Harbor Health, a primary and specialty care clinic and insurance company, announced last week that it raised $130 million in funding. The financing will help expand its clinical reach in Texas and grow its insurance plans.
Harbor Health connects patients with primary, specialty and express care. Care is personalized to the patient and each member receives access to a dedicated care team. The startup has 11 clinics across Austin, Texas, and has cared for more than 50,000 people in the state.
The company is also building out its insurance business for large group employers and individual consumers accessing care through the Marketplaces. Its plans have no deductibles, no upfront visit requirements and no out-of-pocket costs for most services provided by Harbor Health clinicians.
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The financing was co-led by General Catalyst, 8VC and Alta Partners. The round also includes participation from Dell Family Office Management, Health 2047 Capital Partners, Lemhi Ventures, Martin Ventures and Breyer Capital. In total, Harbor Health has raised $258 million since launching in 2022.
“Offering coverage in combination with a condition-specific clinical model that optimizes quality and results is exactly what healthcare needs now for both employers and individuals,” said Dr. Pete Hudson, Alta Partners managing director, in a statement.
The funding is helping Harbor Health build out its insurance business, as well as grow its clinical footprint.
“Once you’ve invested in insurance, it just doesn’t make sense to limit who it’s applied to. So it is in our best interest to expand how to be able to offer it to a broader population. And so that’s the goal of the clinical expansion,” said Dr. Clay Johnston, Harbor Health co-founder, in an interview.
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The company plans to expand its clinical presence beyond Austin, but will remain within Texas for now to build greater market density across the state, Johnston added.
“Healthcare is so local and part of our strategy is to stay in Texas,” he said. “We’re going to expand out of Austin, but stay in Texas on purpose because [healthcare] is local. It’s so important to have those connections to the community, to the other providers. So we believe pretty strongly that that’s the right way to do it, as opposed to be thin and spread out.” He contrasted this with companies like Bright and Centivo, which have expanded more broadly across the U.S.
That said, if Harbor Health reaches its desired density in the state of Texas, it would expand to other states as well, he noted.
The company is also expanding its specialty care support with the funding, including cardiology, rheumatology, infusion and endocrinology, Johnston said.
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