Turquoise Health has raised $40m in Series C funding.
This latest round was led by Oak HC/FT, with participation from existing investors including Andreessen Horowitz, Adams Street Partners and Yosemite.
Turquoise revealed its platform is now used by more than 280 customers, including 10 of the top 25 health systems, four of the five national payers, nine of the top 10 pharmaceutical companies, and six of the top 10 insurance brokers.
It added the new funding will be used to assist with additional go-to-market efforts, accelerate the buildout of its product roadmap, and increase its 200-strong workforce.
Chris Severn, CEO and co-founder of Turquoise, said: “Our goal has always been to move the industry toward clear, accurate and actionable healthcare pricing.
“By evolving from a data vendor to a full workflow and transaction platform, we are building the infrastructure for transparent, real-time payments. This round allows us to ensure that this model becomes the industry standard.”
Vig Chandramouli, partner at Oak HC/FT, added: “Turquoise is uniquely positioned at the center of the healthcare economy, leveraging a data moat bolstered by their subject matter expertise, extensive library of over 65,000 contracts and best-in-class user interface.
“We have tracked Chris and the team since 2021 and are impressed by their ability to expand adoption simultaneously across providers, payers, employers and life sciences. Their platform doesn’t just provide data; it embeds transparency directly into the negotiation and payment workflows of the industry’s largest stakeholders.”
