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Blackstone to Back Carbon Health Technologies Inc.

Carbon Health Technologies Inc. is a startup that provides in-person and virtual healthcare services. It is in talks for new funding at a valuation of roughly $3 billion. This followed after shelving talks to go public through a blank-check company.

The San Francisco-based company is discussing raising a roughly $300 million round. The investors include Blackstone Group Inc. and Capital Group. The funding will be used to acquire additional clinics accordingly. Funding preferred to a merger with a special purpose acquisition company, which the company explored. The terms of the funding round haven’t been finalized yet. Hence, it’s possible they could change.

Investment details of Carbon Health Technologies Inc.

New York firm’s Blackstone Horizon business will make blackstone’s investment. It is led by Chief Investment Officer Scott Bommer. Consequently, that arm of Blackstone will “employ a thematic approach to capitalize on powerful secular growth trends globally,” the firm said announcing Bommer’s hire in March.

San Francisco-based Carbon Health raised $100 million in November from investors including Dragoneer Investment Group, according to a statement at the time. The company is led by Chief Executive Officer Eren Bali. Furthermore, its other investors include Brookfield Technology Partners, DCVC, and Builders VC.

The work till now

Carbon Health is among a multitude of startups using technology to make health care more efficient and accessible. Firstly, patients can use an app to schedule appointments in person or virtually, access their records, and chat with doctors. Secondly, its clinics provide primary care, urgent care services, and access to specialists in California, Alabama, Florida, Nevada, and New York. up till now, the company has administered about 1.5 million Covid-19 vaccines and about 730,000 tests, according to its website.

Moreover, the startup provides access to in-person and virtual care to “nearly two-thirds of the U.S,” according to a January press release. In November it said it planned to expand to 1,500 clinic locations over the next five years. The company’s insurance partners include Aetna, Anthem, Humana, and Cigna.

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