CHICAGO, Dec. 16, 2021 /PRNewswire/ -- Zing Health Holdings, a physician-led Medicare Advantage insurance company focused on serving vulnerable populations underserved by traditional insurance models, today announced that Town Hall Ventures and Leavitt Equity Partners, two leading investors focused on growing innovative healthcare businesses, have made a substantial minority investment in the company. Zing Health intends to use the proceeds from the $25 million investment to accelerate its growth and develop new business partnerships that align with its health equity mission.
The new investors join Newlight Partners and Health2047 in continuing to advance Zing Health's mission to provide leading Medicare Advantage products to older Americans. Through comprehensive supplemental benefits and an emphasis on access to care, Zing Health's plans extend meaningful access to patient-centered and technology-enabled care for seniors. Zing Health was spun out of the American Medical Association's Health2047 innovation lab in 2019.
"We are thrilled that Town Hall Ventures and Leavitt Equity Partners are supporting our mission to create superior health outcomes for seniors across underserved communities," said Dr. Eric E. Whitaker, Zing Health's founder and CEO. "Both of these investors bring deep industry relationships and expertise and share our commitment to continuing to enhance the Medicare Advantage model that we've developed."
"At Town Hall Ventures, we are committed to backing companies purpose-built for medically vulnerable and underserved populations," said Trevor Price, general partner of Town Hall Ventures. "When we saw the work that the Zing Health team is doing to reduce access barriers and offer high-quality healthcare to diverse seniors who have been historically underserved, we knew we wanted to partner to help accelerate their efforts."
"We believe that a transition to value-based healthcare is essential to transform the U.S. healthcare system," said Michael O. Leavitt, founder and chairman of Leavitt Equity Partners. "Zing Health has built a strong team, led by Dr. Whitaker. They engage beneficiaries in a way that reduces long-term costs by improving access to more hands-on, preventative care."
Srdjan Vukovic, a partner at Newlight, commented, "We are delighted to bring visionary investors alongside us to further support Zing Health's growth. We and look forward to working with Zing Health's passionate and skilled team and these new investors to advance the company's important mission."
About Zing Health
Zing Health Holdings Inc. is a groundbreaking tech-enabled insurance company making Medicare Advantage the best it can be for eligible beneficiaries. It's easy to get lost in the mix at big insurance companies. Zing Health's community-based approach addresses social determinants of health to keep individuals and communities healthy and returns the physician and the member to the center of the healthcare equation. This gives each member personalized care and service tailored to their singular needs. Members also receive individualized assistance to make their transition to Zing Health as easy as possible. They can create personalized plans, access facilities designed to help them better meet their healthcare needs, and work with a dedicated care team. For more information on Zing Health, visit www.myzinghealth.com or call 1-866-946-4458.
About Town Hall Ventures
Town Hall Ventures ("THV") is a healthcare-focused investment firm dedicated to partnering with technology and services businesses that address critical patient needs. THV partners with entrepreneurs and teams passionate about changing the United States health care system, focusing on solutions that use innovation to address health inequities. Leveraging a largely strategic base of limited partners, a deep and broad network and market expertise, Town Hall works hand in hand with companies to transform care delivery and health outcomes. Founded in 2017, Town Hall Ventures currently manages over $350M.
About Leavitt Equity Partners
Leavitt Equity Partners ("LEP") is a value-add, healthcare-focused private equity firm that invests in healthcare companies that seek to reduce the cost of healthcare while improving outcomes. Founded in 2014 by Michael O. Leavitt, former United States Secretary of the Department of Health and Human Services, LEP leverages its healthcare intelligence and broad network to help companies thrive in a complex and ever-changing healthcare system. LEP manages over $300M, raised primarily from strategic healthcare limited partners, including leading hospital systems, payors, and providers.
About Newlight Partners LP
Newlight Partners LP is a control-oriented growth equity investment firm that builds businesses in partnership with founders and exceptional management teams. The Newlight team has been investing together since 2005, originally as the Strategic Investments Group at Soros Fund Management LLC (Soros), and now as Newlight after the team's spin-out from Soros in 2018. Newlight's thematic investment approach focuses on marketplace opportunities in rapidly growing subsectors. Newlight currently has over $5 billion in capital commitments and assets under management.
For more information, please visit www.newlightpartners.com.
Zing Health Media Contact:
Newlight Partners Media Contact:
Nathaniel Garnick/Alex Jeffrey
Gasthalter & Co.
SOURCE Zing Health