• Oak HC/FT, NEA, and other investors backed Everside Health in its $164 million July funding round.
• The startup provides in-person and virtual primary care, plus mental- and occupational-health care.
• Chris Miller, the CEO of Everside, said the firm is actively considering possible M&A opportunities.

It's getting harder for healthcare startups to raise top-dollar funding rounds.

In the first half of 2021, the digital-health industry landed 48 megadeals, or funding rounds of over $100 million. In the first half of 2022, that number shrunk to 29.

Growth-stage funding has been tougher than usual to secure, too, with the average deal size of those rounds decreasing year over year in response to unstable markets. 

Everside Health is one of the few startups that these trends don't apply to.

The company raised $164 million in a July growth round that NEA led. Oak HC/FT and Alta Partners, existing investors in the company, and nine new investors including Endeavor Catalyst, joined the raise.

Chris Miller, the CEO of Everside Health, said he thinks the startup was able to land the funds because it continues to deliver "really compelling results."

The Denver, Colorado-based startup, which operates more than 375 health centers across the US for tech-enabled primary care and other services, helps employers save an average 17% on health benefits after three years and 31% after five years, Miller said.

"There's 100 million Americans that get their insurance through self-insured employers, and we're only serving a tiny fraction of that population right now," he said. "So there's a lot of white space for us to continue to grow."

Chris Miller, the CEO of Everside, and Dr. Stephen Wills at an Everside Health center in Denver, Colorado. Everside Health

Everside Health, formerly known as Paladina, also said in its July press release that it plans to use some of the fresh capital to make acquisitions. 

"We're exploring different build-buy-partner strategies in all the verticals in which we serve patients and clients today," Miller said.

Everside Health shared the presentation it used to bank $164 million in July with Insider. The slides were edited before Insider's review to remove financial forecasts and other metrics and information that the company hasn't shared publicly.

Here's the 13-slide presentation Everside Health used to raise a $164 million funding round led by NEA.