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- Centivo
Centivo Valuation, Funding & Investors
Centivo is valued at $89M as of July 2018.
Last Centivo valuation
$89M
Series A · Jul 2018
Last Centivo funding round
$75M
Undisclosed stage · Sep 2024
Cumulative funding Centivo raised
$226M
across 6 funding rounds
Key investors in Centivo
Ingleside Investors
F-Prime
Maverick Ventures
Company Ventures
Bain Capital Ventures
B Capital
About Centivo
Centivo is a New York-headquartered health plan administrator facilitating self-funded employer programs with primary care networks. Launched in 2017, it handles claims processing, network access, and population health management via personalized doctor matching and a mobile app. Centivo's model incentivizes high-value care coordination, serving mid-sized employers seeking cost control and clinician partnerships across the United States.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$89M (Jul 2018)
Centivo Valuation
Centivo is currently valued at $89M, based on its Series A in July 2018.
The $34M round was led by Bain Capital Ventures, with participation from Rand Capital, Kevin Hill, Jim Foreman, F-Prime, Bessemer Venture Partners and 5 other investors.
Centivo valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2018 | Series A | $89M |
Centivo Funding History
Centivo has raised a total of $226M across 6 funding rounds.
Centivo's first fundraising round was a $2M seed round in February 2017. The most recent completed round was a $75M undisclosed-stage round in September 2024.
Centivo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Undisclosed stage | MemorialCare Innovation Fund; Cone Health Ventures; Cox Enterprises; F-Prime; Ingleside Investors; B Capital | $75M | - | Centivo is a healthcare company dedicated to making high-quality healthcare more affordable for employers and employees through a tech-enabled platform featuring advanced primary care via Centivo Care, direct contracts with accountable care organizations (ACOs) in 18 markets, and transparent member engagement tools. The company announced a $75 million equity and debt financing round on September 24, 2024, with participation from new strategic investors Cone Health Ventures and MemorialCare Innovation Fund, alongside existing investors B Capital, Cox Enterprises, F-Prime Capital, Ingleside Investors, and Morgan Health (JPMorgan Chase division); debt came from Trinity Capital and JPMorgan Chase. The funding will accelerate product and technology scaling, forge health system partnerships, and expand access nationwide, aiming to reduce annual employee out-of-pocket costs by nearly $1,200 while serving industries like automotive, retail, transportation, manufacturing, financial services, and school districts across all 50 states. In 2023, Centivo's health plans reduced member out-of-pocket costs by 71% and saved employers an average of 15% compared to prior plans, promoting higher primary and specialty care utilization. This round follows Centivo's May 2024 acquisition of Eden Health, adding PCMH-certified virtual primary care with integrated behavioral health, now supporting over 160 employers; to date, Centivo has raised $171 million in equity financing, building on prior rounds like $34 million Series B in 2020 and Series A in 2018. Centivo positions itself as a solution to U.S. healthcare spending exceeding $4.5 trillion in 2022, offering a win-win for employers and value-based providers through cost-effective care and strong outcomes, with CEO Ashok Subramanian emphasizing growth of its affordable healthcare model. |
| Jul 2022 | Series B | Morgan Health (lead); Company Ventures; Parkway Venture Capital | $30M | - | Centivo is a Buffalo, N.Y.-based health plan for self-funded employers, partnering with accountable care organizations and high-performing providers to deliver affordable coverage with predictable costs, free primary care, no deductibles or co-insurance, and narrow networks that save employers 15-30% compared to traditional insurers. In July 2022, Morgan Health, a JPMorgan Chase business unit, invested $30 million in Centivo as part of an extended Series B-1 financing round, bringing total funding to $148 million with prior investors including B Capital Group, Bain Capital Ventures, Bessemer Venture Partners, Company Ventures, and Parkway Venture Capital. The investment supports product improvements like virtual primary care, market expansion from its presence in 13 states, and growth serving employers from 51-employee firms to Fortune 500 companies. Centivo's model aligns incentives between providers and employers for timely access, outcome-based reimbursement, and low out-of-pocket costs, with plan members averaging 5.6% cost share. Launched in 2019, the company reported strong traction prior to the round, including 90% of members selecting a primary care team within two months and significant clinical results. Morgan Health selected Centivo for its focus on value-based care and affordability, marking it as one of their early strategic investments alongside Vera Whole Health and Embold Health to transform employer-sponsored healthcare. The $30 million was not sought but validates Centivo's mission amid a challenging funding environment, funding client acquisition, market building, and service enhancements. Earlier in September 2021, Centivo raised $51 million, also emphasizing 15%+ employer savings and 68% reduction in employee cost-sharing. Morgan Health positions the investment as advancing accountable care and primary care emphasis, contrasting with traditional payers' scale-based approaches. |
| Sep 2021 | Series B | B Capital (lead); Maverick Ventures (lead); Define Ventures; F-Prime; Ingleside Investors; Company Ventures; Bain Capital Ventures; Nassau Street Ventures; HarbourVest Partners | $51M | - | Centivo is a health plan platform for self-funded employers that seeks to deliver affordable, high-quality healthcare to employees by aligning incentives between employers, clinicians, and employees. The company was founded in 2017 by CEO Ashok Subramanian, who previously spent 20 years in the self-funded health plan space, including nine years as co-founder and CEO of Liazon, which was acquired by Towers Watson in 2013. Centivo focuses on self-funded employers with more than 100 employees, serving a market of approximately 110 million people valued at $50 billion to $75 billion. In September 2021, Centivo raised $51 million in a Series B round co-led by B Capital Group and Maverick Ventures. The round included additional investors Define Ventures, HarbourVest Partners, Nassau Street Ventures, and existing investors Bain Capital Ventures, Company Ventures, F-Prime Capital, Ingleside Investors, and various individuals. Karen Page, General Partner at B Capital Group, joined Centivo's board as part of the investment, citing the company's impact on the healthcare insurance industry and its ability to help people afford quality healthcare. The company demonstrated significant clinical and utilization traction, with Centivo Partnership Plan members increasing primary care visits by 24% (including a 50% jump in preventive care), reducing emergency room visits by 24%, urgent care visits by 38%, and inpatient admissions by 11%. By October 2022, Centivo had raised over $150 million in total financing across multiple rounds, and subsequently received an additional $30 million from Morgan Health in July 2022. |
| Dec 2020 | Series B | B Capital (lead); Rand Capital; Define Ventures; F-Prime; Alumni Ventures; Maverick Ventures; Ingleside Investors; Company Ventures; Bain Capital Ventures; HarbourVest Partners | $34M | - | Centivo is a New York-based healthtech startup offering a digital self-funded health plan for mid-sized and large employers with over 100 employees, designed to deliver affordable, high-quality healthcare by saving 15% or more compared to traditional insurance carriers through technology, analytics, and partnerships with leading health systems like Mount Sinai, Orlando Health, Scripps Health, and UCLA Health. The company aligns incentives among employers, members, and providers to promote high-value care and predictable costs with a high-tech member experience. On December 7, 2020, Centivo closed a $34 million Series B funding round led by B Capital Group, bringing total funding to $68 million including a prior $34 million Series A in 2018. New investors included Define Ventures, HarbourVest Partners, and Nassau Street Ventures (an Alumni Ventures fund), alongside existing backers Bain Capital Ventures, Company Ventures, F-Prime Capital, Ingleside Investors, Maverick Ventures, and Rand Capital, plus individual investors. B Capital's Karen Page joined the board, citing Centivo's potential to lower healthcare costs structurally. The funding supports market expansion into six new markets by 2022, product development, engineering, customer base diversification, and scaling operations amid growing demand. In 2019, Centivo tripled its clients and members; 2020 saw dramatic growth, positioning it for triple growth in the next 18 months. It operates in New York, New Jersey, Connecticut, Southern California, Florida, and North Carolina, planning further 2021 expansion. Centivo targets the $50-75 billion self-funded employer market covering 110 million people, founded in 2017 by Ashok Subramanian, former co-founder and CEO of Liazon (acquired by Towers Watson in 2013). The Series B reflects strong investor confidence in its tech-driven approach to healthcare transformation without increasing costs. |
| Jul 2018 | Series A | Bain Capital Ventures (lead); Rand Capital; Kevin Hill; Jim Foreman; F-Prime; Bessemer Venture Partners; Maverick Ventures; Ingleside Investors; Company Ventures; Kenneth Goulet; Oxeon Partners | $34M | $89M | Centivo is a self-funded health plan provider founded in 2017 by Ashok Subramanian, targeting employers with over 100 employees in a market serving approximately 110 million people valued at $50-75 billion. The company offers a primary care-centered model, partnering with local healthcare providers and using data analytics to direct members to high-value care, aiming to save employers 15% or more compared to traditional insurance carriers. It positions itself as a third-party administrator (TPA) enhancing local health plans with technology, analytics, and narrow networks for better outcomes and zero healthcare trend growth. On July 18, 2018, Centivo raised $34 million in a Series A round led by Bain Capital Ventures, with participation from F-Prime Capital Partners, Maverick Ventures, Bessemer Venture Partners, Ingleside Investors, Rand Capital, Grand Central Tech Ventures, Oxeon Investments, and individuals including Jim Foreman, Ken Goulet, and Kevin Hill. The funds were allocated to build technology and infrastructure, develop local partnerships, and support market launch, with plans to launch for the 2019 plan year in markets like New York, New Jersey, and Connecticut. At the time of the Series A, Centivo had zero clients and zero members, as it was pre-launch. By the time of its subsequent $34 million Series B (also referenced in some sources but distinct), it had launched with its first client in January 2019, expanded to six markets, secured 25 self-funded employers serving 50,000 members, and planned triple growth and expansion into six new markets by 2022. |
| Feb 2017 | Seed | Maverick Ventures (lead); Ingleside Investors | $2M | - | - |
Who has invested in Centivo?
21 investors have backed Centivo across its funding rounds, including Ingleside Investors, F-Prime, Maverick Ventures, Company Ventures, Bain Capital Ventures and B Capital.
Lead investors include Morgan Health, B Capital, Maverick Ventures and Bain Capital Ventures.
Centivo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Participant | Feb 2017 | ||
| 4 | Participant | Jul 2018 | ||
| 4 | Lead | Feb 2017 | ||
| 4 | Participant | Jul 2018 | ||
| 3 | Lead | Dec 2020 | ||
| 3 | Lead | Jul 2018 | ||
| 2 | Participant | Jul 2018 | ||
| 2 | Participant | Dec 2020 | ||
| 2 | Participant | Dec 2020 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | Jul 2018 | ||
| 1 | Participant | Jul 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Centivo
Centivo has acquired 1 company to date.
Last acquisition by Centivo was on May 20th 2024. Centivo acquired Eden Health for undisclosed valuation.
Latest Acquisitions by Centivo
| Description | Eden Health is a New York-based employer-focused primary care and insurance navigation service launched in 2019. It equips employees with personal health advocates to handle claims, find in-network providers, and access virtual therapy via partnerships with Aetna and UnitedHealthcare. The platform reduces healthcare costs by 25 percent for mid-sized companies through AI-driven plan optimization and on-site clinics in Northeast urban centers. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 20 May 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Centivo acquisitions and their M&A valuation multiples. Start Free Trial | |
Centivo Competitors
Centivo competitors include listed companies like Clover Health and Molina Healthcare, and private ones like Solera Health, Mutuus, Clinikk and Belong Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $76M | - | ||
| Private | - | - | $122M | - | ||
| Private | - | - | $31M | - | ||
| Private | - | - | $345M | - | ||
| Publicly listed | $1.9B | ($84M) | $2.4B | 0.8x | ||
| Publicly listed | $45B | $976M | $11B | 0.1x |
Centivo Public Comps
Centivo is still privately-owned, but its public comps include Qualicorp, AIX Inc., LM Pay, eHealth, Dc Healthcare Holdings, Genesis Fertility Center, M.W. Trade, Ontrak, Personal Group Holdings and MetropolCard.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $277M | $124M | 0.9x | 0.9x | 2.0x | 2.6x | |||
| $83M | ($342M) | 0.8x | - | (0.2x) | - | |||
| $3M | $2M | 8.1x | 2.5x | 11.4x | 7.1x | |||
| $554M | $83M | 0.8x | 1.0x | 5.6x | 6.3x | |||
| $21M | $4M | 1.3x | - | 7.0x | - | |||
| $11M | $3M | 1.2x | - | 5.2x | - | |||
| $864K | ($2M) | 0.9x | - | (0.5x) | - | |||
| $11M | ($23M) | 0.5x | - | (0.2x) | - | |||
This data is available for Pro users. Sign up to see all Centivo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Centivo
| When was Centivo founded? | Centivo was founded in 2017. |
| Where is Centivo headquartered? | Centivo is headquartered in Buffalo, NY, United States. |
| Is Centivo publicly listed? | No, Centivo is a private, VC-backed company. |
| What is Centivo's valuation? | Centivo was last valued at $89M in its Series A in July 2018. |
| How much funding has Centivo raised? | Centivo has raised $226M across 6 funding rounds. |
| What was Centivo's last funding round? | Centivo's last funding round was a $75M undisclosed-stage round in September 2024. |
| Who are Centivo's investors? | Centivo's investors include Ingleside Investors, F-Prime, Maverick Ventures, Company Ventures, B Capital, Bain Capital Ventures, Rand Capital, Define Ventures, HarbourVest Partners, MemorialCare Innovation Fund and 11 others. |
| Which companies are comparable to Centivo? | Companies comparable to Centivo include Solera Health, Mutuus, Clinikk, Belong Health, Clover Health and Molina Healthcare. |
| How many companies has Centivo acquired? | Centivo has acquired 1 company, including Eden Health. |
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