CareBridge Acquisition, Valuation, Funding & Investors

CareBridge was acquired by Elevance Health for $2.7B in October 2024.

CareBridge acquisition price

$2.7B

Acquired by Elevance Health · Oct 2024

Cumulative funding CareBridge raised

$182M

across 3 funding rounds

Key investors in CareBridge

  • Oak HC/FT
  • Optum Ventures
  • GV
  • Frist Cressey Ventures
  • HLM Venture Partners
  • CVS Health Ventures
  • Elevance Health
  • Russell Street Ventures

CareBridge Overview

About CareBridge

CareBridge is a clinical support platform for individuals with physical, intellectual, or developmental disabilities receiving Medicaid or dual Medicare-Medicaid home services. Nashville-headquartered since 2018, it delivers 24/7 assistance to patients, families, and caregivers, ensuring access to equipment and independence at home.


Founded

2019

HQ

United StatesNashville, TN

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$1B (Jun 2022)

CareBridge Acquisition

CareBridge was acquired by Elevance Health for $2.7B on 22 October 2024.

Before the acquisition CareBridge had raised $182M across 3 funding rounds.

CareBridge, a Nashville-based home health company founded in 2019 by former Center for Medicare and Medicaid Innovation Director Brad Smith and former Senator Bill Frist, provides value-based care in home and community settings for individuals with complex and chronic conditions. The company develops healthcare technology including electronic visit verification, data aggregation, all-day member support, and benefits management to assist states in long-term medical services for Medicaid and dual-eligible patients. Operating in 17 states and the District of Columbia, CareBridge partners with the National MLTSS Health Plan Association and the Association for Community Affiliated Plans, and was recognized as the fastest-growing company in Nashville while achieving a $1 billion valuation post-funding. Elevance Health, through its Carelon division—which encompasses pharmacy benefits management, behavioral health, and digital platforms—announced plans to acquire CareBridge in late 2024, with the deal reportedly valued at $2.7 billion though full terms remain undisclosed. Carelon, generating $53.9 billion in 2024 revenue, positions CareBridge as the foundation for its home health business to expand value-based home- and community-based services (HCBS). This follows Elevance's 2024 acquisitions like Paragon Healthcare for home infusion and Kroger Specialty Pharmacy, alongside launching Mosaic Health joint venture, amid Q3 2024 net income of $1 billion. The acquisition aligns with Elevance's payvider strategy to manage rising healthcare spending via integrated services, replacing external vendors for its managed care organization, cross-selling to self-insured employers, and serving smaller Blue Cross plans covering 65 million members. CEO Gail Boudreaux highlighted Carelon as a growth accelerator applying AI for efficiency, with CareBridge enabling greater pass-through of managed medical expenses in HCBS for chronic members.

CareBridge acquisition details
AcquirerDateTypePrice
22 Oct 2024Strategic M&A$2.7B

CareBridge Valuation

CareBridge is currently valued at $1B, based on its Series C in June 2022.

The $140M round was led by Oak HC/FT, with participation from HLM Venture Partners, Russell Street Ventures, CVS Health Ventures and Optum Ventures.

CareBridge's valuation has grown 83x from $12M at its Series A in June 2019 to $1B in June 2022, across 3 priced rounds.

CareBridge valuation by funding round

CareBridge valuation by funding round
DateStageValuation
Jun 2022Series C$1B
Dec 2019Series B$116M
Jun 2019Series A$12M

CareBridge Funding History

CareBridge has raised a total of $182M across 3 funding rounds.

CareBridge's first fundraising round was a $6M Series A in June 2019. The most recent completed round was a $140M Series C in June 2022.

CareBridge funding rounds

CareBridge funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2022Series COak HC/FT (lead); HLM Venture Partners; Russell Street Ventures; CVS Health Ventures; Optum Ventures$140M$1BCareBridge is a value-based healthcare company focused on home and community-based services (HCBS) for low-income seniors, disabled individuals, and those needing long-term care, primarily serving Medicaid populations to improve independence, clinical outcomes, and reduce costs like hospitalizations and ER visits by 10-20%. Launched in 2020 by former Aspire Health executives including Bill Frist and Brad Smith, the Nashville-based firm coordinates around-the-clock clinical support, reimbursing plans based on care quality rather than quantity, with plans to expand to intellectual and developmental disabilities services and serve 16 states plus DC by 2023. In June 2022, CareBridge raised $140 million in a round led by Oak HC/FT, with participation from Optum Ventures, CVS Health Ventures, HLM Venture Partners, and others, boosting its post-money valuation to over $1 billion and achieving unicorn status; this brought total funding to $180 million. The capital supports geographic expansion into more states where investors like Elevance Health (Anthem), UnitedHealthcare, and Aetna CVS operate managed Medicaid plans covering nearly 60% of HCBS Americans. CareBridge demonstrates strong early traction with high patient satisfaction (NPS score of 84) and cost savings in high single to low double digits, positioning it in the $120 billion annual HCBS market where investors control about half. By 2023, it was named America's fastest-growing company, with revenue projected to surpass $2.5 billion from five major clients including UnitedHealthcare, though no specific revenue or EBITDA tied to the 2022 round date uses exact terms like 'revenue' or 'ARR'.
Dec 2019Series BOak HC/FT (lead); Frist Cressey Ventures; GV; Elevance Health; Optum Ventures$37M$116MCareBridge is a value-based healthcare company focused on improving care for individuals receiving home and community-based services, particularly low-income seniors and disabled persons eligible for Medicaid. The company was launched in 2020 by a group of former Aspire executives, including former U.S. Senate Majority Leader Bill Frist, and was formed in part through the acquisition of HealthStar and Sinq Technologies, two LTSS-related technology solution providers. CareBridge offers electronic visit verification, data aggregation services, and 24/7 virtual support from care teams to help coordinate care and reduce hospitalizations and emergency room visits. In January 2020, CareBridge raised $45.27 million in Series B funding led by Oak HC/FT with participation from GV, valuing the company at $116.42 million post-money. The company has since become a unicorn, reaching a $1.15 billion valuation in its June 2022 Series C round led by Oak HC/FT with participation from Anthem, CVS Health Ventures, HLM Venture Partners, and Optum Ventures. By 2023, CareBridge generated $2.5 billion in revenue from five major clients. The company has demonstrated strong clinical outcomes, achieving a Net Promoter Score of 84 from patients and families while reducing hospitalizations and ER visits by 10-20% and delivering material cost savings. CareBridge was acquired by Elevance Health in December 2024 for $2.7 billion.
Jun 2019Series AOak HC/FT (lead)$6M$12MCareBridge is a value-based healthcare company focused on home and community-based services (HCBS) for Medicaid and dual-eligible patients with disabilities. The company provides 24/7 clinical support, decision support, data aggregation, electronic visit verification, and benefits management services to help coordinate care and enable patients to live independently at home. CareBridge raised $5.58 million in Series A funding led by Optum Ventures, closing on December 28, 2018, at a post-money valuation of $12.4 million. The company subsequently raised $45.27 million in Series B funding on January 13, 2020, at a post-money valuation of $116.42 million, led by GV and Oak HC/FT. By June 2022, CareBridge had achieved unicorn status with a $140 million Series C round that valued the company at $1.15 billion post-money, bringing total funding raised to $180 million.

Who has invested in CareBridge?

8 investors have backed CareBridge across its funding rounds, including Oak HC/FT, Optum Ventures, GV, Frist Cressey Ventures, HLM Venture Partners and CVS Health Ventures.

Lead investors include Oak HC/FT.


CareBridge Investors

Investors in CareBridge by funding rounds participated
InvestorHQRoundsRoleFirst check
Oak HC/FTUnited StatesGreenwich, CT3LeadJun 2019
Optum VenturesUnited StatesBoston, MA2ParticipantDec 2019
Frist Cressey VenturesUnited StatesNashville, TN1ParticipantDec 2019
HLM Venture PartnersUnited StatesBoston, MA1ParticipantJun 2022
GVUnited StatesSan Francisco, CA1ParticipantDec 2019
Elevance HealthUnited StatesUnited States1ParticipantDec 2019

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CareBridge Competitors

CareBridge competitors include listed companies like Privia Health and Schrödinger, and private ones like Somatus, Chapter, Grow Therapy and Uptake Technologies.

Public and private companies comparable to CareBridge
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Privia HealthUnited StatesUnited StatesPublicly listed$2.1B$44M$2.6B0.9x
SomatusUnited StatesWashington, DCPrivate--$2.5B-
ChapterUnited StatesNew York City, NYPrivate--$3B-
Grow TherapyUnited StatesNew York City, NYPrivate$1B-$3B-
Uptake TechnologiesUnited StatesUnited StatesPrivate$100M-$2.3B23.0x
SchrödingerUnited StatesUnited StatesPublicly listed$256M($96M)$2.3B7.9x

CareBridge Public Comps

CareBridge is no longer listed, but its public comps include Privia Health, Tieto, Schrödinger, Qingdao Baheal Medical, CCC Intelligent Solutions, Omnicell, Indegene, EverCommerce, U.S. Physical Therapy and Doximity.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Privia Health$2.1B$44M1.0x0.9x50.2x15.3x
Tieto$2.1B$186M1.3x1.4x15.2x7.9x
Schrödinger$256M($96M)7.6x7.9x(20.3x)(14.0x)
Qingdao Baheal Medical$1.1B$139M1.9x1.9x15.1x16.8x
CCC Intelligent Solutions$1.1B$238M4.8x4.5x21.5x10.8x
Omnicell$1.2B$92M1.2x1.1x15.0x8.1x
Indegene$366M$68M3.7x3.3x19.9x18.2x
EverCommerce$589M$128M3.0x2.9x13.7x9.5x

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Common questions about CareBridge

When was CareBridge founded?CareBridge was founded in 2019.
Where is CareBridge headquartered?CareBridge is headquartered in Nashville, TN, United States.
Is CareBridge publicly listed?No, CareBridge was acquired by Elevance Health in October 2024.
Who acquired CareBridge?CareBridge was acquired by Elevance Health in October 2024.
How much was CareBridge acquired for?CareBridge was acquired for $2.7B in October 2024.
What is CareBridge's valuation?CareBridge was last valued at $1B in its Series C in June 2022.
How much funding has CareBridge raised?CareBridge has raised $182M across 3 funding rounds.
What was CareBridge's last funding round?CareBridge's last funding round was a $140M Series C in June 2022, led by Oak HC/FT.
Who are CareBridge's investors?CareBridge's investors include Oak HC/FT, Optum Ventures, Frist Cressey Ventures, HLM Venture Partners, GV, Elevance Health, Russell Street Ventures and CVS Health Ventures.
Which companies are comparable to CareBridge?Companies comparable to CareBridge include Privia Health, Somatus, Chapter, Grow Therapy, Uptake Technologies and Schrödinger.

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