Lowenstein represented Centivo in raising over $34 million in a Series B funding round. Centivo offers a new type of digital health plan built to save 15 percent or more compared with traditional insurance carriers and designed to be easy to use for employers and employees. It will use the financing to expand its offerings into new markets and further scale its operations in response to growing demand.
Centivo was built to serve the self-funded employer and offers a turnkey benefits solution that meets the needs of a diverse workforce. Its health plan solution is available to mid-size and large employers in New York, New Jersey, Connecticut, Southern California, Florida, and North Carolina, and it will be expanding to additional markets in 2021. In the past year, Centivo has experienced phenomenal growth, tripling the number of clients and members it serves. Provider partners include leading health systems such as Mount Sinai Health System, Orlando Health, Scripps Health, and UCLA Health, as well as independent practices.
B Capital Group, a leading global technology investor, led the round. Participants included new investors Define Ventures, HarbourVest Partners, and Nassau Street Ventures (an AVG fund); existing investors Bain Capital Ventures, Company Ventures, F-Prime Capital, Ingleside Investors, Maverick Ventures, and Rand Capital (Nasdaq: RAND); and various individuals.