Health IT, Payers

Quartet unveils $40M fundraise and new collaboration with Horizon BCBSNJ

New York City-based Quartet has raised $40 million in a Series C round led by Polaris Partners and F-Prime Capital Partners. It also announced that it's teaming up with a payer: Horizon Blue Cross Blue Shield of New Jersey.

Quartet is starting off 2018 with a bang, not a whimper.

Through its technology, the New York City-based company brings physicians and mental health providers together to improve patients’ overall well-being. And although we’re only four days into the new year, Quartet has news to share.

It has raised $40 million in a Series C round led by Polaris Partners and F-Prime Capital Partners. New investor Deerfield Management also participated, as did all existing investors, including GV (formerly Google Ventures) and Oak HC/FT.

“This is about scaling a model that we’ve seen work,” David Liu, Quartet’s president and COO, said in a recent phone interview. “There are a lot of people who are suffering from comorbid mental and physical conditions.”

The company will use the money to expand its product capabilities, boost its provider network, build its machine learning team and work on its new business development functions, according to a news release.

The funding builds on the $40 million Series B round Quartet closed in April 2016. GV led that round and was joined by F-Prime Capital Partners, Polaris Partners and Oak HC/FT Partners.

The latest round also brings the company’s total haul to $87 million.

In addition to the fundraise, Quartet announced a new collaboration with Horizon Blue Cross Blue Shield of New Jersey. This marks the company’s launch in its sixth major market, as well as its first statewide partnership.

Liu said the agreement is initially focused primarily on five or six counties in the state. But the organizations have started to look at moving into other counties as well.

Conversations between Quartet and Horizon date back a year or two, Liu added.

Through Horizon’s partners (such as health systems), Quartet will use its capabilities to identify the Horizon members who are most in need. Then it will work with primary care providers to help said patients get proper mental and physical care.

“What’s changing is not anything drastic in the sense that these members are going to something new,” Liu said. “It’s within the ecosystem they’re familiar with and the doctors they’re already seeing. It’s infusing that relationship with more data so they can be served more holistically.”

Overall, Liu boiled his company’s 2018 theme down to one word: growth.

“We enable these professionals to be able to leverage data about their patients,” he said. “With every incremental patient we’re helping on behalf of our providers, the next patient gets better results.”

In the past year, Quartet has also unveiled collaborations with Humana and Sacramento, California-based Sutter Health.

Photo: Nicol??s Mero??o, Getty Images

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