The insurance startup sponsored by Glen Tullman raises another $ 58M

Transcarent, a new health startup led by Glen Tullman, has raised another $ 58 million.

The investment was led by the company’s early backers, General Catalyst company funds in Palo Alto, California, and Tullman’s 7Wire Ventures. They also invest in Merck, Bayer and Kleiner Perkins, as well as GreatPoint Ventures and Threshold Ventures.

Transcarent picks up where Tullman’s latest venture, Livongo, started: It’s essentially a digital health concierge service for self-insured companies, helping their employees get the most out of their dollars. The Transcarent app can help coworkers connect with a doctor by text, schedule an in-person appointment, request a prescription, find home treatment options, or even understand which hospitals have the highest success rates for a particular type of care.

“It’s pretty clear that healthcare today is more cumbersome, complex and more expensive than ever,” says Tullman, who is CEO of Transcarent. “Payers have said they’re going to give us a better and more cost-effective system, and it’s not happening. Post-pandemic, how many people have said, ‘I don’t want to go back to the old way?’ “People say, ‘I want to do this at home, where it’s of higher quality and more convenient.'”

The company has a breakthrough after acquiring BridgeHealth, which specializes in organizing bundled surgical care for workers at more than 100 companies, including Target and Delta Air Lines. “We already have a healthy customer base,” Tullman said.

Transcarent, which previously raised $ 40 million, has 135 employees, with offices in Chicago, San Francisco and Denver. “We suspect we’re going to make a lot of our assumptions in Chicago and Denver. It’s hard to have people and keep people in California,” Tullman said.

This story first appeared in our sister publication, Crain’s Chicago Business.

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