A Cary-based health care company has raised $2.1 million in a seed round intended to support its growth.
Aphora Health is lead by Jim Song and John Roos, former executives of Blue Cross and Blue Shield of North Carolina. Launched last year, the company aims to improve health equity and reduce costs by offering U.S. patients the option to travel outside the country for care at lower costs.
The company has four facilities within its network of providers, including hospitals in Thailand and Costa Rica; a dental clinic in Costa Rica and a specialty pharmacy in Canada. Aphora is also finalizing contracts with six additional providers from Grand Cayman, Barbados, Turkey and Costa Rica.
Individual investors supported the round, with 90 percent of the funding coming from North Carolina-based investors. To support further growth and expansion, the company plans to seek a Series A round later this year.
Aphora's seed round will support its efforts to add new services and offerings, which include expensive specialty medications, high-cost elective surgeries and other procedures often not covered by traditional health plans.
Aphora helps people through the process of obtaining care at its network locations, beginning with an initial consultation. From there, the patient can select a facility and hold a virtual meeting with a surgeon. Aphora takes care of the travel plans and then continues supporting patients after they have returned to the U.S. following surgery.
"In 2024, more than $77 billion will flow from the U.S. and Canada to international countries for health care," Roos said in a statement. "We are in a position to gain a significant share of this market with our unique business model."
In July 2022, Song left Blue Cross NC to form Aphora. A year later, he brought on Roos as co-founder.
Song, the company's CEO, formed Aphora after more than 15 years working in health care. He previously held a leadership role at New York University Langone Medical Center and most recently was a vice president of technology at Blue Cross NC.
Roos is Aphora's executive vice president. He left Blue Cross NC near the end of 2020 after more than 20 years at the health insurer. Before leaving, Roos was senior vice president and chief growth officer.
