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Clever Care Announces Series C Fundraising; Adds New Board Member

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HUNTINGTON BEACH, Calif., March 15, 2023-- Clever Care Health Plan Inc. (“Clever Care”), a culturally-inclusive Medicare Advantage health plan, announced today the completion of its $42 million Series C financing, bringing the total capital raised by Clever Care to $138 million. The Series C funding round was led by GV, with participation from new investor Point32Health, as well as existing investors Norwest Venture Partners, Health Velocity Capital, Prudential Ventures, Brighton Health Partners, Windham Venture Partners, Figure 8 Investments, and AV8. Since the company's launch in 2020, Clever Care has offered a unique, holistic approach for the growing number of beneficiaries interested in comprehensive medical, and supplemental benefits, including dental, hearing, vision, and Eastern benefits such as acupuncture, cupping, and herbal supplements. Because of its differentiated value proposition, the Company has grown its membership to over 11,000 members.

“There is an unmet need to provide better healthcare experiences for underserved patient populations, and Clever Care takes a new approach to holistic healthcare,” said Ben Robbins, General Partner at GV. “The founding team is led by experienced healthcare executives passionate about delivering better patient care. We’re excited to work with the team as they reimagine Medicare Advantage Plans.” “We’re thrilled to join Myong and the team at Clever Care as a strategic partner”, said Adam Scott, President of Diversified Businesses at Point32Health “As an operator of a 5-Star Medicare Advantage plans in New England for the past eight years in a row, we have a deep appreciation for high quality, community-based care. We’re excited to help another plan like this grow and serve their community in Southern California and beyond, with focus and the same high quality our members have come to expect.

”Clever Care also announced the addition of Karen Walker Johnson to its Board of Directors. Karen is a long-time veteran of high-profile healthcare companies including Centene, Wellcare, UnitedHealthcare, and Cleveland Clinic. She has successfully executed multi-year growth plans, expanded new lines of business, and delivered revenue growth for large national payers in Southern California. Her vast experience across both healthcare financing and delivery, particularly in Clever Care’s core markets, brings a diverse experience to the Company’s Board of Directors, which will benefit our beneficiaries. “I’m deeply passionate about delivering culturally inclusive care solutions at scale that meet the needs of today’s Medicare beneficiaries,” said Johnson. “I am excited to take part in Clever Care’s growth trajectory to offer unique programs that serve the needs of our communities.” "The completion of our Series C financing, new partnerships with GV and Point32Health, along with our continued partnership with our existing investors and addition of Karen to our Board of Directors will allow us to further meet the demand of 21st Century care by expanding our healthcare ecosystems into new markets and strengthen the depth of care in our existing communities," said Myong Lee, CEO of Clever Care Health Plan. " I am humbled by their support and excited to work alongside the Clever Care team to improve the member experience for the diverse communities we serve."

The new round of funding and addition of Karen Walker Johnson to its board of directors will allow Clever Care to continue its growth and outreach in advance of the 2024 Annual Enrollment Period by expanding its network of independent physicians and clinicians, entering new markets, and providing its members with access to community-based, culturally sensitive wellness and care.

For additional information, please visit http://www.CleverCareHealthPlan.com.

About Clever Care Health Plan

Based in Huntington Beach, California, Clever Care Health Plan, Inc. is a Medicare Advantage Plan that offers quality, affordable Medicare plans that focus on whole health. The company prides itself in removing healthcare obstacles by honoring and uplifting the cultural values of the communities it serves. Clever Care plans are centered around complete wellness and combine the preventive healing therapies of Eastern medicine with the innovative allopathic practices of Western medicine. Clever Care understands that there is more to a person than their health. To learn more about Clever Care Health Plan, visit CleverCareHealthPlan.com.

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