US-based Healthcare startup Color raised US$ 167 million in Series D funding round on 4 January 2020 at a valuation of US$ 1.5 billion. The total funding raised by Color stands at US$ 278 million.
The Series D round was led by General Catalyst with participation from Viking Global investors. A number of key senior executives have joined the Color team including Claire Vo as chief product officer, Emily Reuter (former employee at Uber, where she played a key role in its IPO process) as VP of Strategy and Operations and Ashley Chandler (former employee of Stripe) as VP of Marketing.
The funds raised will be utilized to expand and will help the company put in place key health infrastructure systems across the U.S. including the “last mile” delivery of COVID-19 vaccines.
About Color
Founded by Elad Gil, Nish Bhat, Taylor Sittler and Othman Laraki in 2015, Color is a population healthtech company that is providing large-scale health care programs and clinical testing. It aims to improve the key health infrastructure systems to make health accessible, convenient, and cost-effective.
Color’s Population Genomics Platform offers modular and end-to-end solutions enabling organizations to build and scale population health programs. Its technology, software and clinical services help to launch population programs quickly. Color creates complete and effective programs that include planning, program strategy and implementation. Some of Color’s partners include NorthShore University Health System, Visa, Levi Strauss, Salesforce, the National Institutes of Health (NIH), Ochsner Health System and Verily.
What the CEO has to say
“I think with the [COVID-19] crisis, it really shone the light on that lack of infrastructure. We saw it multiple times, with lab testing, with antigen testing and now with vaccines. The model that we’ve been developing, that’s been working really well and we feel like this is the opportunity to really scale it in a very major way. I think literally what’s happening is the building of the public health infrastructure for the country that’s starting off from a technology-first model, as opposed to, what ends up happening in a lot of industries, which is you start off taking your existing logistics and assets and add technology to them,” said Color CEO and co-founder Othman Laraki.
Due to the COVID crisis, 2020 was a record year for Color. It established testing for healthcare workers and residents. “At some point, you build Amazon, a technology-first stack that’s optimized around access and scale. I think that’s literally what we’re seeing now with healthcare. What’s kind of getting catalyzed right now is we’ve been realizing it applies to the COVID crisis, but also, we started actually working on that for prevention and I think actually it’s going to be applying to a huge surface area in healthcare, basically all the aspects of health that are not acute care where you don’t need to show up in the hospital,” said Othman Laraki.
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