Medix Infusion secures $35 million in Series B led by Echo Health Ventures
DALLAS (Jan. 9, 2023) – Medix Infusion, which creates access to infusion therapy for patients in rural, suburban and other underserved markets, has closed a $35 million Series B funding round led by Echo Health Ventures. Additional participants included Pittco Direct Investments II, the direct investing arm of Pittco Management, LLC, and initial investor Noro-Moseley Partners. Medix Infusion simultaneously entered into a debt facility with Live Oak Bank to further support its growth.
Medix provides infusion and injectable therapy to chronically and acutely ill patients at home or in one of its many ambulatory infusion centers. It focuses on creating access to care in underserved communities by leveraging unique technology and processes to drive a more efficient operating model and further reduce cost of care, supporting the industry’s transition towards value-based care models.
The company will use its newly secured investment to support organic growth and acquire the infusion operations of the Center for Neurology and Spine, a national leader in the treatment of neurological disorders that serves patients across five infusion suites in Arizona.
“We are thankful for the confidence in our company and its vision demonstrated by our new partners, Echo Health Ventures and Pittco, and energized by the continued trust of Noro-Moseley Partners through another round of investment,” said Medix Infusion CEO Gus de Avillez. “Together, we can unlock new strategic opportunities to reduce the overall cost of care and create greater access to convenient, compassionate infusion care in underserved communities across the country.”
Echo Health Ventures is a purpose-driven strategic venture capital and growth equity investment firm focused on accelerating transformational health care innovation on a national scale. Echo invests to grow great health care companies by building strong relationships between enterprises and innovators to meet the needs of tomorrow’s health care consumers in an economically sustainable way.
“Medix Infusion has proven the value of its model and is meeting an increasing need for care delivered outside the hospital setting,” said Karim Botros, managing partner at Echo Health Ventures. “We are committed to helping Medix Infusion grow by lending our strategic expertise and investment in support of a service that is transforming care delivery for people with acute and chronic illnesses.”
Henry Guy, president and chief investment officer of Round B participant Pittco Direct Investments II, said: “Pittco is thrilled to invest in the growth of the Medix Infusion platform alongside such capable strategic partners such as Echo Health Ventures and Noro-Moseley Partners.”
“We’re elated to have Echo Health Ventures, with its extensive relationships with payers and providers, and Pittco join us as partners in the growth of Medix,” said Allen Moseley, managing general partner at Noro-Moseley Partners. “With the acquisition of significant infusion assets in Arizona, Medix continues to emerge as one of the leading infusion platforms in the U.S.”
The Arizona acquisition expands the Medix geographic footprint into its fifth state with additional operations in Texas, Oregon, Kansas and Missouri. “We want to express a wholehearted welcome to the Medix family to our new team members in Arizona,” said de Avillez. “Through this acquisition, Medix will be able to rapidly expand our network of ambulatory infusion centers throughout the state, providing high-quality care to Arizona communities while keeping costs low for the health system at large.”
Medix Infusion has experienced 100% year-over-year growth since its inception in April 2020, quickly expanding its network of ambulatory clinics while continuing to improve the standard of care for infusion patients. Medix now operates more than 30 locations across five states along with its home infusion pharmacy operations, impacting the lives of more than 4,600 patients.
About Medix Infusion
Medix Infusion is a multi-state health care company focused on reducing the cost of care through cost-efficient administration of infusion and injectable therapies to chronically and acutely ill patients in the home or in one of our many ambulatory infusion centers. Medix focuses on rural, suburban, and other under-served markets.
About Echo Health Ventures
Echo Health Ventures drives systemic health care transformation through hands-on, purpose-driven strategic venture capital and growth equity investing. Echo prioritizes long-term partnerships and impact, with a focus on accelerating portfolio companies’ growth and bringing their innovations to scale nationally.
About Pittco Management, LLC
Pittco is the single-family office for Joseph R. “Pitt” Hyde III, founder of AutoZone, and his wife Barbara. Pittco was established over 30 years ago, and provides investment, accounting, tax and financial services from its headquarters in Memphis, Tennessee.
About Noro-Moseley Partners
Noro-Mosely Partners is an early growth equity firm backing high-growth businesses and leading entrepreneurs, investing nationally across health care IT, health care services, tech-enabled services, technology and financial services sectors. In addition to capital, the firm’s goal is to help strong leaders succeed through team building, growth acceleration and domain expertise at key junctures during company growth stages.