Friday Fundings: Olive, Zipline, and Gympass
Healthcare Tech Startup Raises $400 Million
Olive, a startup which automates tasks for the healthcare industry, raised $400 million in funding, led by Vista Equity Partners and Base10 Partners’ Advancement Initiative. The round gives Olive a valuation of about $4 billion. It was worth $1.5 billion at the end of last year when it secured $225.5 million in funding.
Olive is going after what it says is $1 trillion in money wasted in the healthcare industry by using technology to automate processes which are currently performed manually. That includes ordering supplies and getting insurance company authorizations for procedures. Proceeds from the round will be used to more than double the company’s workforce of 800 and to create additional products.
Delivery Drone Startup Raises $250 Million
Zipline, a drone delivery startup which gained prominence during the pandemic by delivering vaccines, blood, and medical supplies, has raised $250 million in venture funding. New investors Fidelity, Intercorp (IFS), Emerging Capital Partners, and Reinvent Capital joined existing backers to participate in the fundraising round. Zipline now has a valuation of $2.75 billion.
Zipline has been accelerating the development of its drone delivery network in Africa and the US and plans to expand into new industries and geographies. For example, the startup recently began offering 24/7 delivery service in Rwanda. Proceeds from the funding round will go to build out its platform and fuel expansion.
Corporate Wellbeing Platform Raises $220 Million
Gympass, a fast-growing corporate wellbeing platform, raised $220 million in venture funding. The company now has a valuation of $2.2 billion. Employers pay Gympass a flat fee to access the app. Employees in turn can select a wellbeing plan which gives them access to gyms and fitness studios.
As pandemic restrictions ease, the company is seeing activity pick up. In May alone, Gympass had 4 million monthly visits across its network of fitness partners. The UK and US are driving the growth. Gympass plans to use proceeds from the funding to enhance its technology, grow in the US, and expand into new markets.
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