- Companies
- Cedar
Cedar Valuation, Funding & Investors
Cedar is valued at $3.2B as of December 2022.
Last Cedar valuation
$3.2B
Series D · Dec 2022
Last Cedar funding round
$68M
Series D · Dec 2022
Cumulative funding Cedar raised
$394M
across 5 funding rounds
Key investors in Cedar
Thrive Capital
Founders Fund
Lakestar
Andreessen Horowitz
Kinnevik
Tiger Global
About Cedar
Cedar is a patient payment and engagement platform serving hospitals, health systems, and medical groups in the United States. New York-headquartered and founded in 2016, the company uses data science for customized billing, payment plans, and financial navigation tools. It processes transactions for over 100 health systems, including integrations with electronic health records at institutions like Mount Sinai.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$3.2B (Dec 2022)
Cedar Valuation
Cedar is currently valued at $3.2B, based on its Series D in December 2022.
The $68M round was led by Memorial Hermann Foundation.
Cedar's valuation has moved from $3.2B at its Series D in March 2021 to $3.2B in December 2022, across 2 priced rounds.
Cedar valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2022 | Series D | $3.2B |
| Mar 2021 | Series D | $3.2B |
Cedar Funding History
Cedar has raised a total of $394M across 5 funding rounds.
Cedar's first fundraising round was a $13M Series A in December 2017. The most recent completed round was a $68M Series D in December 2022.
Cedar funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2022 | Series D | Memorial Hermann Foundation (lead) | $68M | $3.2B | Cedar is an enterprise healthcare engagement platform that improves the end-to-end consumer financial journey, offering tools for appointment confirmation, price estimates, payments, and consolidating payer and provider data via its Payer Intelligence Layer launched in November 2022. On December 19, 2022, Memorial Hermann Health System joined as a strategic investor in Cedar's Series D extension round, raising $68.4 million to enhance platform features and expand market presence. This followed a larger $200 million Series D in March 2021 led by Tiger Global Management, with total funding reaching $419.4 million by late 2022. The investment aligns with Memorial Hermann's goals to make healthcare more affordable and accessible through consumer-friendly digital platforms. Cedar's suite unifies patient financial elements including HSA banks and financial assistance programs to uncover affordability pathways and reduce write-offs. Strategic backers like Memorial Hermann underscore Cedar's value in modernizing patient billing for hospitals and health systems. Cedar's valuation stood at $3.2 billion post its March 2021 Series D. The company continues scaling with investors including Andreessen Horowitz, Thrive Capital, and Kinnevik, positioning it to innovate in AI assistants and payer-provider integrations. |
| Mar 2021 | Series D | Tiger Global (lead); Concord Health Partners; Andreessen Horowitz; Section Partners; Thrive Capital | $200M | $3.2B | Cedar is an innovative patient engagement and financial technology platform founded in 2016 that provides patient-centric digital health experiences, focusing on simplifying healthcare payments, improving bill resolution, and enhancing financial transparency for patients. The platform engages over 300,000 patients daily, achieves an 88% patient satisfaction score, helps nearly three-in-four patients avoid collections, and delivers a typical 30% lift in patient payments for healthcare providers. Cedar partners with more than 35 U.S. healthcare providers, including Yale New Haven Health, Summit CityMD, Novant Health, and ChristianaCare. On March 9, 2021, Cedar closed a $200 million Series D funding round led by Tiger Global Management, with participation from existing investors Andreessen Horowitz (a16z), Thrive Capital, and Concord Health Partners (also referred to as Concord Health Partners and Section Partners in some contexts). This round brought the company's post-money valuation to $3.2 billion and increased total funding to over $350 million at that time. The capital was intended to fuel growth, expand market presence, develop technology for easier patient payments, and meet rising demand for its services amid shifts in the healthcare industry. Prior to this round, Cedar had raised $77 million in a Series C in June 2020 led by Andreessen Horowitz at a $427 million valuation, plus $25 million in debt financing from JP Morgan, following earlier rounds including $36 million Series B in 2018 and $13 million Series A in 2017. The company operates in the $344 billion healthcare revenue cycle management market (as of 2024 estimates) and the growing patient engagement sector. Subsequent developments included a $68.4 million Series D extension in December 2022 led by Memorial Hermann Foundation, bringing total funding to around $419 million by some accounts. |
| Jun 2020 | Series C | Andreessen Horowitz (lead); Jeffrey L. Vacirca; Kaiser Permanente; Founders Fund; Kinnevik; Lakestar; Thrive Capital; Jerod Mayo; Crew Capital | $77M | - | Cedar is a patient financial engagement platform that simplifies bill resolution and payments for healthcare providers and their patients. Founded in 2016 and headquartered in New York, the company's platform offers tailored patient engagement tools, cost transparency, and pathways to affordability while giving healthcare providers visibility into revenue cycles and performance insights. Cedar engaged with more than 300,000 patients daily and achieved an 88% patient satisfaction score by 2021, with healthcare providers typically experiencing a 30% lift in patient payments and nearly three-quarters of health system patients avoiding collections through the platform. The company raised $77 million in equity during its Series C round in June 2020, led by Andreessen Horowitz, along with $25 million in venture debt from JPMorgan Chase for a total Series C raise of $102 million. Following rapid business growth—Cedar quadrupled its business throughout 2020—the company closed a $200 million Series D in March 2021 at a $3.2 billion post-money valuation, demonstrating significant investor confidence and market demand driven by accelerated digital health adoption during the COVID-19 pandemic. |
| Jun 2018 | Series B | Kinnevik (lead); Sound Ventures; Founders Fund; Lakestar; Thrive Capital; Nat Turner; Craft Ventures; Kevin Systrom | $36M | - | Cedar is a New York-based healthcare software company founded in 2016 that provides a platform to manage patient payments for hospitals and health systems, improving billing operations and patient engagement experiences. Cedar operates in the digital health and fintech space, focusing on revenue cycle management beyond transactional payments to enhance overall patient billing. The company has raised total funding of $351M across multiple rounds, including a most recent round of $200M, with investors including those matching the query such as Kinnevik. |
| Dec 2017 | Series A | SV Angel; Founders Fund; Lakestar; Thrive Capital; Martin Ventures | $13M | - | Cedar, a patient financial engagement platform for hospitals, health systems, and medical groups, raised $13 million in a Series A funding round in December 2017. The round was followed by a $36 million Series B in June 2018 led by Kinnevik, with participation from existing investors Founders Fund and Thrive Capital, as well as Lakestar, Sound Ventures, Kevin Systrom, and Nat Turner. The Series B funding aimed to enhance the platform addressing rising patient responsibility in healthcare payments and friction in billing processes. |
Who has invested in Cedar?
19 investors have backed Cedar across its funding rounds, including Thrive Capital, Founders Fund, Lakestar, Andreessen Horowitz, Kinnevik and Tiger Global.
Lead investors include Memorial Hermann Foundation, Tiger Global, Andreessen Horowitz and Kinnevik.
Cedar Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | Dec 2017 | ||
| 3 | Participant | Dec 2017 | ||
| 3 | Participant | Dec 2017 | ||
| 2 | Lead | Jun 2020 | ||
| 2 | Lead | Jun 2018 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Dec 2017 | ||
| 1 | Participant | Mar 2021 | ||
| 1 | Participant | Jun 2020 | ||
| 1 | Lead | Dec 2022 | ||
| 1 | Participant | Jun 2020 | ||
| 1 | Lead | Mar 2021 | ||
| 1 | Participant | Mar 2021 | ||
This data is available for Pro users. Sign up to see all 19 Cedar 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 Cedar
Cedar has acquired 1 company to date.
Last acquisition by Cedar was on May 13th 2021. Cedar acquired OODA Health for $425M.
Latest Acquisitions by Cedar
| Description | OODA Health is a healthcare technology provider streamlining claims processing through its cloud platform. The system enables real-time data exchange, automated adjudication, and instant payments between providers, payers, and patients in the U.S. market. Deployed in dental and medical practices, it reduces administrative delays from days to seconds using machine learning algorithms. Founded in 2021 and based in New York, OODA Health integrates with electronic health records from vendors like Epic and Cerner. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 13 May 2021 |
| Valuation | $425M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Cedar acquisitions and their M&A valuation multiples. Start Free Trial | |
Cedar Competitors
Cedar competitors include listed companies like CCC Intelligent Solutions and Privia Health, and private ones like Chapter, Grow Therapy, Innovaccer and Aledade.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $3B | - | ||
| Private | $1B | - | $3B | - | ||
| Private | $250M | - | $3.5B | 13.8x | ||
| Private | $475M | - | $3.5B | 7.4x | ||
| Publicly listed | $1.1B | $238M | $3.9B | 4.5x | ||
| Publicly listed | $2.1B | $44M | $2.6B | 0.9x |
Cedar Public Comps
Cedar is still privately-owned, but its public comps include Privia Health, CCC Intelligent Solutions, Tieto, Schrödinger, Qingdao Baheal Medical, Doximity, Omnicell, Indegene, EverCommerce and Waystar.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.1B | $44M | 1.0x | 0.9x | 50.2x | 15.3x | |||
| $1.1B | $238M | 4.8x | 4.5x | 21.5x | 10.8x | |||
| $2.1B | $186M | 1.3x | 1.4x | 15.2x | 7.9x | |||
| $256M | ($96M) | 7.6x | 7.9x | (20.3x) | (14.0x) | |||
| $1.1B | $139M | 1.9x | 1.9x | 15.1x | 16.8x | |||
| $645M | $229M | 6.3x | 6.2x | 17.7x | 11.9x | |||
| $1.2B | $92M | 1.2x | 1.1x | 15.0x | 8.1x | |||
| $366M | $68M | 3.7x | 3.3x | 19.9x | 18.2x | |||
This data is available for Pro users. Sign up to see all Cedar competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Cedar
| When was Cedar founded? | Cedar was founded in 2016. |
| Where is Cedar headquartered? | Cedar is headquartered in New York City, NY, United States. |
| Is Cedar publicly listed? | No, Cedar is a private, VC-backed company. |
| What is Cedar's valuation? | Cedar was last valued at $3.2B in its Series D in December 2022. |
| How much funding has Cedar raised? | Cedar has raised $394M across 5 funding rounds. |
| What was Cedar's last funding round? | Cedar's last funding round was a $68M Series D in December 2022, led by Memorial Hermann Foundation. |
| Who are Cedar's investors? | Cedar's investors include Thrive Capital, Founders Fund, Lakestar, Andreessen Horowitz, Kinnevik, Sound Ventures, SV Angel, Concord Health Partners, Jeffrey L. Vacirca, Memorial Hermann Foundation and 9 others. |
| Which companies are comparable to Cedar? | Companies comparable to Cedar include Chapter, Grow Therapy, Innovaccer, Aledade, CCC Intelligent Solutions and Privia Health. |
| How many companies has Cedar acquired? | Cedar has acquired 1 company, including OODA Health. |
| What was the largest acquisition by Cedar? | The $425M acquisition of OODA Health in May 2021 is the largest acquisition Cedar has made to date. |
See companies similar to Cedar
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




