Exclusive: Karoo Health raises $16.2M Series A

Karoo Health, a value-based heart care company, raised $16.2 million in Series A funding, CEO Ian Koons tells Axios Pro exclusively.

Why it matters: Prominent investors and well-capitalized strategics are embracing tech-enabled services for cardiac patients.

What we're watching: The company has now raised $25 million and is open to a Series B raise in the next 18 months.

Inside the room: Its metrics for the Series B raise include doubling its number of customers and achieving benchmarks on contract performance and total covered lives.

Follow the money: 7wire Ventures and Allumia Ventures co-led the round, joined by First Trust Capital Partners, SpringRock Ventures and HPA.

How it works: Karoo focuses on cardiovascular patients, specifically those diagnosed with congestive heart failure.

The company supports patients on-site and virtually, contracting with cardiology practices, health systems and health plans to share per-patient, per-month savings.

Karoo combines AI with its own clinicians and tech to support earlier risk detection and care coordination.

What they're saying: "We have really good early results in reduction of total cost of care and emergency department utilizations," Koons says.

State of play: Chamber announced a $60 million Series A round in February led by Frist Cressey Ventures, with General Catalyst, AlleyCorp and Optum Ventures participating.

Health data company Innovaccer acquired heart care-focused Story Health last year.