Medicare Advantage insurer Devoted Health has closed a $555 million Series G round as part of a $1.18 billion financing deal.
The remainder is a $622 million commitment from the same investors to buy shares from existing Devoted shareholders through a tender offer, which is expected to close later in the fourth quarter, according to an Oct. 1 news release. The $555 million in primary funding goes to the company, which said it will use the money to fund continued growth.
The insurer is one of the fastest growing plans in the Medicare Advantage market, with plans to enter 342 new counties and five new states (Connecticut, Michigan, New Hampshire, New Jersey and New York) in 2027, bringing its footprint to 1,341 counties across 34 states.
Devoted had 538,000 members as of September, up from 212,000 in December.
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