Carbon Health Revenue, Valuation, Funding & Investors
Carbon Health is valued at $1.4B as of January 2023, a 7.8x multiple on its last reported $180M revenue.
Last Carbon Health valuation
$1.4B
Series D · Jan 2023
Last Carbon Health funding round
$100M
Series D · Jan 2023
Carbon Health revenue
$180M
Series D · Jan 2023
Key investors in Carbon Health
500 Global
DCVC
Steve Seigel
Two Sigma Ventures
Bullpen Capital
Javelin Venture Partners
About Carbon Health
San Francisco-headquartered Carbon Health is a primary care provider blending in-person clinics with telehealth services across multiple US states. Founded in 2015, it operates through a mobile app for virtual visits, prescription management, lab results access, and treatment follow-ups. The company expanded during the COVID-19 pandemic by launching assessment tools and testing sites in California, now serving patients with urgent care, pediatrics, and chronic condition management at over 100 locations.
Founded
2015
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Services
Revenue
$180M (Jan 2023)
Valuation
$1.4B (Jan 2023)
Carbon Health Valuation
Carbon Health is currently valued at $1.4B, based on its Series D in January 2023.
The $100M round was led by CVS Health Ventures.
Carbon Health's valuation has moved from $3.3B at its Series D in July 2021 to $1.4B in January 2023, across 2 priced rounds.
Carbon Health valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2023 | Series D | $1.4B | 7.8x |
| Jul 2021 | Series D | $3.3B | - |
Carbon Health Revenue
Carbon Health's latest recorded revenue is $180M, as of its Series D in January 2023. At a $1.4B valuation, that implies a 7.8x revenue multiple.
Carbon Health revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2023 | $180M | $1.4B | 7.8x | 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.
Carbon Health Funding History
Carbon Health has raised a total of $623M across 8 funding rounds.
Carbon Health's first fundraising round was a $2M seed round in May 2016. The most recent completed round was a $100M Series D in January 2023.
Carbon Health funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2023 | Series D | CVS Health Ventures (lead) | $100M | $1.4B | Carbon Health is a San Francisco-based hybrid healthcare company offering primary, urgent, and virtual care through its Connective Care model, which integrates proprietary software with expert clinicians to manage everyday health needs, including acute issues, chronic conditions, and mental health. The company operates over 125 clinics across 13 states, provides virtual care in 23 states, and partners with enterprises in value-based care arrangements spanning academia, sports, entertainment, biotech, and travel. Founded in 2015, it has raised over $622 million total, including a $350 million Series D in 2021 at a $3.3 billion valuation and a prior $3 billion post-money valuation. On January 9, 2023, Carbon Health announced an initial close of its Series D round with a $100 million investment led solely by CVS Health Ventures, valuing the company at $1.4 billion—a 57% markdown from its 2021 peak. This Series D-III funding, alongside a strategic partnership, aims to expand the Connective Care model into new geographies, secure additional value-based care deals, invest in technology, and pilot Carbon Health's operating model and software in select CVS retail locations to enhance consumer access to integrated care. The investment comes amid operational adjustments, including layoffs of 250 employees in June 2022 (8% of staff) and another 200 in early January 2023, as the company unwound underperforming segments like public health, remote patient monitoring, hardware, and chronic care programs to reduce cash burn and focus on core primary and urgent care scalability. Prior traction included doubling staff to 1,600 since 2020 and rapid revenue growth over 300% from 2020 to 2021 with a claimed 15% EBITDA margin that year, though 2023 metrics were not disclosed. The CVS partnership positions Carbon Health for inorganic growth in a competitive telehealth market, potentially as an acquisition target similar to CVS's $10.6 billion purchase of Oak Street Health. |
| Jul 2021 | Series D | Blackstone (lead) | $350M | $3.3B | Carbon Health is a San Francisco-based omnichannel primary care provider offering hybrid care through physical clinics and app-based virtual services, including urgent care, telehealth across 23 states, and value-based care to enterprise partners in industries like academia, sports, and biotech. Founded in 2015, the company had expanded to over 80 clinics by mid-2021 from 27 at the end of 2020, with patient volume more than doubling in the prior year excluding COVID-19 testing and vaccinations. It accepts insurance but about a third of patients pay out-of-pocket, and recently acquired Steady Health for remote diabetes monitoring using continuous glucose monitors. In July 2021, Carbon Health raised $350 million in a funding round led by Blackstone's Horizon platform, with participation from Atreides, Homebrew, Hudson Bay Capital, Intersect Capital, Fifth Wall, Lux Capital, Silver Lake Waterman, Dragoneer Investment Group, Brookfield Technology Partners, DCVC, and BlackRock-managed funds. The investment brought the company's post-money valuation to $3.3 billion, marking its peak valuation at the time. Prior rounds included nearly $130 million in 2020, contributing to a total raised of approximately $674 million across all rounds by 2023. The funds were earmarked for nationwide expansion aiming for 1,500 clinics by 2025, building technology infrastructure for longitudinal care without fees or memberships, enhancing digital offerings, and addressing healthcare disparities widened by COVID-19. CEO Eren Bali emphasized accessible high-quality care, while Blackstone's Scott Bommer highlighted investments in technology and products to improve services. This positioned Carbon Health to compete with direct primary care providers like One Medical and Forward, capitalizing on pandemic-driven growth with 129% patient volume increase since late 2020 (excluding vaccines/tests). Later developments saw a down round with $150 million (announced as $100 million plus $50 million extra) in January 2023 led by CVS Health Ventures at $1.4 billion valuation. The company filed for Chapter 11 bankruptcy on February 2, 2026, with assets and liabilities each in the $100M–$500M range, pursuing debt-for-equity restructuring or asset sale, with a hearing scheduled for March 24, 2026. |
| Nov 2020 | Series C | Dragoneer (lead); Steve Seigel; Sand Hill Angels; Brookfield Asset Management; DCVC; 500 Global; Builders VC | $100M | - | Carbon Health is a technology-enabled healthcare provider offering omnichannel primary care through clinics, pop-up sites, virtual care, its app, and on-site services at employers. Founded in 2015 and headquartered in San Francisco, the company announced a $100 million Series C funding round on November 10, 2020, led by Dragoneer Investment Group, with participation from Brookfield Technology Partners, DCVC, and Builders VC. The investment supports national scaling of its clinic footprint from 27 locations across six states to a planned 1,500 by 2025, expansion into healthcare deserts, and growth of virtual care available in 16 states reaching nearly two-thirds of the U.S. population. The round followed prior funding including a $28 million Series B in May 2020 led by DCVC, contributing to total funding exceeding $500 million by later rounds from investors like Lux Capital and Sand Hill Angels. Carbon Health reported strong pre-round growth with a sixfold increase in patient volume over the prior year and doubled clinic count from seven, positioning it to address access gaps widened by COVID-19 through tech-driven continuity of care without high costs or memberships. Post-2020, Carbon Health continued raising capital, including $350 million in July 2021 at a $3.3 billion valuation led by Blackstone with Dragoneer participation, $150 million Series D in January 2023 led by CVS Health Ventures at $1.4 billion, and further rounds, reaching total funding around $674 million. The company expanded to over 80 clinics in 12 states, virtual care in 23 states, 1,600 employees, and 129% patient volume growth post-Series C excluding COVID services, aiming to become the largest U.S. primary care provider. |
| May 2020 | Series B | DCVC (lead); Steve Seigel; 500 Global | $28M | - | Carbon Health is a San Francisco-based technology-enabled healthcare provider offering omnichannel primary and urgent care through physical clinics, pop-up sites, virtual visits, and its app, aiming to improve access in healthcare deserts amid COVID-19. The company expanded from 7 to 27 clinics across six states and introduced virtual care to 16 states in the year leading to late 2020, achieving a sixfold increase in patient volume and covering nearly two-thirds of the U.S. It plans to scale to 1,500 locations by 2025. Later rounds include $350M in July 2021 at ~$3B valuation and $150M Series D in 2023 at $1.4B pre-bankruptcy, with total funding exceeding $900M before eventual restructuring. |
| Jun 2019 | Series B | Brookfield Growth (lead); Steve Seigel; Bullpen Capital; Javelin Venture Partners; Flatiron Health; DCVC; Vivek Garipalli; Two Sigma Ventures; 500 Global; Builders VC | $35M | - | Carbon Health, a San Francisco-based startup providing tech-enabled primary care clinics and telehealth services, raised approximately $30-35 million in a Series B funding round around June 2019 led by Brookfield Growth Partners, with participation from DCVC, Flatiron Health and Clover Health founders, Builders VC, Bullpen Capital, Javelin Venture Partners, Two Sigma Ventures, and others including Steve Seigel and Vivek Garipalli. The funds were intended to expand its physical presence across California and nationwide, with 15 additional clinics in development and ambitions to scale to 40-50 locations soon, leveraging Brookfield's real estate expertise for optimal site selection. CEO Eren Bali envisioned growing to thousands of clinics integrated into local healthcare systems, positioning Carbon Health as the 'Starbucks of healthcare' with strong brand loyalty. This 2019 round followed a $3 million raise in May 2018 and a prior $6.5 million round in 2017 led by Builders VC. Brookfield's involvement added board member Josh Raffaelli and aligned with their healthcare investments, such as the $4.1 billion Healthscope acquisition. Carbon Health continued raising capital post-2019, including $28 million in May 2020, $100 million Series C in November 2020, $350 million Series D in July 2021 at a peak over $3 billion valuation, and later rounds up to $3.3-3.4 billion before a valuation drop to $1.4 billion in 2023 amid challenges, culminating in Chapter 11 bankruptcy with $77.5 million revenue reported for 2023. Total funding exceeded $600-900 million across rounds, focusing on hybrid care expansion. |
| May 2018 | Seed | Tectonic Capital; E. Bora Uygun; 500 Global | $3M | - | - |
| Mar 2017 | Seed | Russell Fradin; Tectonic Capital; Bullpen Capital; Javelin Venture Partners; Aaron Patzer; Aslanoba Capital; Two Sigma Ventures | $4M | - | Carbon Health raised a Series A round of $6.5 million on March 1, 2017. |
| May 2016 | Seed | Darian Shirazi (lead); Ran Makavy; Aslanoba Capital | $2M | - | - |
Who has invested in Carbon Health?
22 investors have backed Carbon Health across its funding rounds, including 500 Global, DCVC, Steve Seigel, Two Sigma Ventures, Bullpen Capital and Javelin Venture Partners.
Lead investors include CVS Health Ventures, Blackstone, Dragoneer, DCVC, Brookfield Growth and 1 other investor.
Carbon Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Participant | May 2018 | |
| Los Angeles, CA | 3 | Participant | Jun 2019 | |
| United States | 3 | Lead | Jun 2019 | |
| New York City, NY | 2 | Participant | Mar 2017 | |
| San Francisco, CA | 2 | Participant | Mar 2017 | |
| San Francisco, CA | 2 | Participant | Mar 2017 | |
 Istanbul | 2 | Participant | May 2016 | |
| New York City, NY | 2 | Participant | Mar 2017 | |
| San Francisco, CA | 2 | Participant | Jun 2019 | |
| San Francisco, CA | 1 | Lead | Nov 2020 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Russell Fradin | San Francisco, CA | 1 | Participant | Mar 2017 |
| New York City, NY | 1 | Lead | Jul 2021 | |
| E. Bora Uygun |  Vancouver | 1 | Participant | May 2018 |
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Start Free TrialAcquisitions by Carbon Health
Carbon Health has acquired 5 companies to date.
Last acquisition by Carbon Health was on December 13th 2022. Carbon Health acquired Inofab Health for $20M.
Latest Acquisitions by Carbon Health
| Description | Inofab Health is a Tel Aviv-based developer of respiratory monitoring devices. It supplies ultrasonic spirometers and smart inhaler attachments detecting misuse via Bluetooth to apps. The platform tracks lung function for asthma patients, alerting clinicians to declines and integrating with EHRs like Epic in clinics across Israel and Europe since 2022. | Alertive Healthcare is a digital health firm addressing hypertension and chronic diseases. The company partners with providers for remote blood pressure monitoring and clinical recommendations. Its platform accelerates control from 18 to 24 months to 10 weeks through data analytics and patient engagement tools. | Central Jersey Urgent Care is a network of clinics in central New Jersey offering walk-in treatment for illnesses, injuries, and chronic conditions. Locations in areas like Hamilton and Lawrenceville provide X-rays, lab testing, and occupational health services. | Steady Health integrates continuous glucose monitoring data into a telehealth platform connecting patients with endocrinologists for diabetes management. Launched in Durham, North Carolina, it offers remote consultations, personalized treatment plans, and device prescriptions for type 1 and type 2 diabetes. | |
| HQ Country | | | | | |
| HQ City | Ankara | Seattle, WA | Ocean City, NJ | San Francisco, CA | |
| Deal Date | 13 Dec 2022 | 5 Oct 2021 | 13 Sep 2021 | 4 Jun 2021 | |
| Valuation | $20M | $57M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by Carbon Health
Carbon Health has invested in 1 company to date.
Latest investment by Carbon Health was on April 22nd 2021. Carbon Health invested in Ophelia in their $15M Series A round.
Latest Investments by Carbon Health
| Description | Ophelia is a New York City-headquartered telehealth provider delivering medication-assisted treatment for opioid use disorder. Founded in 2019, the service prescribes buprenorphine via video consultations paired with behavioral coaching. Ophelia operates in 40 U.S. states, emphasizing patient autonomy and privacy without mandatory rehab attendance. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 22 Apr 2021 |
| Round | Series A |
| Raised | $15M |
| Investors | General Catalyst; Menlo Ventures; Y Combinator; Lambda School; Harry's; Refactor; Allbirds; Warby Parker; PillPack; Operator Partners |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Carbon Health Competitors
Carbon Health competitors include listed companies like JMDC and Ping An Healthcare, and private ones like Clarify Health Solutions, Pristyn Care, Grand Rounds and Apricus Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $1.4B | - | |
 Gurgaon | Private | $64M | - | $1.4B | - | |
| San Francisco, CA | Private | - | - | $1.3B | - | |
| Phoenix, AZ | Private | - | - | $1.5B | - | |
 Japan | Publicly listed | $324M | $88M | $1.5B | 4.6x | |
 China | Publicly listed | $815M | $52M | $1.6B | 0.9x |
Carbon Health Public Comps
Carbon Health is still privately-owned, but its public comps include JMDC, Ping An Healthcare, GoodRx, Teladoc, Talkspace, Guiyang Longmaster, Medley Inc., American Well, Nyxoah and LifeMD.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $324M | $88M | 5.0x | 4.6x | 18.4x | 17.9x | |||
| $815M | $52M | 0.9x | 0.9x | 13.4x | 16.9x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $2.5B | $124M | 0.6x | 0.6x | 11.3x | 5.0x | |||
| $229M | $6M | 3.4x | 3.4x | 129.3x | 49.4x | |||
| $44M | $5M | 10.0x | - | 87.9x | - | |||
| $236M | $32M | 2.1x | 1.8x | 15.7x | 13.2x | |||
| $249M | ($63M) | 0.2x | 0.2x | (0.8x) | (3.1x) | |||
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Common questions about Carbon Health
| When was Carbon Health founded? | Carbon Health was founded in 2015. |
| Where is Carbon Health headquartered? | Carbon Health is headquartered in San Francisco, CA, United States. |
| Is Carbon Health publicly listed? | No, Carbon Health is a private, VC-backed company. |
| What is Carbon Health's valuation? | Carbon Health was last valued at $1.4B in its Series D in January 2023. |
| How much funding has Carbon Health raised? | Carbon Health has raised $623M across 8 funding rounds. |
| What was Carbon Health's last funding round? | Carbon Health's last funding round was a $100M Series D in January 2023, led by CVS Health Ventures. |
| Who are Carbon Health's investors? | Carbon Health's investors include 500 Global, Steve Seigel, DCVC, Tectonic Capital, Bullpen Capital, Javelin Venture Partners, Aslanoba Capital, Two Sigma Ventures, Builders VC, Dragoneer and 12 others. |
| What is Carbon Health's revenue? | Carbon Health's latest recorded revenue is $180M (January 2023). |
| What is Carbon Health's revenue multiple? | Carbon Health's latest valuation implies a 7.8x revenue multiple ($1.4B valuation on $180M of revenue). |
| Which companies are comparable to Carbon Health? | Companies comparable to Carbon Health include Clarify Health Solutions, Pristyn Care, Grand Rounds, Apricus Health, JMDC and Ping An Healthcare. |
| How many companies has Carbon Health acquired? | Carbon Health has acquired 5 companies, including Inofab Health, Alertive Healthcare, Central Jersey Urgent Care, Steady Health and Direct Urgent Care. |
| What was the largest acquisition by Carbon Health? | The $57M acquisition of Alertive Healthcare in October 2021 is the largest acquisition Carbon Health has made to date. |
| How many companies has Carbon Health invested in? | Carbon Health has invested in 1 company, including Ophelia. |
| What was Carbon Health's last investment? | In April 2021, Carbon Health invested in Ophelia's $15M Series A alongside General Catalyst, Menlo Ventures, Y Combinator and 7 other investors. |
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