Everside Health lands $164m after pulling IPO

• The capital will be used to support Everside’s growth, support M&A opportunities and enhance its technology
• Company operates more than 375 health centers in 34 states 
• Company recently withdrew registration for $100 million IPO

Everside Health LLC, a Denver-based national direct primary care provider, has raised $164 million in growth equity funding. The investors include prior backers New Enterprise Associates Inc, Oak HC/FT and Alta Partners and nine new investors, including Endeavor Catalyst.

The funding came after Everside Health cancelled its IPO plans on July 15. It had planned to raise $100 million through a listing on the NYSE, but pulled the offering due to market conditions.

Proceeds from the new round will be used to support the Denver-based company’s growth, support potential M&A opportunities and enhance the company’s technology.

“Limited access to quality primary care in the U.S. has compounded chronic conditions, exacerbated mental health problems and increased healthcare costs,” Everside Health CEO Chris Miller said in a statement. “Continued investment from NEA, Oak HC/FT and Alta Partners – and participation from our new investors – is a strong endorsement of our work to deliver high-quality, affordable and accessible healthcare.”

Everside Health operates more than 375 health centers in 34 states located at or near the facilities of its employer, union and other benefit sponsor clients.

“It’s clear that the U.S. is in the midst of a healthcare crisis, with rising costs, lack of access to care, and mental health issues becoming more severe across the country,” NEA managing general partner Mohamad Makhzoumi said in a statement. “While a myriad of organizations are trying to make healthcare more accessible and affordable, Everside’s model has already proven to drive better health outcomes and deliver cost savings for patients and providers alike.”