Homeward Health

Healthcare · Value-Based Care · Rural Health

Acquisition

Cityblock acquires rural Medicare provider Homeward Health in all-stock deal

Rural counties often lack enough primary care doctors, making this a bet that scale across urban and rural markets survives shrinking government funding.

• Cityblock Health signed a definitive agreement to acquire Homeward Health in an all-stock transaction with financial terms undisclosed, alongside a separate $116 million Series E round led by General Catalyst.
• Homeward, founded in 2022 by former Livongo executives Jennifer Schneider and Amar Kendale, runs a rural-first Medicare Advantage model using mobile care units, home visits and virtual care.
• The combined company will serve nearly 250,000 members and is positioned to reach the 120 million Americans enrolled in government-funded healthcare programs.
• Cityblock generates about $2.2 billion in annualized revenue, up 77% year-over-year, and has now raised roughly $1 billion total after peaking at a $5.7 billion valuation in its 2021 round.
• General Catalyst backed both sides of the deal, having led Cityblock's 2020 Series C, supplied Homeward's original $20 million seed, and now leading Cityblock's new Series E.
• The deal signals consolidation among value-based care startups as Medicaid funding cuts and tightening Medicare Advantage reimbursement push urban and rural platforms to combine for scale rather than retreat.