Karoo Health Receives Seed Funding from Panoramic Ventures and FirstMile Ventures to Reimagine Cardiovascular Care
Investment to Support Company’s Engagement with Health Plans and Self-Insured Employers to Provide Tech-Enabled Value-Based Cardiology Solution
Karoo Health, an emerging tech-enabled value-based cardiovascular care solution provider, announced it closed a significant seed funding round. The investment will allow Karoo Health to bring its innovative, value-based, end-to-end cardiovascular solutions to patients via partnerships with health plans and self-insured employers. As a patient-first organization, Karoo Health helps patients lead their best lives by preventing the progression of cardiovascular disease.
The investment was led by Panoramic Ventures, with additional participation from FirstMile Ventures and leading healthcare executives. With this new capital, Karoo Health can accelerate its mission of creating a new paradigm of better cardiovascular care, at lower cost, than the current system.
“I saw first hand the devastating effects of cardiovascular disease on my closest friend, who died of a heart attack at the age of 29, in addition to several family members I lost to this largely avoidable disease,” said Ian Koons, Co-Founder and CEO of Karoo Health. “I saw the confusion of complex patients spending just three minutes with the cardiologist after long wait times, and I knew there must be a patient-centered, integrated delivery model that would do better for these patients.”
According to the American Heart Association, cardiovascular disease remains the leading cause of death in the United States, with an annual cost to the healthcare system of more than $318 billion. “Cardiovascular care is often the largest expenditure for employers and Medicare Advantage plans, yet very few, if any, value-based care approaches have been brought to bear in this area,” said Mr. Koons. “Karoo is in the process of attacking both the cost and quality issues in cardiovascular care in a patient-first way.”
“Seeing the shortcomings of the current state of cardiac care, we knew there had to be a better way,” said Ben Selzer, Co-Founder and CFO of Karoo Health. “We approached leading cardiologists across the country and asked them how they would design a better cardiac care delivery model. Based on their feedback, we built Karoo Health.” Mr. Selzer continued, “we will blend digital approaches and services with in-person care at Karoo-owned cardiology centers to create a true, value-based solution for cardiology cases of all types, assuming risk and working with employers and health plans to lower their cardiovascular spend.”
Austin Poole, Principal of Panoramic Ventures added, “We are thrilled to be working with Ian and Ben at Karoo to define a new paradigm in cardiac care that empowers physicians to focus on patients and drive better outcomes.”
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP served as legal advisor to Karoo Heath during the funding round.
