US-based HealthTech startup Color raises USD 100 million in Series E round

Color, a California-based healthtech company, has raised USD 100 million in a Series E funding round led by Kindred Ventures on 9 November 2021. This round brings Color to USD 378 million in total financing, with a valuation of  USD 4.6 billion.

Investors: Kindred Ventures led the latest funding round with participation from existing investors General Catalyst, Viking Global Investors, and Emerson Collective. Funds are managed and advised by T.Rowe Price.

The Objectives behind the funding: The company plans to deploy the current proceeds to accelerate the expansion of accessible public health infrastructure by helping people access screening, diagnostics and initial treatments for their health needs. Color’s offerings will now include vaccination and preventative health services for schools and employers. Moreover, it plans to offer infectious disease management programs in the future.

About Color

Founded in 2014 by Elad Gil, Nish Bhat, Othman Laraki and Taylor Sittler, Color is a population health technology company that provides large-scale health care programs and clinical testing. Color works with health systems, employers, and national health initiatives worldwide, including Thermo Fisher Scientific, the Teamsters Union, Salesforce, the National Institutes of Health, the State of California, and the City of San Francisco, and more than 100 major employers and universities.  The company is presently running the largest COVID-19 testing program for K-12 schools in the U.S. and has supported over 6,500 testing and 500 vaccination sites across the country. Now, Color will build on its model to offer new programs that deliver the last mile of care across essential healthcare services. Color will begin this expansion in essential healthcare services and STI services, providing programs that help populations get access to screening, diagnostics, and initial treatments for various health needs anywhere they are.

What the Founder and the team have to say:

“What we have built will serve as a critical piece of public health infrastructure to deliver access to healthcare services to those who need them most,” said Color CEO Othman Laraki. “We have learned that there is an exponential uptick in people’s ability to use these services as they become simpler and more convenient. Public health should happen where public life happens.”

“Color has built a strong, sustainable, and profitable business that can scale alongside the myriad of health challenges the U.S. faces,” said Color CFO Mike Herring. “The response from our partners has been incredibly positive, and our remarkable team has delivered at scale with both pace and quality of execution.”

What the Investor has to say:

“Color is poised to further transform how we deliver public health in this country with speed and at scale,” said Steve Jang, Founder and Managing Partner of Kindred Ventures. “Just as we’ve seen digital transformations in other parts of our lives, the distributed network approach Color has built will improve the way we experience health care in the future. The hosted software and data infrastructure that Color provides has created a new normal: all essential care should be accessible, decentralized, and delivered within companies, schools, and communities instantly.” 

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