Care access platform Dexcare on Wednesday closed a $75 million Series C equity funding round.
The company said it will use the capital to grow its specialty care offerings in areas where existing provider customers have expressed demand, such as orthopedics and oncology.
The round comes in the form of digital health funding Venture capital funding and deal activity continues to drop sharplyAccording to a report by PitchBook published on Tuesday.
Dexcare co-founder and CEO Derek Street acknowledged the macroeconomic challenges, but said the company is eyeing growth.
“There are amazing companies out there trying to address parts of the access continuum,” Street said. “There needs to be some consolidation in these solutions.”
In early 2021, Dexcare was spun off from the Catholic nonprofit health system Providence after nearly four years as part of the organization.
Kaiser Permanente Ventures was also among the participants in the funding round. Dexcare has also secured investment from Providence and Mass General Brigham.
“We believe very much in health systems and their role in American healthcare,” Street said.
The Street said the company has started looking for a round of investment 2023 JP Morgan Healthcare Conference in January to attract more health system investors, but the company’s plans began to take shape in April.
The round was led by investment fund ICONIQ Growth and brings DexCare’s total funding to $146 million.