ConcertoHealth in Irvine raised $30 million from current investors in a round co-led by Arboretum Ventures in Ann Arbor, Mich., and Deerfield Management Company LP in New York.
It plans to use the new funding to expand services.
ConcertoHealth provides medical care and social services for patients with complex medical conditions and who are frail, elderly, or eligible for Medicare and Medicaid benefits. It’s raised about $45 million in funding, including the current round.
Deerfield Management is a $7 billion hedge fund that invests in large cap or growth companies in healthcare.
Arboretum Ventures manages $450 million and typically invests $30 million to $40 million in healthcare firms within two years of launching a commercial product or service.
Deerfield Management partner Leslie Henshaw will join ConcertoHealth’s board. Arboretum Ventures Managing Director Tim Petersen remains chairman.
—Michael de los Reyes
