Cigna's board of directors announced Feb. 28 a $450 million investment in Cigna Ventures, the payer's investment arm, which it will use to support health startups, according to eMarketer.
The payer established three areas it will invest the venture capital in: insights and analytics, digital health and experience, and care delivery and enablement.
Cigna Ventures has invested in 15 companies since Cigna gave it $250 million in 2018, according to eMarketer. Cigna's most recent investment was a $750 million contribution to Bright Health.
According to eMarketer, Cigna is likely to invest the $450 million in home healthcare startups. The move both manages rising healthcare costs for seniors — especially as Cigna looks to shore up its spending as part of its value creation strategy — and plays catch-up with other major payers who are already in the space.
Home care startups like AlayaCare and Contessa could be front-runners for Cigna Ventures' capital, according to eMarketer.