HealthSnap Closes $25 Million Series B Funding Amidst Continued Triple Digit Growth of Remote Patient Monitoring and Chronic Care Management Platform

New investment is led by Sands Capital, with participation from Comcast Ventures, and follows enterprise health system expansions.

MIAMI, Feb. 21, 2024 /PRNewswire/ -- HealthSnap, a Miami-based Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) solution for healthcare providers, today announced its Series B financing totaling $25 million. The round was led by Sands Capital, with new investments from Comcast Ventures, Acronym Venture Capital, and Florida Opportunity Fund. Existing shareholders, Asclepius Growth Capital, Florida Funders, MacDonald Ventures, and TGH Ventures also participated in the round. Scott Frederick, a Managing Partner at Sands Capital, will join HealthSnap's board of directors.

"Over the last 18 months, HealthSnap has grown as quickly and efficiently as any company we've seen in years, and this is coupled with their ability to demonstrate significant improvements in patient outcomes. Innovative, interoperable, and patient-centric solutions like HealthSnap are essential as the number of individuals living with chronic conditions, unfortunately, continues to rise," said Scott Frederick, Managing Partner at Sands Capital. "HealthSnap's suite of solutions is a win-win for healthcare providers, who continue to show their conviction in providing the programs for their patients. We are proud to lead this round of funding."

This latest financing brings HealthSnap's total funding to $48.5 million to date. In the last 18 months, HealthSnap has grown exponentially, bolstered by the successful expansion of its market-leading Remote Patient Monitoring (RPM) platform with the addition of a comprehensive Chronic Care Management (CCM) solution. This new financing enables HealthSnap to continue assembling its national clinical team, accelerate its product roadmap to meet increasing market demand for care in the home, and begin building its AI-powered population health and analytics solution.

"HealthSnap is leveraging emerging technologies to deliver accessible and personalized health solutions to better meet the needs of an expanding global aging population," said Ryan Lee, Principal at Comcast Ventures. "We are excited to see how their team continues to utilize connectivity in order to increase access to personalized care in the home."

During 2023, HealthSnap announced health system partnership expansions with UnityPoint Health and Prisma Health, supported by significantly improved clinical outcomes data across various chronic conditions such as hypertension, heart failure, obesity, and Type 2 diabetes. Last fall, HealthSnap's clinical outcomes data were recognized at the American Heart Association's Scientific Sessions, where the company presented its published Hypertension Patient Outcomes in partnership with Prisma Health and Virginia Cardiovascular Specialists. Positive patient and provider experiences have driven over 300% growth in patient programs in the last year.

"We continue to be encouraged by the clinical outcomes of HealthSnap's RPM and CCM programs in areas notoriously below the national standards of healthcare outcomes and look forward to expanding our reach to high-risk, high-cost chronic populations across South Carolina," said Angela Orsky, Senior Vice President, Value-Based Care & Clinical Integration at Prisma Health.

HealthSnap's RPM and CCM programs shift the patient chronic care delivery paradigm from one that is reactive, episodic, and delivered in the clinic to a model that is proactive, ongoing, and delivered in the home. As a result, tens of thousands of patients are experiencing more personalized and proactive care, leading to accelerated adoption and long-term sustainability by health systems and physician groups across the country.

"Nearly half of the United States population is living with a chronic condition that requires ongoing monitoring and care beyond the walls of the physician's clinic. We created HealthSnap to bridge that gap in care and we are pleased that our patient outcomes data demonstrate meaningful improvements," said Samson Magid, Co-Founder & CEO of HealthSnap. "Our team is focused on a common goal to shift the paradigm of chronic condition management and improve the lives of patients every day, and this new financing enables greater program accessibility for patients across the country."

HealthSnap is actively hiring for care navigator nurse positions, customer success managers, and patient enrollment specialists. For a complete list of open positions, please visit www.healthsnap.io/careers.

ABOUT HEALTHSNAP

HealthSnap is an integrated virtual care management platform that helps healthcare organizations improve patient outcomes, reduce utilization, and diversify revenue streams. From chronic disease-agnostic Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) to AI-guided care coordination, virtual care delivery, patented billing tools, population analytics - and so much more, HealthSnap is the simplest way to manage chronic conditions remotely. Visit www.healthsnap.io or follow us on LinkedIn for more information.

HealthSnap Media Contact:
Sunny Ghia
[email protected]
(888) 780-1872 Ext. 701

ABOUT SANDS CAPITAL

Sands Capital is an active, long-term investor in leading innovative growth businesses, globally. Our approach combines analytical rigor and creative thinking to identify high-quality growth businesses that are creating the future. Through an integrated investment platform spanning venture capital, growth equity and public equity, we provide growth capital solutions to institutions and fund sponsors in more than 40 countries.

An independent, staff-owned firm founded in 1992 and headquartered in the Washington, D.C. area with offices in London and Singapore, Sands Capital managed more than $52 billion in client assets as of December 31, 2023.

ABOUT COMCAST VENTURES

Comcast Ventures is the venture capital arm of Comcast Corporation, with a 20+ year history of partnering with entrepreneurs to accelerate their businesses. They support founders in creating significant businesses by providing capital as well as by leveraging the unique resources of Comcast's operating businesses. Comcast Ventures invests in early to growth stage companies across a select set of themes. For more details, visit https://comcastventures.com. 

ABOUT ACRONYM VENTURE CAPITAL

Acronym is an opportunistic fund investing into B2B software with a focus on Fin Tech, Hospitality Tech, Prop Tech, Workflow, E-commerce Infrastructure and Omni-channel consumer brands that have achieved at least $1m in ARR. We lead, co-lead, and participate in rounds, only investing in companies where we can leverage our network for significant post-investment value add.

ABOUT FLORIDA OPPORTUNITY FUND

Launched in 2008, the Florida Opportunity Fund provides venture capital to emerging Florida companies, leverages additional capital resources, builds relationships with experienced entrepreneurs to lead growth companies, and partners with other organizations to strengthen the early-stage finance ecosystem in Florida. The mission of FOF is to identify and invest in a diversified, high-quality portfolio of seed and early-stage companies and venture capital funds that target early-stage companies in areas of strategic importance to Florida.

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SOURCE HealthSnap