Digital Alpha to commit $100 million in outcome-based financing to communities to accelerate well-being improvement initiatives with Sharecare
Digital Alpha, a digital infrastructure investment firm, and Sharecare, the digital health company that helps people manage all their health in one place, today announced the initiation of a strategic collaboration to accelerate their shared vision to improve the economic health of communities and the well-being of their citizens.
In addition to bringing Sharecare differentiated expertise and relationships in sustainable communities to help states, cities, and counties meaningfully improve community well-being, Digital Alpha will commit $100 million in outcome-based financing to communities in an effort to help accelerate and deploy the digital infrastructure necessary for them to address, in partnership with Sharecare, the growing demand for expanded access to high-impact solutions that improve health outcomes at scale. Leveraging its strategic relationships with Cisco and other large technology partners in Silicon Valley, Digital Alpha has deployed digital infrastructure in over 70 cities and communities across the globe, delivering enduring economic, environmental, and social value. This outcome-based financing commitment is in addition to Digital Alpha’s recently announced PIPE investment to fund Falcon Capital Acquisition Corp.’s (NASDAQ: FCAC) proposed acquisition of Sharecare.
“Over the last decade, we’ve had the privilege to work with 56 communities across the U.S. to improve and measure the well-being of their residents through our Blue Zones Project by Sharecare solution and the Community Well-Being Index; and now more than ever, people also need access to on-demand digital tools that can help them build resilience and ensure their health security,” said Jeff Arnold, founder, chairman, and CEO of Sharecare. “We believe this collaboration with Digital Alpha will accelerate our ability to address barriers to access and health inequities through digital connectivity and is in strong alignment with our commitment to invest in the people, places, and policies that make the healthy choice the easy choice for everyone.”
Digital Alpha’s flexible outcome-based financing is structured to enable communities in both urban and rural settings to implement Sharecare’s well-being improvement initiatives and digital platform for its residents. Together, Sharecare and Digital Alpha intend to pursue repeatable and scalable projects that have tangible economic impact, such as digital connectivity, environmental, health, safety and security monitoring, and other community health solutions.
“According to Sharecare’s Community Well-Being Index, addressing the underlying social determinants of health is key to developing resilient, thriving communities,” said Anil Menon, executive vice president of community and urban services at Sharecare. “This strategic collaboration allows us to tap into Digital Alpha’s expertise in building community-oriented digital infrastructure, which we believe will help Sharecare create a clear business case for communities looking to make critical investments that decrease the digital divide, mitigate health inequities, and improve overall quality of life.”
“Digital Alpha is excited to pursue outcome-based financings with Sharecare, a leading digital health provider that delivers impactful health solutions at scale, as part of this strategic collaboration,” said Rick Shrotri, founder and managing partner of Digital Alpha. “Our focus on the opportunities at the growing intersection of digital infrastructure and healthcare led us to structure this innovative outcome-based financing solution. Working together with Sharecare, along with our strategic partners, we are pleased to support states, cities, and counties to improve their economic health and community well-being.”
Under the framework agreement between Digital Alpha and Sharecare, the parties have agreed to pursue outcome-based financing agreements in the future on an individual project basis, pursuant to which Digital Alpha would be the preferred provider of up to $100 million of outcome-based financing. All financings under the framework agreement will be used for digital infrastructure to facilitate the deployment of projects promoting digital connectivity, environmental, health, safety and security monitoring, and other community health solutions.