A $90 million Series C funding round for Bardavon Health Innovations is not only big deal for the startup and Kansas City — but a testament to a community of support that made the health tech company’s growth and expansion possible, said Matt Condon.
Led by investor Matrix Capital Management, a public and private investment firm, and joined by WestCap, a growth equity firm, the hefty round announced Wednesday will help fuel Bardavon’s expansion into a true musculoskeletal (MSK) technology platform — addressing a health segment where related injuries cost U.S. companies more than $1 billion per week.
Bardavon, a privately held, Kansas City-based digital health partner, connects all stakeholders to better manage MSK injuries and health. Its prospective and proactive method combines digital health technology with differentiated clinical physical rehabilitation services.
“It’s taken many people bringing us to the point where we can evolve into the company we have the responsibility to be,” said Condon, founder and CEO of Bardavon, emphasizing the support of early Kansas City investors and advisors who’ve backed the startup since its founding in 2014.
“The work done by the entrepreneurs who came before us to create this environment set the stage for this moment. The local investors and advisors from our community didn’t just bring capital and financial support; They brought invaluable advice and guidance,” he continued. “This is recognition that it’s not just possible to build really important companies in Kansas City — it may be one of the best places to do it in the country.”
The Series C brings Bardavon’s total funding to $153 million. The company currently has more than 220 employees.
“Real people gave their time, effort and resources to help make this happen,” Condon said. “And as a result, we’re going to have a lot more people with jobs, careers and opportunities here. That means impact on people’s lives and health across the country. You don’t get opportunities like that often in life. Kudos to this community for creating one.”
Click here to read more about how Bardavon plans to further disrupt the world of worker’s compensation and MSK health.
Bardavon has capitalized on early growth since its inception, gaining market traction and experiencing 70 percent revenue growth during the past year. The company has achieved 90 percent national physical therapy network coverage across 50 states.
“You’ll see Bardavon become more ubiquitous and impactful in workers comp, and because we’re already changing lives and improving care in a really profound way, we have a responsibility to expand out of that marketplace,” Condon explained, noting the company’s ability to show value in outcomes, not just to payers, but to patients and providers as well.
Bardavon will use its new investment to accelerate go to market activities, expand capabilities, and introduce new offerings and services to all payer classes.
“This infusion of capital allows us to take the next step to bring meaningful change to an increasingly burdened healthcare system,” Condon said. “It’s time to expand and share our collaborative solution beyond workers’ compensation — especially as our population ages, obesity increases, and national spending on MSK-related injuries skyrockets.”
The company’s evolution and the funding to support it comes after years of preparation — perhaps most visibly in recent leadership bolstering meant to equip Bardavon for rapid growth.
Click here to read more about Bardavon’s move to strengthen its executive leadership.
“It’s always about the people who accompanied you on the journey,” said Condon, citing as an example the addition of former Cerner executive Zane Burke to Bardavon’s board of directors. “He’s not just a Kansas City guy, but a Kansas City guy who has done really revolutionary things in digital health. Coming on to our team as a board member really helped put the final puzzle pieces together for us about our path forward.”
Timing is everything, Condon emphasized.
“We were working really hard, getting great advice from our board and advisors. We understood this round, this moment was possible,” he said. “We’ve never been accused at Bardavon of being patient or passive, so we wanted to put the team together that allowed us to execute the moment it happened — in a much bigger and broader way. We’ve done that. It’s all coming together at this really special moment.”
“The capital is important, but honestly more important is the people,” Condon continued. “We put together the best team of people in business right now in our space.”
Bardavon Health Innovations converted its organizational structure from a limited liability company to a Corporation (C-Corp) on October 19, 2021.