Thrive Health Tech® (THT) Raises $7M in Pre-Seed Funding to Achieve Equity in Health Care
Thrive Health Tech® (THT), a healthcare tech startup, announced today that it has raised $7 million in pre-seed funding with Frist Cressey Ventures, CVS Health® Ventures, 25m Health, Shields Health Innovations, and Winter Street Ventures.
For immediate release
NASHVILLE, Tenn — May 18, 2023 — Thrive Health Tech® (THT), a health care tech startup, announced today that it has raised $7 million in pre-seed funding with Frist Cressey Ventures, CVS Health® Ventures, 25m Health, Shields Health Innovations, and Winter Street Ventures. In a world where internet access emerges as a fundamental necessity, THT's mission is to eliminate the digital divide and make health care easier and more affordable for millions of Americans.
THT has announced the release of its debut product, Thrive Mobile®, the first wireless carrier with a health care focus to receive approval from the Federal Communications Commission (FCC). Thrive Mobile offers nationwide broadband coverage and is accessible to 99% of households across the United States.
43.5 percent of Medicaid members have canceled or shut off their wireless service for a period of time due to cost¹. Thrive Mobile will save consumers an average of $840 annually while providing unlimited talk and text.
Access to health care and social services is critical for underserved populations to live better lives. However, researching eligibility, applying for government benefits, and checking application status can be challenging without a reliable internet connection. By introducing underserved populations to the services they're entitled to, Thrive Mobile helps to bridge the digital divide and improve access to critical resources in health care, transportation, food, housing, and financial services.
"We are excited to have the support of these investors and to use this funding to build our vision of more equitable health care," said John Anderson, CEO and founder of THT. "We are providing a key part of the modern health care infrastructure—a bridge solution for the digital divide that enables any mobile-based digital health offering."
Former US Senate Majority Leader Bill Frist, M.D., Co-founder and Partner of Frist Cressey Ventures, added, "Thrive Health Tech is addressing a critical need in health care by bridging the gap between those who are digitally included and those who are not. We are proud to be supporting THT's mission to achieve equity in health care and make it more accessible and affordable for all."
"THT aligns with our mission to make health care more accessible, affordable, and simpler for everyone," said Vijay Patel, Managing Partner at CVS Health Ventures. "With THT's technology-enabled solutions, we are confident in their ability to improve access to important health care information and help bring better health outcomes to under-resourced communities."
THT has established an Advisory Board of experts and leaders across the health, telecommunications, financial services, and technology industries to guide its product strategy. These advisors include Nick Archer, Jesse Hunter, Ravi Mehta, William Shrank, Dexter Shurney, Prabhjot Singh, and Jon Wilkins.
About THT
Thrive Health Tech (THT) is building products that eliminate health inequities and create a healthier America. We use mobile devices—one of the most coveted products in the world—as our platform to address the digital divide and improve healthcare outcomes through sustained engagement. When healthcare is easier and more accessible, everyone wins. Thrive Mobile is our first consumer service, providing coverage for 99% of Americans with unlimited text and talk.
¹Survey of Medicaid Members. "Wireless Phone Usage and Plans." n=400 (unpublished internal research conducted by Thrive Health Tech, Nashville, TN, May 1, 2023).
