According to InsurTech Insights, the investment drew participation from both current backers and new strategic investors, Cone Health Ventures and MemorialCare Innovation Fund.

The money will help Centivo continue its work to address the nation's growing healthcare costs for both businesses and workers.

Centivo is committed to tackling the issues brought about by the US's steadily rising healthcare costs, which are expected to surpass $4.5 trillion by 2022.

The company's health plans have already shown to be successful; in 2023, member out-of-pocket expenses will be 71% lower than they were for prior plans.

Apart from reducing personal expenses, Centivo's programs have resulted in an average 15% cost savings for employers, all while encouraging increased utilization of primary and specialized care services.

The business model emphasizes providing cost-effective treatment and excellent clinical outcomes, and it offers a "win-win" scenario for value-based providers and forward-thinking employers. Through creative solutions, Centivo is dedicated to expanding its reach and enhancing healthcare accessibility.

With the additional funding, Centivo will be able to grow its platform and provide more Americans with access to reasonably priced health insurance. Centivo intends to carry out its goal of assisting companies in offering their employees affordable healthcare solutions.

Centivo strengthened its position by purchasing Eden Health in May 2023. This purchase allows the firm to offer an at-scale virtual primary care practice accredited by the Patient-Centered Medical Home (PCMH), which incorporates integrated behavioural health treatments. Centivo's provider network was further bolstered and its service offerings were improved by this action.

Serving a broad range of industries, including the automotive, retail, transportation, manufacturing, financial services, and educational sectors, Centivo is a national business.

"We are thrilled to have this level of financial support toward the continued growth of our radically affordable healthcare solution in America," said Ashok Subramanian, CEO and co-founder of Centivo.

"The next step is to increase the number of Americans who can now afford to use a health plan and to honor employers who are bringing back access to affordable healthcare for their employees."

The firm is still driving expansion in the healthcare industry, and its most recent fundraising round builds on its earlier investment initiatives.