The Propel Baltimore Fund is pleased to announce that it’s portfolio company Scene Health closed an oversubscribed $17.7 million Series B growth financing led by ABS Capital Partners with participation from existing investors Claritas Health Ventures, as well as Healthworx, the innovation and investment arm of CareFirst BlueCross BlueShield, PTX Capital, and Kapor Capital. Medication nonadherence is a $500 billion challenge in the U.S. and the leading cause of preventable hospitalizations. Scene’s tech-enabled solution provides personalized engagement through video technology, clinical coaching, and validated interventions to improve medication adherence rates and address barriers related to social determinants of health. Through daily one-on-one video and in-app chat interactions, Scene’s care team of pharmacists, nurses, and health coaches build relationships with patients to improve their medication administration technique, adherence, and motivation. Series B funding proceeds will enable Scene to further accelerate its ability to serve Medicaid, and Medicare managed care plans, pharmaceutical companies, and clinical research organizations. This financing brings the total investment in Scene to over $25 million since its founding in 2014.
Chris College, Managing Partner at TCP Venture Capital, remarked, “We are excited to support Scene Health’s mission to improve patient outcomes through better medication management. This Series B round will help them continue to make a meaningful impact in the healthcare industry. We are confident in the company’s leadership and look forward to seeing their continued growth and success.”
About Scene Health
Scene (formerly emocha) brings healthcare professionals, patients, and their families together to solve the $500 billion medication nonadherence problem. Scene’s mobile app allows patients to connect with a care team of pharmacists, nurses, and health coaches through daily video check-ins anytime and anywhere. Research in 19 peer-reviewed publications so far has demonstrated that Scene dramatically increases patient engagement, improves health outcomes, and reduces overall costs for healthcare payors. Scene currently delivers programs for 720 customers across Medicaid and Medicare Managed Care Organizations, public health departments, and life science organizations covering multiple chronic and infectious conditions, including diabetes, asthma, cholesterol, opioid use disorder, hepatitis C, tuberculosis, hypertension, solid organ transplants, and sickle cell disease. For more information, visit www.scene.health.
About TCP Venture Capital
TCP Venture Capital (www.tcp.vc) is a Baltimore, Maryland-based, early-stage technology-focused venture capital firm. We partner with entrepreneurs to build great businesses. The Propel Baltimore Funds invests in early-stage technology companies willing to locate in Baltimore City. The Fund addresses the critical need for more early-stage capital in Baltimore City, encourages more entrepreneurial activity, creates more high-paying jobs, and helps realize Baltimore City’s full potential as a destination for growing businesses.