DexCare raises $75M Series C led by ICONIQ Growth to match patients with the right healthcare provider

According to the latest estimate, over 100 million Americans currently encounter obstacles when trying to access healthcare, primarily due to factors such as the closure of rural hospitals and shortages of physicians. These challenges have significantly limited individuals’ ability to receive timely and appropriate care.

In addition, healthcare systems are grappling with escalating costs that surpass the pace of growth, placing additional strain on the industry. Meanwhile, the digital-care experience provided by many healthcare providers fails to meet the heightened expectations of consumers in the post-pandemic era. Recognizing the pressing need to address these challenges, health tech startup DexCare decided to make its mission to make healthcare accessible to all and ensure that patients are connected with the appropriate healthcare providers.

Today, DexCare announced it has secured $75 million in Series C funding, with ICONIQ Growth leading the investment round. DexCare, short for Digital Experience Care, will use the fresh capital infusion to accelerate the market expansion of its care access platform.

With this latest funding round, the total amount raised by the company now stands at $146 million. Notably, DexCare managed to close two oversubscribed funding rounds within a span of fewer than two years, indicating strong investor interest and confidence in the company’s potential.

In conjunction with the funding, DexCare also announced that Caroline Xie, general partner at ICONIQ Growth, will also be joining its board of directors.

DexCare was originally developed by Providence as a digital access platform aimed at simplifying the patient experience and making healthcare more accessible to all individuals. DexCare was created to address the challenges patients often face when trying to navigate the healthcare system. By leveraging digital solutions, DexCare (short for Digital Experience Care) strives to improve the accessibility and convenience of healthcare services, ultimately enhancing the overall patient experience.

DexCare’s care access platform connects patients with the right clinicians at the right time, ensuring care that is both high-quality and convenient. The company is tackling challenges on both sides of the healthcare market – helping providers optimize capacity, forecast demand, and manage costs amidst staffing shortages and delivering a superior experience for patients, countering the convenience-driven approach of big tech cos taking over the industry.

Since its spin-out from Providence Health in 2021, DexCare has significantly expanded its presence, catering to over 57 million patients across all 50 states. Notably, its clientele includes prestigious healthcare systems such as Kaiser, Houston Methodist, and Mass General Brigham. By leveraging DexCare’s services, these healthcare systems have collectively saved over 42,000 hours of critical physician time.

DexCare is led by CEO Derek Streat and Chief Commercial Officer Sean O’Connor. Both have worked inside Providence as entrepreneurs-in-residence for about two years.

“We’re just emerging from an unpredictable moment in history that cast a spotlight on a strained U.S. healthcare system,” said Streat. “The trauma caused on the frontlines, as health systems rushed to care for their communities, stressed an already high level of provider and nurse burnout. The pandemic taught us that consumers want convenience and choice, and that health systems need controls to manage the supply of care – DexCare delivers both.

“We’re staring at a new era of care delivery,” said Streat, “and this financing validates DexCare’s impact to modernize health commerce, from how care is accessed and orchestrated to delivered. With the backing of our investors, partners and customers, we’re overhauling an antiquated industry to ensure patients are matched to the right provider, at the right time, and in the right setting.”

The addition of ICONIQ Growth – a firm that also partnered with companies defining the future of their industries like Adyen, Datadog, GitLab, Miro, and Snowflake – brings a track record of disruption and positive change. Together, DexCare and its partners have the runway to modernize the legacy data-and-platform infrastructures to realize a healthcare ecosystem that works for everyone. The funding round included participation from existing partners Transformation Capital, Kaiser Permanente Ventures, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures.

“Accessing quality care is a two-sided problem, and DexCare has built a solution that addresses both sides of this equation,” said Caroline Xie, general partner at ICONIQ Growth, and newest member of the DexCare board. “On the front end, DexCare’s platform makes finding care as easy as e-commerce. On the back-end, it helps health systems optimize and unlock capacity, which is ultimately better for patient care and more sustainable for health systems.”