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.”
Author: Bruce V. Bigelow
In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here.
Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University.
Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.
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