Health IT, Startups

Kaiser Pemanente investment arm adds Hometeam to healthcare investments

The strategic investment could help Hometeam increase its geographic base beyond New York, New Jersey and Pennsylvania.

moneyOnly a few weeks after Hometeam raised more than $27 million to advance its  matchmaking service for seniors and care givers, it has raised an additional $5 million from Kaiser Permanente Ventures as part of a strategic investment, according to an article by Fortune.

Hometeam CEO Josh Bruno told Fortune:

Kaiser doesn’t have a strong presence in the in-home care space in the way that we do long-term,” founder and CEO Josh Bruno said in an exclusive interview with Fortune. “There are no firm plans yet, but there have been talks about how we can integrate in the Kaiser healthcare system.”

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A Deep-dive Into Specialty Pharma

A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.

The investment could help the company in its quest for expansion beyond the Mid Atlantic region. Last year, when the company closed an $11 million fundraise, it sought to add 15 offices in nine states. So far, it has offices in three states: New York, Pennsylvania and New Jersey.

It’s also an interesting move because the partnership would likely open a pathway for Hometeam to apply its caregiver technology to the integrated health system of Kaiser Permanente.

Among Hometeam’s other investors are Oak HC/FT, Lux Capital, IA Ventures, and Recruit Strategic Partners.

There is a big push to make more resources available to support family caregivers and to provide more options for family members to look after loved ones with professional caregivers.

In December Kaiser Permanente Ventures invested $10 million in telemedicine startup Vidyo. Other investments it has made in recent years include behavioral health business, big data analysis business Health Catalyst, and KitCheck, a company using RFID technology to automate the process of manually taking inventory for drug and operating room supplies.

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