Healthtech startup MacroHealth, which offers a platform that optimizes the buying and selling of health services, has raised a $54 million CAD ($41 million USD) Series A round of financing.
MacroHealth is looking to tap more of Vancouver’s talent, which has seen a boom in recent years.
Participants in the Series A round included NewSpring Capital, Providence Ventures and Triple Tree Capital Partners. The new funds will be used to further develop MacroHealth’s platform and expand the commercial side of the business, through hires in marketing, customer success, operations.
Procurement is considered to be a major barrier to the commercialization of technology for the healthcare industry in Canada. MacroHealth’s analytics and connectivity platform is designed to give payers in the healthcare industry data enhancement, analytical tools, and market benchmarking to design provider network solutions to optimize the procurement of health services.
MacroHealth was formed in 2017 with the merger of Plotkin Health and VIDA Health and is legally incorporated in Canada. Its chief technology officer and chief product officer, Toufic Boubez, has exited two companies, Layer 7 Technologies, acquired by CA Technologies, and Metafor, acquired by Splunk.
With offices in Vancouver and the Seattle, WA area, MacroHealth plans to add 30 technical roles to its Vancouver office. The startup is looking to tap more of Vancouver’s talent, which has seen a boom in recent years.
A 2019 report from the CBRE found that Vancouver swiped Seattle’s spot as one of the top markets for high-tech job growth in North America. In 2017 and 2018, Vancouver added a total of 13,600 new high-tech jobs, representing about 55 percent of new office jobs in the city, according to the CBRE.
The talent boom has caused a number of US firms to take notice. Large tech giants have made themselves more known in the west coast city, with Amazon, Google, Microsoft, and Facebook all establishing offices there.
The same can be said for US financiers. Recently, Silicon Valley Bank expanded to the city with the hire of Caterina Papadakos as the bank’s director of technology banking for Western Canada.
Image source Unsplash. Photo by Komal Brar.