SAN FRANCISCO, May 7, 2021 /PRNewswire/ -- Today, Vori Health, a first-class medical provider for innovative musculoskeletal care through technology, community and care teams, announced their Series A funding of $45MM led by New Enterprise Associates, Inc. (NEA), with participation from current investors AlleyCorp and Max Ventures. With the funding, Vori will focus on technology, product, services, and data buildout, along with accelerated clinical and support-team growth.
"Vori Health is ecstatic to announce our Series A with the world-renowned healthcare investment team at NEA," said Dr. Ryan Grant, Founder and CEO of Vori Health. "With the funding, we are excited to further develop our platform and better support patients with musculoskeletal pain and injury, while remaining focused on our mission to deliver innovative care that is human-centered and evidence-based."
Musculoskeletal pain and injury is the top cause of global disability, affecting 54% of the U.S. population and is one of the most expensive sectors in healthcare. Care today is difficult to navigate, unnecessarily high-cost, and objectively not evidence-based. Vori Health was established to combat these inequities by delivering a truly elevated, human-centered, patient care experience through cutting-edge technology, premium content, community, and multidisciplinary care teams.
"We're thrilled to partner with Vori Health, which is bringing a clinically differentiated care model to the $300B musculoskeletal space," remarked Mohamad Makhzoumi, General Partner and Head of Global Healthcare Investing at NEA. "We've closely followed the ongoing shift to value-based care, and Vori's all-inclusive, evidence-based, tech-enabled solution is well-positioned for continued growth. We're excited to support Ryan and the Vori team to integrate a historically fragmented sector of healthcare, leading to more efficient musculoskeletal care management by providers and better outcomes for patients." Mohamad Makhzoumi joins Vori Health's physician-led Board of Directors composed of Chief Medical Officer and Co-founder Dr. Mary O'Connor who was previously Chair of Orthopedics at Mayo Clinic in Florida, Dr. Brenton Fargnoli who is Partner at AlleyCorp, and CEO Dr. Ryan Grant.
Vori Health believes in building a community for those suffering from musculoskeletal pain, with the ethos that lasting behavioral change and treatment outcomes require a social connection as well as a clinical one. The platform also provides a social network, group classes, educational content, community forums, blogging, live messaging and immersive care.
Vori Health's virtual-first program offers a variety of care solutions that can be customized to an individual patient's needs. As a full-stack medical provider, all patients have access to an integrated care team, care navigation, an ever-expanding library of educational content, and a growing suite of conditions treated. Vori's existing and new partnership list continues to grow daily, with a deluge of practice groups excited to engage with the company.
About Vori Health
Vori Health is an all-inclusive medical and health provider practicing a holistic, integrated approach starting with musculoskeletal care. The organization offers full service physical medicine and rehabilitation care, physical therapy, prescriptions, imaging & lab ordering, health coaching, nutritional guidance, community support and premium instructional content. The team consists of carefully selected, board-certified physicians and licensed healthcare providers, and provides health services that are accessible at the click of a button from the comfort, convenience, and privacy of a patient's home. Learn more at www.vorihealth.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's life cycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions.
About AlleyCorp and Max Ventures
Founded by serial entrepreneur Kevin Ryan, AlleyCorp is an early stage venture fund and one of the most active early stage investors in New York. On the incubation-side, AlleyCorp founded companies include MongoDB (NASDAQ: MDB), Business Insider, Gilt Groupe, Zola, Nomad Health (Co-founder Dr. Ryan Grant), and more. In recent years, AlleyCorp has built and grown a significant healthcare vertical both in New York and beyond.
Max Ventures is an early-stage investment firm based in NYC. The firm has a global focus and has invested in more than 60 early-stage companies, primarily focusing on digital health, digital commerce, and SaaS.
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SOURCE Vori Health