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Clever Care Health Plan Raises Over $71 Million in Series B Funding to Accelerate Growth of its Medicare Advantage HMO Plan

Health Velocity Capital Leads Funding Round and Will Join Board of Directors, Funding Continues Momentum of Clever Care’s Integrated Health and Wellness Offering Heading into 2022 Annual Enrollment Period

ARCADIA, California, Sept. 22, 2021 (GLOBE NEWSWIRE) — Clever Care Health Plan Inc., a Medicare Advantage plan, announced today that it has completed its Series B funding of more than $71 million.  Clever Care’s unique approach to coverage includes comprehensive health benefits integrated with supplemental benefits incorporating Eastern health and wellness solutions for Medicare beneficiaries. This financing round was led by Health Velocity Capital and brings the total capital raised by Clever Care Health Plan to $96 million.

Clever Care launched in Southern California in 2020, as the first Medicare Advantage plan to offer a truly integrative approach for the growing number of beneficiaries interested in medical and dental benefits encompassing Eastern methodologies such as acupuncture, meditation, and herbal supplements.

“We’re proud to have completed our Series B funding round, which will allow us to build on the strong momentum we’ve experienced over the past year and continue to offer the type of coverage needed in 21st century care,” said Myong Lee, President and COO, Clever Care Health Plan. “I am excited to work with our new and existing investors to improve health care costs, accessibility, and the customer experience for the diverse communities we serve.”

The round funding was led by Health Velocity Capital, with existing Clever Care investors Norwest Venture Partners and Global Founders Capital also participating in the round.  Also joining Health Velocity Capital as new investors in this Series B round are Redesign Health, PruVen Capital, AV8, Windham Venture Partners and CommonSpirit Health.

“The successful closing of this funding round not only demonstrates confidence in the leadership team and the unique Medicare Advantage plans offered by Clever Care, but also provides the company with additional momentum heading in to the important 2022 Annual Enrollment Period,” said Heath Schiesser, a Clever Care Board Member who joined the Company in January of 2021. 

As part of the Series B funding, Marty Felsenthal, Partner at Health Velocity Capital, is joining Clever Care’s Board of Directors.

“At Health Velocity Capital, we have a mission of being the preferred partner of entrepreneurs seeking to build an affordable, sustainable, and consumer-friendly healthcare system.  We have known the senior leadership team at Clever Care for a number of years and have always seen real alignment between their mission and ours,” said Felsenthal.  “We were attracted to their highly personalized and modern approach to serving Medicare Advantage beneficiaries, which provides truly differentiated, culturally-sensitive care to the communities they serve and look forward to helping them expand in their existing and new markets.”

The new round of funding will allow Clever Care to continue its growth and outreach in advance of the 2022 Annual Enrollment Period by continuing to expand its network of independent physicians and clinicians, enter new markets and provide its members with access to community-based, culturally sensitive overall wellness and care.

For additional information please visit http://www.CleverCareHealthPlan.com.

About Clever Care Health Plan

Based in Westminster, California, Clever Care Health Plan was founded to provide an innovative West Meets East approach to integrated healthcare for Medicare beneficiaries.   The health plan is dedicated to not only understanding the complexities of diverse audiences but providing better access to members in the languages they understand. In addition to covering a variety of Eastern methodologies within its plan offerings, Clever Care also offers a network of more than 15,000 provider facilities and 33 leading hospitals to deliver the innovative treatments of Western medicine. In addition, Clever Care Health Plan’s network includes Korean-speaking doctors and specialists to deliver better service and access to care for their members.