Luma Health Raises $130M Series C, Plans to Scale Internationally
Healthtech has been having a moment since the onset of the pandemic and industry investments are continuing to skyrocket. The latest healthtech company to raise a fresh round of financing is Luma Health, a San Mateo-based patient engagement platform. The company announced the arrival of its $130 million Series C round on Tuesday, led by FTV Capital.
The fresh financing couldn’t have come at a better time. Luma has experienced 2x growth year over year since it was founded in 2015, according to the company. Luma’s nearly 900 percent growth over the last three years even earned it a spot on the latest Inc. 5000 list of the fastest-growing private companies in the U.S.
Luma’s platform aims to both centralize and automate scheduling and communication with patients. The company’s tech integrates with more than 80 types of electronic health records (EHRs) across the healthcare IT stack. Luma has served more than 30 million patients across the U.S. and is used by more than 550 health systems, hospitals and clinic networks nationwide, according to the company.
“Since we founded the company, we’ve been fortunate that we’ve never had to pivot, never had to change our focus, never had to deviate from our founding vision,” company co-founders Adnan Iqbal, Aditya Bansod and Tashfeen Ekram said in a co-authored blog post. “The need for seamless and simple access to healthcare at enterprise scale has never been more clear as it is now. Suffering through a pandemic has made it crystal clear that the old way of doing things in healthcare not only has to change, but is actively changing.”
Luma is now on track to connect nearly a quarter of the U.S. population to healthcare services in 2022, according to the company. Beyond that, the startup plans on using the funds from its latest raise to scale internationally.
“We’d all been patients, and we’d all experienced the frustrations that are all too common – struggling to get an appointment and figure out how much it’ll cost; finding it impossible to ask follow-up questions; spending long wait times in busy waiting rooms; and more,” the co-founders continued. “But we’d all also experienced that one moment we need most when we’re sick: time with the doctor to hear our issue and get the help we need to be healthy again.”
Getting patients to that moment in a quick and efficient manner is what served as the founding principle behind Luma Health, they said.
Following an outstanding year of growth, the company plans to continue expanding its team. The healthtech platform is now hiring for 15 remote roles across its engineering, design, product and sales teams, to name a few.
Luma Health has raised $160 million in venture capital financing to date, according to the company.