capital Partners, Inova Health System, Longitude Capital, and Optum Ventures were also contributors. To date, the company raised ~$500 million.
“Since our inception, Somatus has always been committed to bringing superior evidence-based integrated care to patients with kidney disease which delays disease progression, improves quality of life, and lowers total cost of care. This investment puts us in a great position to fund the expansion of our proven care model and continue building a nationwide network of providers and connected patients, who alongside our care teams are working together to improve lives and transform the industry.” – Dr. Ikenna Okezie, chief executive officer and co-founder of Somatus.
In 2021, the company launched six new health plan partners and established value-based partnerships with multiple provider groups. The company also grew membership and reach with its current clients and added more than 1,000 team members, bringing its total teammate count to more than 1,350. In 2022, Somatus will serve over 150,000 members in 34 states, across Medicare, Medicare Advantage, Medicaid, and Commercial plans.
BofA Securities and J.P. Morgan served as co-placement agents to Somatus in connection with the transaction.