HealthVerity plans big growth spurt with $25M Series C

Center City-based HealthVerity, makers of a privacy-minded data marketplace for the pharma and insurance industries, announced this week it raised $25 million in a Series C round of funding.

The funding round was led by bicoastal VC firm Foresite Capital, with participation from Flare Capital Partners, Greycroft Partners and other existing investors. The company’s previous raise, a $10-million Series B, also featured the trio of firms.

We first caught wind of HealthVerity in 2016. Back then — as it closed a $7.2 million Series A round led by Flare Capital and Greycroft – it was still developing its product offering. The following year, COO and cofounder Andrew Goldberg told us that the picture was becoming clearer for the company, as it found value in connecting medical data suppliers with buyers seeking to get their hands on bespoke medical data sets under a privacy-minded setting.

In an email to Technical.ly on Friday, Goldberg said the financing round symbolized both a vote of confidence in the company’s technology and a recognition of Philly’s role as a hub for healthcare innovation.

“The funding enables us to more rapidly grow our engineering, marketing, sales and product teams while also expanding our customer base beyond the top 100 pharmaceutical manufacturers and insurance payers,” Goldberg said.

Out of its headquarters at 18th and Market, the company employs a team of 48. Though the company didn’t say how many more staffers it plans to bring on after the funding, it’s currently hiring for over a dozen roles.

As part of the investment, Foresite Capital CEO Jim Tananbaum will join the HealthVerity board of directors.

“HealthVerity has significantly enhanced the insights available on the patients and members of its valued customers,” Tananbaum said in a press release. “We are excited to support HealthVerity’s next phase of growth.”

The company said that in 2018 it added  “more than 100” of the top drug makers, health insurance payers, pharma services firms and healthcare services organizations in the country to its client base.

“HealthVerity is now uniquely equipped to deploy software solutions that more efficiently manage and govern data in accordance with an ever-changing regulatory environment,” said cofounder Andrew Kress. “That is exactly the reason that top Pharma and Payers are gravitating to our platform.”