Accolade Acquisition, Valuation, Funding & Investors

Accolade was acquired by Transcarent for $621M in January 2025.

Accolade acquisition price

$621M

Acquired by Transcarent · Jan 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
  • Green D Ventures
  • Castor Ventures

Accolade Overview

About Accolade

Accolade is a technology-enabled healthcare advocacy firm delivering personalized benefits navigation for employers and members. Plymouth Meeting, Pennsylvania-headquartered and founded in 2007, the company operates a 24/7 concierge service connecting users to in-network providers, cost estimators, and condition-specific experts. Accolade reduces healthcare spending by 12-20% through clinical guidance on chronic conditions like diabetes and maternity care. NASDAQ-listed as ACCD, it partners with Fortune 500 self-insured plans covering over 15 million lives across the US.


Founded

2007

HQ

United StatesPhiladelphia, PA

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.

Accolade acquisition details
AcquirerDateTypePrice
5 Jan 2025Strategic 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

Accolade funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2019Strategic investmentHumana Inc. (lead)$20MAccolade 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 2018Series FAndreessen Horowitz (lead); Carrick Capital Partners (lead); Madrona (lead); McKesson Ventures (lead); Tao Capital Partners; Castor Ventures; Comcast Ventures; Green D Ventures; Alumni Ventures; Madera Technology Partners; Cross Creek$50MAccolade 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 2016Series EAndreessen Horowitz (lead); Avanti Capital; Spencer Rascoff; Madrona; Carrick Capital Partners$71M-
Jul 2015Series EMcKesson Ventures; Independence Blue Cross$23MAccolade, 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 2014Series D-$3M-
Dec 2013Series CCarrick Capital Partners (lead); Comcast Ventures; Oak Hill Capital Partners$30MAccolade, 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?

16 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

Investors in Accolade by funding rounds participated
InvestorHQRoundsRoleFirst check
Carrick Capital PartnersUnited StatesSan Francisco, CA3LeadDec 2013
McKesson VenturesUnited StatesSan Francisco, CA2LeadJul 2015
Comcast VenturesUnited StatesSan Francisco, CA2ParticipantDec 2013
Andreessen HorowitzUnited StatesSan Francisco, CA2LeadAug 2016
MadronaUnited StatesSeattle, WA2LeadAug 2016
Tao Capital PartnersUnited StatesSan Francisco, CA1ParticipantMar 2018
Humana Inc.United StatesUnited States1LeadOct 2019
Castor VenturesUnited StatesBoston, MA1ParticipantMar 2018
Green D VenturesUnited StatesBoston, MA1ParticipantMar 2018
Oak Hill Capital PartnersUnited StatesNew York City, NY1ParticipantDec 2013
Alumni VenturesUnited StatesUnited States1ParticipantMar 2018
Independence Blue CrossUnited StatesPhiladelphia, PA1ParticipantJul 2015
Avanti CapitalUnited KingdomLondon1ParticipantAug 2016

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Acquisitions by Accolade

Accolade has acquired 4 companies to date.

Last acquisition by Accolade was on April 23rd 2021. Accolade acquired PlushCare for $450M.


Latest Acquisitions by Accolade

PlushCare
2nd.MD
MD Insider
konciergeMD
Description
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.
konciergeMD is a health information technology company advancing doctor-patient relationships through software solutions. Backed by healthcare executives, technologists, and operators, it develops platforms like DocVue to enhance care quality, safety, effectiveness, and efficiency across American medical practices. The firm connects electronic health records with telemedicine features, serving primary care providers and specialists nationwide.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
San Francisco, CA
-
Los Angeles, CA
Philadelphia, PA
Deal Date23 Apr 202114 Jan 20211 Aug 201928 Apr 2014
Valuation$450M$460Mundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Accolade Competitors

Accolade competitors include listed companies like Value HR and Phreesia, and private ones like Rightway, Tennr, Infinitus Systems and Jane Software.

Public and private companies comparable to Accolade
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
RightwayUnited StatesNew York City, NYPrivate--$1.1B-
Value HRJapanJapanPublicly listed$65M$9M$270M4.1x
TennrUnited StatesNew York City, NYPrivate--$605M-
PhreesiaUnited StatesUnited StatesPublicly listed$481M$27M$638M1.3x
Infinitus SystemsUnited StatesSan Francisco, CAPrivate--$600M-
Jane SoftwareCanadaVancouverPrivate$100M-$600M6.0x

Accolade Public Comps

Accolade is no longer listed, but its public comps include Phreesia, Hapvida, Craneware, Weave Communications, RaySearch Labs, Shang Gong Group, Heren Health, Equasens, Claritev and B-Soft Co..

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Phreesia$481M$27M1.3x1.3x23.2x5.3x
Hapvida$6.1B$787M0.3x0.3x2.7x4.0x
Craneware$206M$59M2.8x2.7x9.7x8.7x
Weave Communications$239M($13M)2.3x2.1x(44.4x)35.9x
RaySearch Labs$137M$59M4.4x4.2x10.1x9.3x
Shang Gong Group$649M$27M1.0x-23.7x-
Heren Health$65M$11M7.4x-42.4x-
Equasens$272M$75M1.9x1.8x7.0x6.7x

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Common questions about Accolade

When was Accolade founded?Accolade was founded in 2007.
Where is Accolade headquartered?Accolade is headquartered in Philadelphia, PA, 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., Castor Ventures, Green D Ventures, Oak Hill Capital Partners and 6 others.
Which companies are comparable to Accolade?Companies comparable to Accolade include Rightway, Value HR, Tennr, Phreesia, Infinitus Systems and Jane Software.
How many companies has Accolade acquired?Accolade has acquired 4 companies, including 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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