Aledade Revenue, Valuation, Funding & Investors
Aledade is valued at $3.5B as of June 2023, a 7.4x multiple on its last reported $475M revenue.
Last Aledade valuation
$3.5B
Series F · Jun 2023
Last Aledade funding round
$260M
Series F · Jun 2023
Aledade revenue
$475M
Series F · Jun 2023
Key investors in Aledade
Venrock
OMERS Growth Equity
Meritech Capital Partners
GV
Fidelity
ARCH Venture Partners
About Aledade
Bethesda-headquartered Aledade is a healthcare technology company that enables independent primary care practices to form and operate Accountable Care Organizations. The platform delivers practice transformation tools, revenue cycle management, and analytics to improve patient outcomes and reduce costs. Aledade supports over 1,300 physicians across 15 states, achieving Medicare savings exceeding $1 billion since 2014. The company offers upfront capital and ongoing coaching to physician partners in rural and urban areas.
Founded
2014
HQ
Washington, DCWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$475M (Jun 2023)
Valuation
$3.5B (Jun 2023)
Aledade Valuation
Aledade is currently valued at $3.5B, based on its Series F in June 2023.
The $260M round was led by Lightspeed Venture Partners, with participation from Avidity Partners, Fidelity, Venrock and OMERS Growth Equity.
Aledade's valuation has grown 25x from $139M at its Series B in June 2015 to $3.5B in June 2023, across 4 priced rounds.
Aledade valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2023 | Series F | $3.5B | 7.4x |
| Jun 2022 | Series E | $3.1B | 10.3x |
| Jan 2021 | Series D | $2.1B | 11.4x |
| Jun 2015 | Series B | $139M | - |
Aledade Revenue
Aledade's latest recorded revenue is $475M, as of its Series F in June 2023. At a $3.5B valuation, that implies a 7.4x revenue multiple.
Revenue grew from $185M in January 2021 to $475M in June 2023, while the revenue multiple moved from 11.4x to 7.4x.
Aledade revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2023 | $475M | $3.5B | 7.4x | Series F |
| Jun 2022 | $300M | $3.1B | 10.3x | Series E |
| Jan 2021 | $185M | $2.1B | 11.4x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Aledade Funding History
Aledade has raised a total of $678M across 9 funding rounds.
Aledade's first fundraising round was a $5M Series A in June 2014. The most recent completed round was a $260M Series F in June 2023.
Aledade funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2023 | Series F | Lightspeed Venture Partners (lead); Avidity Partners; Fidelity; Venrock; OMERS Growth Equity | $260M | $3.5B | Aledade is a Bethesda, Maryland-based public benefit corporation and the largest network of independent primary care practices in the U.S., founded in 2014. It partners with independent practices, health centers, and clinics to enable value-based care through data analytics software that helps identify and manage at-risk patients, creating accountable care organization networks. The company supports over 1,500 practices across 45 states and D.C., with more than 150 value-based contracts covering over two million patients, including over one million in the Medicare Shared Savings Program and nearly 250,000 in Medicare Advantage. On June 21, 2023, Aledade closed a $260 million Series F funding round led by Lightspeed Venture Partners, with participation from Venrock, Avidity Partners, OMERS Growth Equity, and Fidelity Management & Research Company. The round brought the company's post-money valuation to $3.5 billion, achieving unicorn status, as reported by Bloomberg. Proceeds will accelerate growth of its primary care network, form strategic alliances with national and regional health plans like Humana and CareFirst BlueCross BlueShield, enhance technology and services for partner practices, and pursue opportunistic acquisitions. Aledade reported revenue of $475 million in 2022, reflecting more than 50% year-over-year growth. The company has raised over $660 million to date, including a $123 million Series E in 2022 and $100 million Series D in 2021. Recent moves include acquiring AI-enabled analytics platform Curia in February 2023 and Iris Healthcare previously, plus board additions like Dr. David Blumenthal and Paul Hennessy, and Efrem Castillo as SVP for Medicare Advantage. Aledade has saved the U.S. healthcare system over $1.7 billion through 2022. |
| Jun 2022 | Series E | OMERS Growth Equity (lead); Fidelity | $123M | $3.1B | Aledade is a Bethesda, Maryland-based company that partners with independent primary care practices to enable value-based care, particularly in Medicare Shared Savings Program ACOs and Medicare Advantage, helping physicians improve clinical outcomes, reduce costs, and share in savings while maintaining independence. In June 2022, Aledade closed a $123 million Series E funding round led by OMERS Growth Equity, with participation from Fidelity Management & Research Company and other existing investors, bringing total funding to $429 million. The post-money valuation reached $3.1 billion, up from $2.1 billion in its prior January 2021 round. Funds were earmarked to accelerate growth in Medicare Advantage, expand its network beyond 1,000 practices and 11,000 physicians across 36 states and D.C., and enhance wraparound services via its new subsidiary Aledade Care Solutions, including direct patient care. At the time of the Series E, Aledade reported strong financials, with revenue exceeding $300 million in 2021 and EBITDA-positive performance for the second straight year, underpinned by a capital-efficient unit economics model that aligns success with practice performance. The company managed nearly 150 value-based care contracts covering 1.7 million patients and $17 billion in healthcare spending, including 200,000 Medicare Advantage patients after adding 85,000 in 2021. This traction differentiated Aledade in the primary care innovation space, focusing on physician-led care delivery with technology to transform patient, physician, and payer experiences. OMERS Growth Equity, having backed prior Series C and D rounds, highlighted Aledade's consistent quality improvements and shared savings growth. The round positioned Aledade to deepen Medicare Advantage penetration and innovate in patient services amid shifting payer dynamics. Subsequent developments included a $260 million Series F in June 2023 led by Lightspeed Venture Partners, with revenue growing over 50% to more than $475 million in 2022 and cumulative savings exceeding $1.7 billion through 2022, expanding to over 1,500 practices serving two million patients. |
| Jan 2021 | Series D | Meritech Capital Partners (lead); IVP; OMERS Growth Equity; Tiger Global | $100M | $2.1B | Aledade is a healthcare startup founded in 2014 that partners with independent primary care practices, health centers, and clinics to build accountable care organizations (ACOs) and value-based care programs. Its cloud-based technology platform integrates electronic health records (EHRs), medical claims data, and insights to help clinicians improve patient outcomes, reduce hospitalizations, and manage risk-based contracts across Medicare and other payers. By January 2021, Aledade supported nearly 800 practices with over 7,800 providers in 31 states, managing roughly $12 billion in healthcare spending and caring for 1.2 million patients through 35 Medicare and 51 other value-based contracts. In January 2021, Aledade raised $100 million in its Series D funding round led by Meritech Capital Partners, with participation from Tiger Global Management, IVP, and OMERS Growth Equity, bringing total funding to $306 million. The round valued the company at $2.1 billion post-money, as reported by Business Insider and Fierce Healthcare, with a slightly higher $2.2 billion figure from Global Venturing sources close to the deal. The capital was intended to fuel growth in Medicare Advantage partnerships, enhance analytics tools, deepen payer integrations, and expand its national network and telemedicine capabilities. Ahead of the round, Aledade projected $185 million in revenue for 2020, growing to $300 million actual revenue in 2021, and claimed profitability in 2020. The company had demonstrated strong traction with significant growth in risk-taking contracts and patient volume. Aledade's leadership includes CEO and co-founder Farzad Mostashari, MD, with a board chaired by Dr. Bob Kocher of Venrock, and backers like GV (Alphabet), Venrock, ARCH Venture Partners, and Meritech. It competed in the primary care value-based care space alongside firms like One Medical and Oak Street Health, which had recently gone public, though Aledade had no immediate IPO plans. Subsequent rounds included a $123 million Series E in June 2022 at $3.1 billion valuation and a $260 million Series F in 2023 at $3.5 billion. |
| Apr 2020 | Series C | OMERS Growth Equity (lead); GV; California Medical Association; Echo Health Ventures; Meritech Capital Partners | $64M | - | Aledade is a health IT company that operates a national network of physician-led Accountable Care Organizations (ACOs), partnering with independent primary care practices to enable value-based care contracts with Medicare, Medicare Advantage, Medicaid, and commercial payers. The company provides data analytics, risk-sharing models, and tools to improve care quality, reduce costs, and generate shared savings for practices. In April 2020, Aledade closed a $64 million Series C funding round led by OMERS Growth Equity, with participation from California Medical Association, Echo Health Ventures, GV, Meritech Capital Partners, and CVF, bringing total funding to about $195 million. At the time of the Series C, Aledade partnered with over 550 independent practices and 7,300 providers across 27 states, managing care for 840,000 patients and $7.5 billion in healthcare spending through 38 Medicare and 42 other value-based contracts. The company reported over 60% annual revenue growth, nearly 50% growth in patient base and spending under management, with partner practices receiving more than $47 million in shared savings to date. Funds were earmarked for expanding ACOs and value-based contracts amid the shift to proactive care models. Aledade's ACOs demonstrated strong performance, reducing skilled nursing stays by 17% and hospitalizations by 6% in 2018 Medicare data, positioning it competitively in the value-based care space against peers like Oak Street Health and Privia Health. |
| Jan 2019 | Strategic investment | Echo Health Ventures (lead); Mosaic Health Solutions (lead) | $10M | - | Aledade is a healthcare technology company that partners with independent medical practices to build and lead accountable care organizations (ACOs) anchored in primary care. The company provides data analytics, guided workflows, regulatory expertise, and payer relationships to help independent doctors transition to value-based care models. In January 2019, Aledade raised $10 million from Echo Health Ventures and Mosaic Health Solutions as part of a larger funding round. The company's growth accelerated significantly following this investment, expanding from approximately 555 practices across 27 states in 2019 to over 1,600 practices across 46 states by 2024, managing more than two million patient lives under 200 value-based contracts. By 2022, the company had achieved $475 million in revenue with over 50% year-over-year growth, demonstrating the scalability of its value-based care platform. |
| Dec 2017 | Series C | Biomatics Capital Partners (lead); Venrock (lead); Meritech Capital Partners | $46M | - | Aledade is a healthcare technology company founded in 2014 by Dr. Farzad Mostashari, former National Coordinator for Health IT in the Obama administration. The platform enables primary care physicians to form and operate accountable care organizations (ACOs) while maintaining practice independence, providing data analytics technology and regulatory expertise to help providers succeed in value-based payment models. In December 2017, Aledade closed a Series C round raising $46.1 million led by Biomatics Capital Partners and Venrock, with participation from other investors. By this time, the company operated a network of more than 200 independent, physician-led practices across 15 states representing more than 240,000 covered lives and $2 billion in annual health care spending. The company had expanded significantly beyond the Medicare Shared Savings Program (MSSP) to commercial payers, including Blue Cross Blue Shield of Kansas and Highmark Blue Cross Blue Shield, and had grown its commercially insured patient population to 100,000 in the second half of 2016. The Series C funding was allocated toward expanding the provider network and increasing partnerships with commercial and Medicare Advantage health plans to diversify revenue streams beyond traditional Medicare ACO models. |
| Mar 2017 | Series B | Biomatics Capital Partners (lead); Maryland Venture Fund; GV; Venrock; ARCH Venture Partners | $40M | - | Aledade is a US-based healthcare management software provider founded in 2014 that enables primary care practices to form and participate in accountable care organizations (ACOs) while maintaining independence, using its data analytics technology platform. In January 2017, Aledade closed a Series B1 funding round led by Biomatics Capital Partners that raised $20 million, with participation from new investors GV (formerly Google Ventures) and the Maryland Venture Fund, as well as existing investors Venrock and Arch Venture Partners. The round brought Aledade's total funding to $55 million at that time. The company operated a network of more than 200 independent, physician-led practices across 15 states that together represented more than 240,000 covered lives and $2 billion in health care spending managed. Aledade had expanded its commercial reach significantly in the six months prior to the funding announcement, growing from zero to 100,000 commercially insured patients through partnerships with commercial payers including Blue Cross Blue Shield of Kansas and Highmark Blue Cross Blue Shield, as well as public payers such as the West Virginia Public Employees Insurance Agency. The company was focused on expanding the Aledade model across all patient and payer populations, including Medicare Advantage, using the new capital to strengthen its provider network and advance partnerships with commercial and public payers. |
| Jun 2015 | Series B | ARCH Venture Partners (lead); Venrock | $30M | $139M | Aledade, founded in 2014 by former National Coordinator for Health Information Technology Farzad Mostashari and Mat Kendall, provides data analytics software, consulting, and services to help independent primary care physicians form and operate accountable care organizations (ACOs) focused on value-based care and preventative healthcare. The company generates revenue by taking a percentage of savings generated by its partner ACOs. At the time of the June 15, 2015 Series B round, Aledade operated ACOs in four states—New York, Maryland, Delaware, and Arkansas—serving 25,000 Medicare beneficiaries, with plans to expand to nine states and 75,000 patients by year-end. Early traction included partnerships enabling rapid scaling of Medicare lives managed, highlighting the opportunity in value-based reimbursement. On June 15, 2015, Aledade raised $30 million in a Series B funding round led by ARCH Venture Partners, with participation from existing investor Venrock, bringing total funding to $35 million including a prior $4.5 million Series A from Venrock. This was the company's second major round, following the Series A in June 2014. The funding was earmarked for expanding ACOs, growing into commercial and private payers as well as Medicaid, building prevention-focused software platforms, initiating value-based arrangements with commercial health plans, and hiring to support primary care practices in delivering better care at lower costs. Aledade emphasized empowering physicians to maintain independence while participating in shared savings programs like Medicare Shared Savings. |
| Jun 2014 | Series A | Venrock (lead) | $5M | - | Aledade raised $4.5 million in its Series A funding round on June 18, 2014, from Venrock. The company, founded in 2014 by Farzad Mostashari and Mat Kendall, operates a technology platform supporting independent primary care practices in value-based care models, including accountable care organizations (ACOs). Aledade began with the Medicare Shared Savings Program and later expanded to private payers. By late 2016, Aledade's network included more than 200 practices across 15 states and served 100,000 commercially-covered patients. The company continued raising capital in subsequent rounds, including a $30 million Series B in June 2015 led by ARCH Venture Partners and a $20 million Series B1 round led by Biomatics Capital with participation from GV, Maryland Venture Fund, Venrock, and ARCH Venture Partners, bringing total funding to $55 million at that point. |
Who has invested in Aledade?
15 investors have backed Aledade across its funding rounds, including Venrock, OMERS Growth Equity, Meritech Capital Partners, GV, Fidelity and ARCH Venture Partners.
Lead investors include Lightspeed Venture Partners, OMERS Growth Equity, Meritech Capital Partners, Echo Health Ventures, Mosaic Health Solutions and 3 other investors.
Aledade Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Lead | Jun 2014 | |
 Toronto | 4 | Lead | Apr 2020 | |
| San Francisco, CA | 3 | Lead | Dec 2017 | |
| Boston, MA | 2 | Participant | Jun 2022 | |
| San Francisco, CA | 2 | Participant | Mar 2017 | |
| Seattle, WA | 2 | Lead | Mar 2017 | |
| Seattle, WA | 2 | Lead | Jan 2019 | |
| Chicago, IL | 2 | Lead | Jun 2015 | |
| Baltimore, MD | 1 | Participant | Mar 2017 | |
| San Francisco, CA | 1 | Participant | Jan 2021 | |
| Dallas, TX | 1 | Participant | Jun 2023 | |
| Durham, NC | 1 | Lead | Jan 2019 | |
| Sacramento, CA | 1 | Participant | Apr 2020 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Aledade
Aledade has acquired 3 companies to date.
Last acquisition by Aledade was on May 1st 2024. Aledade acquired Medical Advantage TDC Group for undisclosed valuation.
Latest Acquisitions by Aledade
| Description | Medical Advantage TDC Group is a Minnesota-based healthcare consultancy providing EHR optimization, care management solutions, and analytics dashboards for hospitals and clinics. Part of TDC Group, it serves 200 providers across 20 states with population health tools. The firm integrates Epic and Cerner systems for revenue cycle improvements. Established in 2006, Medical Advantage employs 150 consultants. | Curia.ai is a cloud-based AI platform that equips healthcare providers, payers, and life sciences companies with tools to enhance value-based care programs. The software integrates a risk assessment engine and an intervention targeting system to support daily decision-making processes. This comprehensive analytical platform processes high volumes of data to boost profitability and health outcomes for organizations managing thousands of decisions each day. | Iris Healthcare is a nationwide provider of digital Advance Care Planning platforms that enable healthcare organizations to facilitate patient conversations about end-of-life preferences. The company serves more than 25,000 patients through integrations with electronic health records in hospitals across 15 U.S. states. Headquartered in San Francisco, Iris Healthcare partners with systems like Sutter Health and Banner Health to reduce unwanted treatments by 40 percent and improve care alignment. Founded in 2016, its HIPAA-compliant tools support multilingual documentation and real-time sharing with families and providers. |
| HQ Country | | | |
| HQ City | Detroit, MI | Washington, DC | Austin, TX |
| Deal Date | 1 May 2024 | 21 Feb 2023 | 11 Jan 2022 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
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Aledade Competitors
Aledade competitors include listed companies like CCC Intelligent Solutions and Doximity, and private ones like Somatus, Cityblock Health, Strive Health and MediTrust Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Washington, DC | Private | - | - | $2.5B | - | |
| New York City, NY | Private | - | - | $5.7B | - | |
| Denver, CO | Private | - | - | $1.8B | - | |
 Shanghai | Private | $154M | - | $1.4B | 9.3x | |
| United States | Publicly listed | $1.1B | $238M | $3.9B | 4.5x | |
| United States | Publicly listed | $645M | $229M | $4.7B | 6.2x |
Aledade Public Comps
Aledade is still privately-owned, but its public comps include Serco Group, CCC Intelligent Solutions, FTI Consulting, Maximus, CBIZ, Alten, Privia Health, Huron Consulting Group, Tieto and Clover Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $6.5B | $627M | 0.7x | 0.6x | 6.9x | 7.5x | |||
| $1.1B | $238M | 4.8x | 4.5x | 21.5x | 10.8x | |||
| $3.8B | $435M | 1.3x | 1.3x | 11.4x | 11.1x | |||
| $5.4B | $663M | 0.9x | 0.9x | 7.0x | - | |||
| $2.8B | $366M | 1.8x | 1.7x | 13.2x | 10.4x | |||
| $4.7B | $344M | 0.6x | 0.5x | 7.6x | 5.2x | |||
| $2.1B | $44M | 1.0x | 0.9x | 50.2x | 15.3x | |||
| $1.7B | $202M | 2.0x | 1.8x | 16.5x | 12.6x | |||
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Common questions about Aledade
| When was Aledade founded? | Aledade was founded in 2014. |
| Where is Aledade headquartered? | Aledade is headquartered in Washington, DC, United States. |
| Is Aledade publicly listed? | No, Aledade is a private, VC-backed company. |
| What is Aledade's valuation? | Aledade was last valued at $3.5B in its Series F in June 2023. |
| How much funding has Aledade raised? | Aledade has raised $678M across 9 funding rounds. |
| What was Aledade's last funding round? | Aledade's last funding round was a $260M Series F in June 2023, led by Lightspeed Venture Partners. |
| Who are Aledade's investors? | Aledade's investors include Venrock, OMERS Growth Equity, Meritech Capital Partners, Fidelity, GV, Biomatics Capital Partners, Echo Health Ventures, ARCH Venture Partners, Maryland Venture Fund, IVP and 5 others. |
| What is Aledade's revenue? | Aledade's latest recorded revenue is $475M (June 2023). |
| What is Aledade's revenue multiple? | Aledade's latest valuation implies a 7.4x revenue multiple ($3.5B valuation on $475M of revenue). |
| Which companies are comparable to Aledade? | Companies comparable to Aledade include Somatus, Cityblock Health, Strive Health, MediTrust Health, CCC Intelligent Solutions and Doximity. |
| How many companies has Aledade acquired? | Aledade has acquired 3 companies, including Medical Advantage TDC Group, Curia.ai and Iris Healthcare. |
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