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- Better Health Group
Better Health Group Funding, Investors & Competitors
Better Health Group has raised $675M across 2 funding rounds, most recently a $175M undisclosed-stage round in November 2023.
Last Better Health Group funding round
$175M
Undisclosed stage · Nov 2023
Cumulative funding Better Health Group raised
$675M
across 2 funding rounds
Key investors in Better Health Group
Kinderhook Industries
About Better Health Group
Better Health Group is a Florida-headquartered platform empowering primary care physicians with technology and programs for value-based care. It equips practices with electronic health records, population health analytics, and chronic care management tools to shift from reactive sick care to proactive health interventions for Medicare and commercial patients in multiple states.
Founded
2006
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Better Health Group Funding History
Better Health Group has raised a total of $675M across 2 funding rounds.
Better Health Group's first fundraising round was a $500M undisclosed-stage round in February 2022. The most recent completed round was a $175M undisclosed-stage round in November 2023.
Better Health Group funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2023 | Undisclosed stage | - | $175M | Better Health Group is one of the largest value-based care provider networks in the U.S., operating over 1,200 owned and affiliated providers across eight states and Puerto Rico. It focuses on risk-based value-based care arrangements, delivering consistent profitability, 5-star quality results, and savings for nearly 90% of providers. The company offers a two-pronged model where providers can retain ownership and partner with its management services organization (MSO) and accountable care organizations (ACOs), or work as employees at its company-owned medical centers. On November 14, 2023, Better Health Group closed a $175 million growth-capital financing round, following a $500 million equity investment from Kinderhook Industries in December 2021. The new funding supports expansion through new risk-based payer partnerships, strategic acquisitions into additional states, and openings of de novo clinics. Since the 2021 investment, the company doubled its patient base to over 250,000, doubled its provider network size, and tripled its company-owned medical centers to 162, with plans to reach 180 by the next year. Over the past year as of the round, Better Health Group generated $1.2 billion in revenue. It has demonstrated rapid growth and scalability in value-based primary care, with only one in five primary care providers currently participating in such risk-based arrangements, indicating significant market opportunity. Recent expansions include value-based arrangements in Alabama and Oklahoma announced in February 2024, and it reached a milestone of opening its 100th clinic in April 2023 while surpassing 240,000 members. |
| Feb 2022 | Undisclosed stage | Kinderhook Industries (lead) | $500M | Better Health Group, founded in 2006 and headquartered in Tampa, Florida, is a value-based primary care physician group and managed service organization (MSO) that partners with Medicare Advantage plans, Medicare ACOs, Managed Medicaid, and commercial insurers to manage care for patients, emphasizing better outcomes through provider-aligned risk-bearing arrangements. It operates a two-pronged model allowing providers to retain practice ownership while partnering with its MSO and ACOs or join its company-owned medical centers. In December 2021, Kinderhook Industries made a $500 million equity investment in the company, then operating as Physician Partners, serving over 137,000 members through a network of over 545 physicians primarily in Florida; this was announced publicly on February 1, 2022, marking Kinderhook's 51st healthcare transaction and the largest private equity deal in Tampa Bay that year, with funds earmarked for Florida expansion and entry into at least two out-of-state markets. The investment leveraged long-standing relationships between Kinderhook and Physician Partners' management, including founder Sidd Pagidipati and CEO Mike Polen, building on their prior success at WellCare. Following the investment and rebranding to Better Health Group, the company experienced rapid growth over the subsequent 22 months, doubling its patient base to over 250,000, doubling its provider network, tripling company-owned medical centers to 162 across eight states and Puerto Rico, attracting 575 new providers since 2022, and generating $1.2 billion in revenue over the past year while maintaining consistent profitability and 5-star quality scores, with nearly 90% of providers delivering savings in value-based arrangements. In 2023, Better Health Group secured an additional $175 million in growth capital to fund national expansion, building on the initial Kinderhook backing. |
Who has invested in Better Health Group?
1 investor has backed Better Health Group across its funding rounds, including Kinderhook Industries.
Lead investors include Kinderhook Industries.
Better Health Group Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Better Health Group 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 TrialInvestments by Better Health Group
Better Health Group has invested in 1 company to date.
Latest investment by Better Health Group was on October 11th 2022. Better Health Group invested in Viome in their $67M Series C round.
Latest Investments by Better Health Group
| Description | Viome is a Bellevue-headquartered precision health company analyzing microbiome, mitochondrial, and cellular data through at-home test kits. Established in 2016, it provides personalized nutrition and lifestyle recommendations based on RNA sequencing of gut, oral, and cellular samples. The platform tracks biological age and health metrics for users seeking optimized wellness plans. | Viome is a Bellevue-headquartered precision health company analyzing microbiome, mitochondrial, and cellular data through at-home test kits. Established in 2016, it provides personalized nutrition and lifestyle recommendations based on RNA sequencing of gut, oral, and cellular samples. The platform tracks biological age and health metrics for users seeking optimized wellness plans. | Viome is a Bellevue-headquartered precision health company analyzing microbiome, mitochondrial, and cellular data through at-home test kits. Established in 2016, it provides personalized nutrition and lifestyle recommendations based on RNA sequencing of gut, oral, and cellular samples. The platform tracks biological age and health metrics for users seeking optimized wellness plans. | Viome is a Bellevue-headquartered precision health company analyzing microbiome, mitochondrial, and cellular data through at-home test kits. Established in 2016, it provides personalized nutrition and lifestyle recommendations based on RNA sequencing of gut, oral, and cellular samples. The platform tracks biological age and health metrics for users seeking optimized wellness plans. |
| HQ Country | ||||
| HQ City | Seattle, WA | Seattle, WA | Seattle, WA | Seattle, WA |
| Deal Date | 11 Oct 2022 | 10 Nov 2021 | 17 Apr 2019 | 6 Jul 2018 |
| Round | Series C | Series C | Series B | Series B |
| Raised | $67M | $54M | $25M | $6M |
| Investors | WestRiver Group; Bold Capital Partners; Ocgrow Ventures; Khosla Ventures; Ezaki Glico Co | WestRiver Group; Bold Capital Partners; Ocgrow Ventures; Khosla Ventures; Ezaki Glico Co | Bold Capital Partners; Matthew Harris; Veronorte; Nomad Capital Partners; Hambrecht Healthcare Growth Venture Fund; Marc Benioff | Khosla Ventures |
| Valuation | $339M | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Better Health Group investments and their VC round multiples. Start Free Trial | ||||
Better Health Group Competitors
Better Health Group competitors include listed companies like IQVIA, Veeva, IDEXX Laboratories and Roper Technologies, and private ones like Commure and Doctolib.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $16B | $3.4B | $44B | 3.4x | ||
| Publicly listed | $3.2B | $965M | $43B | 10.2x | ||
| Publicly listed | $4.3B | $1.5B | $40B | 8.9x | ||
| Publicly listed | $7.9B | $3.2B | $37B | 5.7x | ||
| Private | $200M | - | $7B | 35.0x | ||
| Private | $400M | - | $6.4B | 16.0x |
Better Health Group Public Comps
Better Health Group is still privately-owned, but its public comps include HCA Healthcare, IQVIA, Veeva, IDEXX Laboratories, Roper Technologies, Alcon, Fresenius, GE HealthCare, Dr. Sulaiman Al Habib and Tenet Healthcare.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $76B | $16B | 1.9x | 1.9x | 9.4x | 9.4x | |||
| $16B | $3.4B | 3.6x | 3.4x | 17.2x | 14.8x | |||
| $3.2B | $965M | 11.1x | 10.2x | 36.9x | 22.4x | |||
| $4.3B | $1.5B | 9.5x | 8.9x | 27.1x | 24.9x | |||
| $7.9B | $3.2B | 6.1x | 5.7x | 15.2x | 14.6x | |||
| $10B | $2.6B | 3.4x | 3.3x | 13.4x | 12.5x | |||
| $26B | $4.2B | 1.6x | 1.6x | 10.1x | 9.4x | |||
| $21B | $3.7B | 1.8x | 1.8x | 10.1x | 10.0x | |||
This data is available for Pro users. Sign up to see all Better Health Group competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Better Health Group
| When was Better Health Group founded? | Better Health Group was founded in 2006. |
| Where is Better Health Group headquartered? | Better Health Group is headquartered in Tampa, FL, United States. |
| Is Better Health Group publicly listed? | No, Better Health Group is a private, VC-backed company. |
| How much funding has Better Health Group raised? | Better Health Group has raised $675M across 2 funding rounds. |
| What was Better Health Group's last funding round? | Better Health Group's last funding round was a $175M undisclosed-stage round in November 2023. |
| Who are Better Health Group's investors? | Better Health Group's investors include Kinderhook Industries. |
| Which companies are comparable to Better Health Group? | Companies comparable to Better Health Group include IQVIA, Veeva, IDEXX Laboratories, Roper Technologies, Commure and Doctolib. |
| How many companies has Better Health Group invested in? | Better Health Group has invested in 1 company, including Viome. |
| What was Better Health Group's last investment? | In October 2022, Better Health Group invested in Viome's $67M Series C alongside WestRiver Group, Bold Capital Partners, Ocgrow Ventures and 2 other investors. |
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