Completes Series A Round With Additional $9 Million
AVP, SpringRock Ventures, LOUD Capital, and MBX Capital see value of on-site care delivery for patients, providers and payers
PRESS RELEASE APR 20, 2022 09:00 EDT
COLUMBUS, Ohio, April 20, 2022 (Newswire.com) – OFFOR Health, a company that provides on-site clinical services for medical and dental practices, announced the close of a Series A1 round with $9 million, bringing the company’s total funding up to $15 million. The deal was led by AXA Venture Partners (AVP), with participation from Seattle-based SpringRock Ventures, Columbus-based LOUD Capital, and MBX Capital.
OFFOR Health’s first service line is SmileMD, an oral health offering that enables office-based procedures by providing an OR-quality experience with anesthesia clinical staff to dentists’ offices. Over the last few years, SmileMD’s services have already demonstrated a significant impact on patients’ lives, saving over 45,000 months of wait time, which reduces progression of disease and unnecessary ER and urgent care visits, and over 600,000 miles in travel for patients.
“We’ve been on this mission since 2014, but during the pandemic, we saw a drastic spike in pediatric operation wait times,” said OFFOR Health CEO Saket Agrawal. “Tech-enabled delivery of care is an area we are seeing innovation in across the healthcare industry, but we believe that we are doing work that can truly have an impact. By saving time, money, and resources for patients, providers, and payers, we are seizing the chance to improve the quality of healthcare for people nationwide. Through our care delivery platform that combines clinical care, logistics, and technology, we’ve proven that our model works and that when you connect providers directly with patient need, you can achieve amazing results. We are excited to see the impact we can drive with our new service line offerings tackling issues from sleep to chronic disease from this new round of funding.”
This latest round of funding will support OFFOR Health’s vision to scale its last-mile care delivery model into additional markets across the country. After starting in Ohio in 2014, OFFOR now also operates in Illinois, Kentucky, and Tennessee. OFFOR Health is making plans to expand on-site medical delivery across practice areas, driving improved population health, making healthcare more accessible and more affordable for even more patients.
“The problem that OFFOR Health is immediately solving is one that is high-cost, and high-impact,” said Manish Agarwal, General Partner at AVP. “They are doing great work serving a very in-need population of pediatric Medicaid patients. This vision, combined with the clinical knowledge of the founding team, tells us that they are on track to not just make a splash in the changing healthcare landscape, but truly make a difference in patients’ lives.”
OFFOR Health served tens of thousands of patients through 2022, increasing patients served by 155% year over year. By reducing patient wait times from months to weeks, OFFOR helps deliver better patient outcomes. The company is in the process of rapidly expanding its 100+ employee team to meet the needs of communities across the country.
About OFFOR Health, Inc.
OFFOR Health is on a mission to increase accessibility to care and decrease cost of delivery of healthcare by envisioning a world in which healthcare has no barriers. OFFOR Health delivers equal access to care by connecting healthcare professionals and patients in local communities with a last-mile care delivery platform.
SmileMD, a service of OFFOR Health, Inc. is an on-site oral healthcare business company founded by anesthesiologists. SmileMD provides specialty dental services and anesthesia to pediatric and adult dental patients in office settings, increasing access to care for thousands of patients each year. SmileMD currently offers services in Ohio, Illinois, and Kentucky, and is continuing to roll out its offerings across the country this year.
About AXA Venture Partners
AXA Venture Partners (AVP) is a global venture capital firm with over $1.5B of assets under management. AVP invests across stages in rapidly growing tech companies in enterprise, fintech, consumer and digital health sectors. With offices in New York, San Francisco, London, Paris and Singapore, AVP helps companies scale internationally. AVP also offers portfolio companies unique business development opportunities to further accelerate their growth. For more information, visit www.axavp.com.
About SpringRock Ventures
SpringRock focuses on digital health, devices, services, oral health, SAAS, consumerization/e-commerce of healthcare, IT, wellness, HIPAA and other innovative companies improving general health. SpringRock invests in early to late stage, high-growth-potential companies with some demonstrated customer acceptance, invest $2 million to $5 million in a company. SpringRock also invests at the seed/EIR stage of oral health innovation. SpringRock is based in Seattle, Washington, but invests throughout North America.
About LOUD Capital
LOUD Capital is a venture capital and alternative investment firm based in Columbus. They invest in early-stage companies across diverse industries, with an affinity toward social impact-driven businesses. LOUD has offices in Chicago, Raleigh, and Beijing, and pursues various education and community building initiatives to fulfill their ethical approach to venture investing, known within the organization as Venture For PeopleTM.
About MBX Capital
MBX Capital is a venture capital partnership focused on healthcare and biotechnology companies that are addressing critical challenges in public health. The firm invests between $500,000 and $5mm in early-stage companies which have the potential to significantly improve healthy life expectancy at the population level. With a preference for companies operating in overlooked domains, or serving overlooked communities, MBX has backed over 30 teams working on challenges in infectious disease, health equity, health system infrastructure, chronic disease prevention, disease surveillance, reproductive health, and more. Launched in 2020, the firm has offices in New York, Cambridge, and Park City, and invests globally.