[Funding alert] Innovaccer joins unicorn club at $1.3B valuation with latest capital round
The unicorn club has got a new addition with the entry of San Francisco-based healthcare technology startup Innovaccer. Founded in 2014 by Sandeep Gupta, Abhinav Shashank, and Kanav Hasija, the 2015 Tech30 company has a centre in Noida and is valued at $1.3 billion after its latest funding.
According to a statement issued by Innovaccer, it has closed a new round of growth funding at a $1.3 billion post-money valuation, led by Tiger Global Management. Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, and M12 (Microsoft's Venture Fund) participated in the round, as well as new investor OMERS Growth Equity.
However, the startup did not disclose the quantum of funding in this round, though it stated that this is the company's first financing announcement since its Series C round in February 2020, bringing the total capital raised to over $225 million.
"Healthcare is on the brink of a massive transformation. Over the last ten years, we have spent billions of dollars digitising healthcare information with great success," said Abhinav Shashank, Co-founder and CEO at Innovaccer.
The entry of Innovaccer into the unicorn club reveals the prowess of the Software as a Service (SaaS) startups and it joins the group of other similar companies such as Freshworks, Zenoti, Druva, and Postman.
This is the second startup to enter the unicorn club this year, with the first one being Digit Insurance.
The latest round of funding will be used by the healthtech startup to launch Innovaccer Health Cloud. This platform-as-a-service offering combines the company's Data Activation Platform and application suite with an extensive set of platform services and tools that allow customers and partners to develop interoperable applications that improve patient engagement and operational performance.
On the funding into Innovaccer, John Curtius, Partner, Tiger Global Management said, “At Tiger Global, we look for large market opportunities that are in the early stages of penetration. Innovaccer stands to become a meaningful beneficiary of the generational architectural shift taking place in healthcare information technology.”
According to Innovaccer, it has grown dramatically since its founding, forecasting a five-year CAGR of over 100 percent by the end of 2021, with growth accelerating across sectors of provider, payer, and life sciences.
The solutions of Innovaccer has been deployed across more than 1,000 locations in the US, enabling more than 37,000 providers to transform care delivery and work collaboratively with payers, employers, and life sciences companies.
Edited by Kanishk Singh