Carbon Health announced that the hybrid care provider had received $100 million in Series D investment from CVS Health Ventures days after revealing a second round of layoffs in the past year.
On Friday, Carbon Health’s CEO Eren Bali revealed on Twitter the company had laid off more than 200 employees as it shifts focus to its core primary care and urgent care services while “unwinding” its public health, remote patient monitoring, hardware and chronic care programs.
The Series D funds will help Carbon Health scale its Connective Care model, which uses software to connect patients and healthcare providers, and allows for digital monitoring and management of care.
Patients can access virtual or in-person urgent and primary care, virtual mental healthcare and diabetes care, in-person COVID-19 testing, and/or work-related healthcare for workplace injuries.
In addition to providing the massive investment, CVS Health will pilot the implementation of Carbon Health’s offerings inside select CVS Health stores for consumer use.
THE LARGER TREND
The latest round of layoffs comes about seven months after the company reported they let go of 250 employees, about 8% of its global workforce, due to the need to shut down some of the COVID-19-specific businesses.
Carbon Health raised a massive $350 million in 2021, then acquired remote patient monitoring company Alertive Healthcare, a chain of New Jersey urgent care clinics, two clinic chains in Arizona and California and a group of clinics in Southern California. The company also acquired integrated diabetes care platform Steady Health.
In September, the hybrid care provider announced a partnership with Blue Cross Blue Shield of Massachusetts in which the health insurer would offer its members Carbon’s Connective Care. The new primary care model launched early this month.
In March, direct-to-consumer virtual health company Hims & Hers announced a deal with Carbon Health to provide its California-based clientele with a brick-and-mortar care option.