Oak HC/FT’s Annie Lamont and Threshold Ventures’ Emily Melton
From our Women's PE Briefs - week commencing May 17, 2021
Oak HC/FT’s Annie Lamont and Threshold Ventures’ Emily Melton have a portfolio company acquired for more than $400 million – a company that Annie tells Women’s PE Briefs she is a “huge believer” in, and which Emily tells Women’s PE Briefs tackled “one of the most complex challenges” in the health care industry. OODA Health, which is seeking to clean up health care administration, has agreed to be purchased for $425 million by Cedar, a health care financial technology platform. Based in New York, Cedar has raised more than $350 million and was valued at $3.2 billion after raising $200 million in Series D financing earlier this year from such investors as Tiger Global Management, Thrive Capital, and Andreesen Horowitz. Oak HC/FT and Threshold – then known as DFJ – led OODA’s $40.5 million Series A round in 2018.
Based in San Francisco, OODA has sought to transform the health care payment system by enabling collaborative, real-time interactions between providers, payers and patients. Its platform connects payer workflows for nearly 20 organizations such as Blue Cross Blue Shield of Arizona, CommonSpirit Health and Blue Cross Blue Shield of Massachusetts. The company’s founders included Dr. Giovanni Colella, who co-founded and was CEO of Castlight Health, and Seth Cohen, who was a vice president with Castlight. Annie backed Castlight when she was at her prior firm, Oak Investment Partners. Castlight went public in spectacular fashion in March 2014.
“Having been part of OODA Health’s journey from the very start, I’m a huge believe in the company and their mission,” said Annie, who like Emily was on OODA’s board. “I’m excited about OODA’s next chapter, Cedar and OODA complete each other by perfecting the payment experience for payers, providers and most importantly the consumer.” Emily adds, Threshold originally invested in OODA “because we saw a seasoned team of health care executives tackling one of the most complex challenges of the industry, billing and administration systems that represent approximately $400 billion in waste and frustration and despair for patients. The merger with Cedars is one step forward in fulfilling the shared mission of a unified payer-provider digital billing platform that personalizes and simplifies health care payments for patients.”
Annie this year has led Oak HC/FT into Clearco, an e-commerce investor co-founded by Michele Romanow, and Advise Health Holdings, a licensed Medicare agency. She joined the boards of both companies in conjunction with the financings. She is also on the boards of Truepill, Brightline, CareBridge, Independent Living Systems, Oncology Analytics, Precision Medicine Group, Quartet, Vesta Health and VillageMD and is an observer on the board of Notable. Annie is a past speaker at the Women’s Private Equity Summit and the Women’s Alternative Investment Summit and will speak at the upcoming Women’s Leadership Unbound Summit. Oak HC/FT, which Annie founded with Tricia Kemp and Andrew Adams, closed its fourth fund earlier this year at $1.4 billion.
Emily earlier this year led Threshold into Calibrate, which was founded by Isabelle Kenyon and is developing a science-based program to help people lose weight. Emily’s investments also include Brightline, whose co-founder and CEO is Naomi Allen and which is focused on making it easier to get care for children suffering from behavioral issues; Tia, Inc., a women’s health care platform founded by Carolyn Witte and Felicity Yost; Verge Genomics, a drug discovery company using machine learning whose co-founder and CEO is Alice Zhang; BetterUp, a San Francisco company that works with companies to provide certified, executive-level coaching to employees; Wellframe, a Boston health technology company; and Vineti, Inc., a gene therapy software company whose CEO is Amy DuRoss. Emily is a past speaker at the Women’s Private Equity Summit.