Vesta Healthcare Raises $65 Million in Financing to Propel Growth
Vesta Healthcare, a virtual care provider group for people with home care, today announced the close of $65 million in a Series C round with new debt financing.
The equity round was led by Boston-based RA Capital Management, with participation from Oak HC/FT, Chrysalis Ventures, CareCentrix/Walgreens, Nationwide, Kaiser Permanente Ventures, Lux Capital, Generator Ventures, Deerfield Management and others. Debt financing was provided by Horizon Technology Finance Corporation, an affiliate of Monroe Capital.
"The home is the last frontier of healthcare, and caregivers are the most vital yet disconnected resource in the delivery system," said Randy Klein, CEO of Vesta Healthcare. "We're proud of what we've built with the support of our existing investors and thrilled for RA Capital Management, Chrysalis and Horizon to join the team."
Vesta Healthcare is one of the fastest-growing specialized providers in the country. Now serving more than 50,000 people, Vesta Healthcare is improving care in the home by connecting the entire care team, including patients, family, caregivers, home care agencies, providers, and insurance plans. Vesta Healthcare's technology and services span from home-based primary care to passive monitoring, and result in people with home care living longer, healthier lives at home.
Dr. Michael Sherman, Venture Partner at RA Capital Management and Vesta Healthcare Board Member, expressed his enthusiasm about the partnership: "RA Capital Management is excited to lead this equity round and support Vesta Healthcare's groundbreaking work. Vesta's unique model of leveraging caregivers to bridge the gap between healthcare and home care has immense clinical potential. We are excited to see how Vesta's solutions will continue to improve healthcare outcomes for those with home care needs."
"We look forward to supporting Vesta Healthcare as a new partner," said Jerry Michaud, President at Horizon Technology Finance. "Vesta's innovative approach to integrating technology and personal care is setting a new standard in the healthcare industry. We look forward to seeing their continued growth and success."
"We continue to believe that caregivers have an outsized ability to impact the health of those they support, and Vesta Healthcare's model has effectively integrated caregivers into the clinical care teams," said Annie Lamont, Co-Founder and Managing Partner at Oak HC/FT. "Oak HC/FT is proud to continue our support of Vesta Healthcare in this new phase of growth."
About Vesta Healthcare
Vesta Healthcare is a leading virtual care provider group for people with home care that engages caregivers to serve as the bridge between healthcare and homecare. For more information, visit vestahealthcare.com.
About RA Capital Management
RA Capital Management is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare, life sciences, and planetary health companies. RA Capital Management forms and funds innovative companies, from private seed rounds to public follow-on financings, allowing management teams to drive value creation from inception through commercialization and beyond. RA Capital Management's knowledge engine is guided by our Tech Atlas internal research division, and its company creation team, RA Ventures (RAVen), offers experienced entrepreneurs a collaborative and comprehensive platform to explore the novel and the re-imagined. For more information, visit racap.com.
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ:HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is a $19.5 billion asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit horizontechfinance.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240904677537/en/