Color announces Series E financing, at a valuation of $4.6 billion, to accelerate expansion of accessible and equitable public health infrastructure

SAN FRANCISCO, Nov. 9, 2021 /PRNewswire/ -- Color, a health technology company committed to advancing public health, today announced a $100 million Series E financing round. This brings Color to $378 million in total financing, with a valuation of $4.6 billion. The round was led by Kindred Ventures and by certain funds and accounts advised by T. Rowe Price Associates, Inc. with participation by existing investors General Catalyst, Viking Global Investors, and Emerson Collective.

Over the last two years, Color successfully implemented essential healthcare delivery programs in 16 states and federally with the National Institutes of Health for employers, governments and school systems. The company is currently running the largest COVID-19 testing program for K-12 schools in the nation and has supported more than 6,500 testing and 500 vaccination sites across the country. Now, Color will build on its model to offer new programs that deliver the last mile of care across essential healthcare services. Color will begin this expansion in essential healthcare services and STI services, providing programs that help populations get access to screening, diagnostics, and initial treatments for a variety of health needs anywhere they are.

Color's offerings will now include vaccination and preventive health services for schools and employers, as well as infectious disease management programs for public health settings. The combination of existing offerings and new services expands the company's work building public health technology and infrastructure for governments, employers, and other institutions that care for large populations. 

"What we have built will serve as a critical piece of public health infrastructure to deliver access to healthcare services to those who need them most," said Color CEO Othman Laraki. "We have learned that there is an exponential uptick in people's ability to use these services as they become simpler and more convenient. Public health should happen where public life happens."

Through partnerships with public and private institutions such as Thermo Fisher Scientific, PerkinElmer, Salesforce, the Teamsters Union, the National Institutes of Health, the State of California, and the Executive Office of Health and Human Services of Massachusetts, Color's infrastructure and software make it possible for large populations to receive essential healthcare services directly where they live or work. Color has partnered with nearly 1,000 organizations, including public health departments, universities, and employers to offer access to fast, reliable and convenient healthcare services.

"Color is poised to further transform how we deliver public health in this country with speed and at-scale," said Steve Jang, Founder and Managing Partner of Kindred Ventures. "Just as we've seen digital transformations in other parts of our lives, the distributed network approach Color has built will improve the way we experience health care in the future. The hosted software and data infrastructure that Color provides has created a new normal: all essential care should be accessible, decentralized, and delivered within companies, schools, and communities instantly." 

"Color has built a strong, sustainable, and profitable business that can scale alongside the myriad of health challenges the U.S. faces," said Color CFO Mike Herring. "The response from our partners has been incredibly positive, and our remarkable team has delivered at scale with both pace and quality of execution."

About Color
Color, a health technology company, makes population-scale healthcare programs accessible, convenient, and cost-effective for everyone. Color works with health systems, employers, and national health initiatives around the world, including Thermo Fisher Scientific, Salesforce, the Teamsters Union, the National Institutes of Health, the State of California, and the City of San Francisco, and more than 100 major employers and universities. Color provides the tools for preventive health and infectious disease management, including testing, vaccinations, and other services, and is responsible for the largest school testing program in the country. For more information about Color, visit www.color.com.

About Kindred Ventures
Kindred Ventures is an early stage venture capital fund led by Steve Jang and Kanyi Maqubela and based in San Francisco, California.  Created in 2014, Kindred is on a mission to invest in the most talented and visionary entrepreneurs who want to transform the world for the better using novel technologies.  As founders backing founders, the firm and its partners have been early investors and advisors in revolutionary technology companies such as Uber, Coinbase, Tonal, Tala, Postmates, and Color Health.  Today, Kindred has invested in over 100 startups, valued now in aggregate over $170 billion, spanning marketplaces, fintech, health & wellness, media, and crypto, and located around the globe.

About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price (troweprice.com) is a global investment management organization that provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.

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SOURCE Color

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http://www.color.com