B Capital Group’s Karen Page and Define Ventures, which was founded by Lynne Chou O’Keefe, invest in a portfolio company of Bain Capital Ventures’ Aneesha Mehta that has devised a new type of digital health plan. B Capital led Centivo’s $34 million Series B round, which in addition to Define also included HarbourVest Partners, Nassau Street Ventures and such existing investors as Bain Capital Ventures, Company Ventures, F-Prime Capital, Ingleside Investors, Maverick Ventures and Rand Capital.
Centivo’s plan is designed to cost 15 percent or less than traditional insurance offerings and be easy to use for employers and employees. Over the past year, the company has tripled the number of clients and members it serves. Provider partners include Mount Sinai Health System, Orlando Health, Scripps Health and UCLA Health. Centivo’s plan is available to mid-size and large employers in New York, New Jersey, Connecticut, Southern California, Florida and North Carolina.
In a statement, Karen said that with health care costs continuing to be a challenge for both employers and employees, Centivo “is structurally lowering the cost of health care purchasing by using technology and analytics to create efficiencies and improve outcomes. Their savings yields sustainable savings and boosts quality for the long term for employers and employees alike.”
In conjunction with the financing, Karen joined Centivo’s board. Karen in the past year has backed and joined the board of Bright.md, a health care automation company, and Plastiq, a creator of an automated payments solution. Karen joined B Capital last year after serving as senior vice president of industry for Box and a senior director with Apple.
Lynne recently brought Define into MedArrive, a telemedicine startup co-founded by Inna Plumb. (See In The Spotlight). Earlier this year, Lynne backed Tia, Inc., a women’s health care platform founded by Carolyn Witte and Felicity Yost. Lynne also recently backed Story Health, which is building virtualized specialty care solutions. (See Story in Dish on the Deal). She also has a portfolio company, Hims & Hers, set to go public through a merger with a special purpose acquisition company.
Define, which Lynne founded after leaving Kleiner Perkins, closed its debut fund earlier this year at $65 million. Other companies that Define has backed include Lightship, which provides enterprise level, direct-to-patient clinical research solutions; Verana Health, which is producing specialty clinical data; Unite Us, a social determinates of health platform coordinating care networks of health and community service providers; and Cohere Health, a value based care platform for payers, providers and consumers.
Lynne is also a past speaker at the Women’s Private Equity Summit and will speak at the Virtual Women’s Alternative Investment Summit event in January.