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- Accolade
Accolade Acquisition, Valuation, Funding & Investors
Accolade was acquired by Transcarent for $621M in January 2025.
Cumulative funding Accolade raised
$196M
across 6 funding rounds
Key investors in Accolade
Carrick Capital Partners
Andreessen Horowitz
Madrona
Comcast Ventures
McKesson Ventures
Alumni Ventures
Tao Capital Partners
Cross Creek
About Accolade
Accolade is a healthcare-navigation and virtual-care business founded in 2007 and based in the Seattle area. The company provides employers and health plans with benefits navigation, clinical advocacy, expert medical opinions and virtual primary and mental-health care. Members use digital tools and human care teams to understand benefits, select providers, manage chronic conditions and access services from acquired businesses including 2nd.MD and PlushCare. Accolade sells its services to institutional customers through recurring contracts tied to covered employee and member populations. The company acquired HealthReveal in 2021 to add clinical artificial intelligence that identifies gaps in evidence-based chronic care. Accolade later combined with Transcarent, which completed a $621 million acquisition on April 8, 2025. Its shares were delisted from Nasdaq and the business now operates inside privately held Transcarent. The combined organization serves employers, health plans and millions of members through a broader health-and-care platform.
Founded
2007
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$621M (acquired Jan 2025)
Accolade Acquisition
Accolade was acquired by Transcarent for $621M on 5 January 2025.
Before the acquisition Accolade had raised $196M across 6 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 5 Jan 2025 | Strategic M&A | $621M |
Accolade Funding History
Accolade has raised a total of $196M across 6 funding rounds.
Accolade's first fundraising round was a $30M Series C in December 2013. The most recent completed round was a $20M strategic investment round in October 2019.
Accolade funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2019 | Strategic investment | Humana Inc. (lead) | $20M | Accolade is a Seattle-based healthcare benefits technology platform founded in 2007 that helps employees navigate health insurance and benefits using machine learning combined with human healthcare advisors. The company's platform guides employers and employees through health and benefits resources through a mobile app and integrated platform. On October 10, 2019, health insurance giant Humana announced a $20 million strategic investment in Accolade as part of an expansion of their existing partnership originally announced in March 2019. The investment was made to strengthen the joint offering called "Humana with Accolade," which combined Humana's insurance capabilities with Accolade's member engagement technology to serve commercial employer groups. The companies planned to expand their combined services to additional geographies throughout 2020 and beyond, with the capital directed toward recruitment and product expansion. Accolade subsequently went public on July 22, 2020, at an IPO valuation of $1.2 billion, having raised $237.3 million in total venture-backed funding prior to going public. The company reported revenue of $132.5 million for its fiscal year ended February 28, 2020, representing significant growth from $94.8 million in the prior fiscal year. |
| Mar 2018 | Series F | Andreessen Horowitz (lead); Carrick Capital Partners (lead); Madrona (lead); McKesson Ventures (lead); Tao Capital Partners; Comcast Ventures; Alumni Ventures; Madera Technology Partners; Cross Creek | $50M | Accolade operates in health benefit services and care navigation. Accolade is a publicly traded company (NASDAQ: ACCD) with TTM revenue of $446.72 million as of Q3 2025 and fiscal year 2024 revenue of $414.29 million. |
| Aug 2016 | Series E | Andreessen Horowitz (lead); Avanti Capital; Spencer Rascoff; Madrona; Carrick Capital Partners | $71M | - |
| Jul 2015 | Series E | McKesson Ventures; Independence Blue Cross | $23M | Accolade, a consumer health engagement platform for large employers and insurers, secured $22.5 million in strategic funding on July 16, 2015, from a subsidiary of Independence Health Group (parent of Independence Blue Cross) and McKesson Ventures. This round brought in new strategic investors alongside previous backers including Accretive LLC, Carrick Capital Partners, Oak Hill Capital Partners, and Comcast Ventures. The funding aimed to support Accolade's technology-enabled services that help employers influence consumer healthcare behavior and optimize costs through programs like second opinion services, telehealth, cost transparency tools, and centers of excellence. McKesson Ventures, the venture arm of McKesson Corporation focused on healthcare efficiencies, highlighted Accolade's alignment with trends in U.S. healthcare transformation. Independence Blue Cross, a major health insurer serving nearly 10 million people across 24 states, participated via its parent company, reflecting strategic interest in consumer engagement solutions. Prior to this round, Accolade had raised $53.7 million in venture and debt funding. |
| May 2014 | Series D | - | $3M | - |
| Dec 2013 | Series C | Carrick Capital Partners (lead); Comcast Ventures; Oak Hill Capital Partners | $30M | Accolade, a health benefits services company based in Plymouth Meeting, Pennsylvania, received a $30 million investment led by Carrick Capital Partners in December 2013, with participation from Comcast Ventures and Oak Hill Capital Partners. The investment was announced on December 12, 2013, to support the company's innovative healthcare navigation platform that uses technology, analytics, and clinical decision support to help individuals select optimal health plans and receive personalized care advocacy. An SEC filing confirms Carrick Capital Partners II Co-Investment Fund II, L.P. purchased 191,833 shares of Accolade in December 2013 as part of this transaction. |
Who has invested in Accolade?
14 investors have backed Accolade across its funding rounds, including Carrick Capital Partners, Andreessen Horowitz, Madrona, Comcast Ventures, McKesson Ventures and Alumni Ventures.
Lead investors include Humana Inc., Andreessen Horowitz, Carrick Capital Partners, Madrona and McKesson Ventures.
Accolade Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Dec 2013 | ||
| 2 | Lead | Jul 2015 | ||
| 2 | Participant | Dec 2013 | ||
| 2 | Lead | Aug 2016 | ||
| 2 | Lead | Aug 2016 | ||
| 1 | Participant | Mar 2018 | ||
| 1 | Lead | Oct 2019 | ||
| 1 | Participant | Dec 2013 | ||
| 1 | Participant | Mar 2018 | ||
| 1 | Participant | Jul 2015 | ||
| 1 | Participant | Aug 2016 | ||
| 1 | Participant | Mar 2018 | ||
This data is available for Pro users. Sign up to see all 14 Accolade investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Accolade
Accolade has acquired 5 companies to date.
Last acquisition by Accolade was on September 30th 2021. Accolade acquired HealthReveal for undisclosed valuation.
Latest Acquisitions by Accolade
| Description | HealthReveal was a New York healthcare-analytics company founded in 2015. It developed a clinical artificial-intelligence platform that compared individual patient data with evidence-based treatment guidelines for chronic diseases. The software identified gaps in care, predicted avoidable deterioration and recommended personalized diagnostic or treatment actions to clinicians and care teams. Health systems, insurers and employers used the platform to support patients with conditions such as heart failure, hypertension, diabetes and chronic obstructive pulmonary disease. HealthReveal earned recurring enterprise-software and analytics revenue rather than selling medical devices. Its technology combined electronic health records, claims and other clinical information with continuously updated medical guidance. Triventures and other healthcare investors backed the company while it developed and commercialized the platform. Accolade acquired substantially all of HealthReveal's assets on September 30, 2021 and integrated its clinical-intelligence technology into a broader personalized-healthcare offering. | PlushCare is a San Francisco-headquartered telemedicine platform connecting patients with board-certified primary care physicians via video visits. Launched in 2014, it facilitates same-day appointments for conditions like prescriptions, labs, and COVID-19 testing, serving over 500,000 members across all 50 U.S. states. The service integrates with insurance providers and pharmacies for seamless refills and records, maintaining high satisfaction scores through its mobile app. | 2nd.MD connects employees to video and phone second opinions from specialists at institutions like Cleveland Clinic and Johns Hopkins. The service reduces unnecessary procedures and healthcare costs for corporate clients including Fortune 500 employers across the U.S. | MD Insider is a Boston-based healthcare technology platform using machine learning for physician performance analytics and patient matching. Integrated with electronic health records, it powers doctor search tools for insurers like Aetna, evaluating outcomes in specialties such as orthopedics and cardiology. | |
| HQ Country | |||||
| HQ City | New York City, NY | San Francisco, CA | - | Los Angeles, CA | |
| Deal Date | 30 Sep 2021 | 23 Apr 2021 | 14 Jan 2021 | 1 Aug 2019 | |
| Valuation | undisclosed | $450M | $460M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Accolade acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Accolade Competitors
Accolade competitors include listed companies like Value HR and Cegedim, and private ones like MediTrust Health, Tennr, Infinitus Systems and Jane Software.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $154M | - | $1.4B | 9.3x | ||
| Publicly listed | $64M | $9M | $254M | 3.9x | ||
| Publicly listed | $726M | $125M | $149M | 0.6x | ||
| Private | - | - | $605M | - | ||
| Private | - | - | $600M | - | ||
| Private | $100M | - | $600M | 6.0x |
Accolade Public Comps
Accolade is no longer listed, but its public comps include Weave Communications, Hangzhou Pinming Software, Shang Gong Group, RaySearch Labs, Veradigm, Sphere, AIX Inc., B-Soft Co., GPI Group and Evolent Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $239M | ($13M) | 2.4x | 2.1x | (45.1x) | 31.7x | |||
| $66M | $8M | 9.5x | 9.0x | 75.7x | - | |||
| $654M | $27M | 1.0x | - | 24.2x | - | |||
| $137M | $59M | 5.1x | 5.0x | 11.9x | 11.0x | |||
| $588M | $54M | 0.9x | 0.9x | 10.2x | 7.1x | |||
| $72M | $7M | 12.6x | 4.6x | 137.8x | 91.4x | |||
| $84M | ($345M) | 6.0x | - | (1.5x) | - | |||
| $158M | ($37M) | 4.6x | 4.7x | (19.6x) | (19.7x) | |||
This data is available for Pro users. Sign up to see all Accolade competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Accolade
| When was Accolade founded? | Accolade was founded in 2007. |
| Where is Accolade headquartered? | Accolade is headquartered in Seattle, WA, United States. |
| Is Accolade publicly listed? | No, Accolade was acquired by Transcarent in January 2025. |
| Who acquired Accolade? | Accolade was acquired by Transcarent in January 2025. |
| How much was Accolade acquired for? | Accolade was acquired for $621M in January 2025. |
| How much funding has Accolade raised? | Accolade has raised $196M across 6 funding rounds. |
| What was Accolade's last funding round? | Accolade's last funding round was a $20M strategic investment round in October 2019, led by Humana Inc.. |
| Who are Accolade's investors? | Accolade's investors include Carrick Capital Partners, McKesson Ventures, Comcast Ventures, Andreessen Horowitz, Madrona, Tao Capital Partners, Humana Inc., Oak Hill Capital Partners, Alumni Ventures, Independence Blue Cross and 4 others. |
| Which companies are comparable to Accolade? | Companies comparable to Accolade include MediTrust Health, Value HR, Cegedim, Tennr, Infinitus Systems and Jane Software. |
| How many companies has Accolade acquired? | Accolade has acquired 5 companies, including HealthReveal, PlushCare, 2nd.MD, MD Insider and konciergeMD. |
| What was the largest acquisition by Accolade? | The $460M acquisition of 2nd.MD in January 2021 is the largest acquisition Accolade has made to date. |
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