Gurnet Point Invests $92M in Crossover Health to Fund Growth
Cambridge, MA-based Gurnet Point Capital has invested $92 million in Crossover Health, a six-year-old company that provides membership-based healthcare services to employers that are self-insured.
The funding is intended to increase the capital available for Crossover Health’s expansion and to buy out a portion of the company’s existing shareholders, the company said. The deal enables Crossover Health senior executives and Gurnet Point to become the company’s principal shareholders. Crossover Health, based about 75 miles north of San Diego in Aliso Viejo, CA, previously raised at least $21.5 million from Palo Alto, CA-based Norwest Venture Partners through two rounds.
Crossover Health is a medical group and healthcare management service that works with self-insured employers to provide healthcare and related services. The company says it uses health data analytics to optimize and customize its health services at on-premises health centers or nearby. The company says its technology platform fosters member interaction, provides them with their health data, and encourages them to take steps every day to manage their health and fitness.
In a statement issued by the company Wednesday, founder and CEO Scott Shreeve describes Gurnet Point’s investment as a “transformative opportunity” for Crossover Health to expand its customer base and “fundamentally reinvent primary care while being a catalyst for employees to actively engage in their own health and wellness.”