- Companies
- Bardavon Health Innovations
Bardavon Health Innovations Funding, Investors & Competitors
Bardavon Health Innovations has raised $132M across 6 funding rounds, most recently a $5M Series A in May 2024.
Last Bardavon Health Innovations funding round
$5M
Series A · May 2024
Cumulative funding Bardavon Health Innovations raised
$132M
across 6 funding rounds
Key investors in Bardavon Health Innovations
Westcap
Matrix Capital Management
NewRoad Capital Partners
About Bardavon Health Innovations
Bardavon Health Innovations is a technology provider specializing in workers' compensation management. The company delivers networked platforms that support the full employee lifecycle from hiring through retirement, emphasizing transparency and communication among insurers, employers, and healthcare providers. Headquartered in Irvine, California, Bardavon partners with major insurance carriers like Liberty Mutual and Travelers to optimize claims processing, pharmacy benefits, and return-to-work programs. Its suite includes tools for bill review, network management, and predictive analytics to reduce costs and improve outcomes. Bardavon serves over 20 states across the U.S. with data from millions of claims.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Bardavon Health Innovations Funding History
Bardavon Health Innovations has raised a total of $132M across 6 funding rounds.
Bardavon Health Innovations' first fundraising round was a $4M seed round in October 2015. The most recent completed round was a $5M Series A in May 2024.
Bardavon Health Innovations funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2024 | Series A | - | $5M | - |
| Mar 2023 | Series A | - | $9M | Bardavon Health Innovations raised $90 million in a Series C funding round around March 2023, led by Matrix Capital Management with participation from WestCap. The company, founded in 2014 and based in Overland Park, Kansas, provides a digital workers’ compensation and musculoskeletal (MSK) healthcare practice management platform for therapy providers, offering injury prevention, treatment, and work readiness solutions through a national network across the US. The funding supports accelerating go-to-market activities, expanding capabilities, and introducing new offerings to all-payer classes beyond workers’ compensation. MSK injuries cost US companies more than $1 billion per week, according to the Liberty Mutual Workplace Safety Index (2018), and affect one in two American adults per the Bone and Joint Initiative. Bardavon aims to address this market by bringing transparency, innovation, and clinical treatment data to MSK care. The company had raised a total of approximately $114.38 million across multiple rounds by April 2024, including a later Series D. |
| Jun 2022 | Series A | - | $9M | - |
| Oct 2021 | Series C | Matrix Capital Management (lead); Westcap | $90M | Bardavon Health Innovations is a digital health company founded in 2014, specializing in workers' compensation and musculoskeletal (MSK) healthcare practice management. It provides injury prevention, treatment, and work readiness solutions through a national network of therapy providers across the US, connecting stakeholders with digital technology and clinical rehabilitation services. The platform addresses MSK injuries, which affect one in two American adults and cost US companies over $1 billion weekly according to the Liberty Mutual Workplace Safety Index (2018). On October 20, 2021, Bardavon announced a $90 million Series C funding round led by Matrix Capital Management, with participation from WestCap. This brought the company's total funding to $153 million at the time. The investment aimed to accelerate go-to-market activities, expand platform capabilities, and introduce new offerings beyond workers' compensation to all-payer classes, targeting broader MSK health solutions amid rising national spending on related injuries due to aging populations and obesity. The company reported strong traction prior to the round, including 70% revenue growth over the past year, 90% national physical therapy network coverage across 50 states, over 220 employees, and marquee client partnerships. For its workers' compensation business, Bardavon achieved an 83% reduction in cost per claim for first-year employees, 21% fewer physical therapy visits, and 49% lower total spend. It converted from an LLC to a C-Corp on October 19, 2021, just before the announcement. Matrix Capital Management, a Boston-based firm managing private investment funds, highlighted Bardavon's innovative approach to MSK care, bringing transparency and clinical data to employers seeking solutions. The funding positioned Bardavon to expand into the commercial MSK health industry amid a surge in healthcare practice management investments, which reached $753 million in 1H 2021, up 223% YoY. |
| Nov 2018 | Series B | NewRoad Capital Partners (lead) | $15M | Bardavon Health Innovations is a physical medicine clinical analytics platform that optimizes healthcare delivery for workers' compensation and commercial health programs. The company provides near-real-time data and analytics to measure quality of care and optimize clinical pathways for musculoskeletal conditions. Founded in 2014 by Matthew Condon, the company is based in Overland Park, Kansas. In November 2018, Bardavon raised $15-16.87 million led by NewRoad Capital Partners, bringing total funding to approximately $21 million at that time. The company continued to expand rapidly, achieving 90 percent national physical therapy network coverage across 50 states and 70 percent revenue growth year-over-year by October 2021, when it announced a $90 million Series C round that brought total funding to $153 million. |
| Oct 2015 | Seed | - | $4M | - |
Who has invested in Bardavon Health Innovations?
3 investors have backed Bardavon Health Innovations across its funding rounds, including Westcap, Matrix Capital Management and NewRoad Capital Partners.
Lead investors include Matrix Capital Management and NewRoad Capital Partners.
Bardavon Health Innovations Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Nov 2018 | ||
This data is available for Pro users. Sign up to see all 3 Bardavon Health Innovations 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 Bardavon Health Innovations
Bardavon Health Innovations has acquired 2 companies to date.
Last acquisition by Bardavon Health Innovations was on February 28th 2023. Bardavon Health Innovations acquired Preventure for undisclosed valuation.
Latest Acquisitions by Bardavon Health Innovations
| Description | Preventure is a Pyrmont-headquartered company with offices in San Francisco, offering wearable sensors to mitigate musculoskeletal workplace injuries. Founded in 2016, the platform analyzes real-time biomechanics during tasks like lifting, delivering risk alerts and training modules to organizations in construction and manufacturing. | PeerWell is a digital health platform addressing pain and mobility issues through evidence-based content and technology. Headquartered in Las Vegas, Nevada, the company partners with workers' compensation insurers, health plans, and managed care organizations. PeerWell delivers personalized programs for preoperative preparation and chronic condition management. |
| HQ Country | ||
| HQ City | Sydney | San Francisco, CA |
| Deal Date | 28 Feb 2023 | 14 Jun 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Bardavon Health Innovations acquisitions and their M&A valuation multiples. Start Free Trial | ||
Bardavon Health Innovations Competitors
Bardavon Health Innovations competitors include listed companies like Guiyang Longmaster and Medley Inc., and private ones like Doctolib, Cityblock Health, Grow Therapy and eMed.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $400M | - | $6.4B | 16.0x | ||
| Private | - | - | $5.7B | - | ||
| Private | $1B | - | $3B | - | ||
| Private | - | - | $2B | - | ||
| Publicly listed | $44M | $5M | $479M | - | ||
| Publicly listed | $235M | $32M | $457M | 1.8x |
Bardavon Health Innovations Public Comps
Bardavon Health Innovations is still privately-owned, but its public comps include IQVIA, Veeva, IDEXX Laboratories, Roper Technologies, GE HealthCare, ICON plc, Pro Medicus, United Imaging, Max Healthcare Institute and Oscar Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $16B | $3.4B | 3.6x | 3.4x | 17.0x | 14.7x | |||
| $3.2B | $965M | 11.0x | 10.0x | 36.3x | 22.0x | |||
| $4.3B | $1.5B | 9.6x | 8.9x | 27.4x | 25.1x | |||
| $7.9B | $3.2B | 6.1x | 5.7x | 15.1x | 14.5x | |||
| $21B | $3.7B | 1.8x | 1.8x | 10.1x | 9.9x | |||
| $8.3B | $816M | 1.8x | 1.9x | 18.6x | 11.0x | |||
| $186M | $147M | 66.8x | 62.8x | 84.6x | 77.7x | |||
| $2.1B | $367M | 5.5x | 4.8x | 31.0x | 27.0x | |||
This data is available for Pro users. Sign up to see all Bardavon Health Innovations competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Bardavon Health Innovations
| When was Bardavon Health Innovations founded? | Bardavon Health Innovations was founded in 2013. |
| Where is Bardavon Health Innovations headquartered? | Bardavon Health Innovations is headquartered in Kansas City, KS, United States. |
| Is Bardavon Health Innovations publicly listed? | No, Bardavon Health Innovations is a private, VC-backed company. |
| How much funding has Bardavon Health Innovations raised? | Bardavon Health Innovations has raised $132M across 6 funding rounds. |
| What was Bardavon Health Innovations' last funding round? | Bardavon Health Innovations' last funding round was a $5M Series A in May 2024. |
| Who are Bardavon Health Innovations' investors? | Bardavon Health Innovations' investors include NewRoad Capital Partners, Matrix Capital Management and Westcap. |
| Which companies are comparable to Bardavon Health Innovations? | Companies comparable to Bardavon Health Innovations include Doctolib, Cityblock Health, Grow Therapy, eMed, Guiyang Longmaster and Medley Inc.. |
| How many companies has Bardavon Health Innovations acquired? | Bardavon Health Innovations has acquired 2 companies, including Preventure and Peerwell. |
See companies similar to Bardavon Health Innovations
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




