Eden Health raises $60M, plans to expand primary care model to more cities
Even before the pandemic, concierge primary care startup Eden Health saw an opportunity in striking a balance between in-person visits and telehealth. The New York-based company recently raised $60 million in a series C round led by Insight Partners, which it will use to open new brick-and-mortar clinics in additional cities. Eden also plans to hire more providers and build new features that allow for integration with third-party health services.
The startup contracts with employers to offer primary care, mental health and physical therapy services as a covered benefit. Patients can also contact their care team for on-demand virtual visits, or for help with finding in-network labs and specialists.
Eden opened its first in-person clinic in New York City in 2019 at coworking space Convene. It has since expanded across the metro, and plans to open new clinics in Chicago this year with the new funding. In a Zoom interview, CEO Matt McCambridge said Eden is also looking at Washington D.C., Houston, Los Angeles, Boston and other markets.
Virtual visits are still an important part of its business. Before the pandemic, roughly two-thirds of Eden’s encounters were done virtually. During the pandemic, that number got as high as 95%, though patients are once again returning to office visits.
“Our goal is to be one of the largest, most admired primary care practices in the country,” McCambridge said. “With the introduction of virtual care, you can do all sorts of things that you didn’t think were possible.”
In the last year, Eden said its revenues increased by 800%. It has raised a total of $100 million to date.
The company also brought on more clients as it rolled out a Covid-19 testing program for employers. It currently covers 40,000 sponsored members.
Some of its current customers include Rent the Runway, Harry’s, Stack Overflow and Emigrant Bank. In a unique approach, it also works with commercial real estate businesses to offer its health services as an amenity, which they help subsidize for their tenants.
“Landlords are looking to make health and wellness a differentiating factor,” he said. “Our ability to deliver virtual care in the home or on the go outside of that connects people to the building in a way that is different than an in-house yoga room.”
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