Collective Health Valuation, Funding & Investors
Collective Health is valued at $1.5B as of May 2021.
Last Collective Health valuation
$1.5B
Series F · May 2021
Last Collective Health funding round
$280M
Series F · May 2021
Cumulative funding Collective Health raised
$719M
across 6 funding rounds
Key investors in Collective Health
Founders Fund
New Enterprise Associates
GV
Maverick Ventures
SoftBank Group
Redpoint
About Collective Health
Collective Health is a San Francisco-headquartered health benefits platform integrating medical, dental, vision, pharmacy, and wellness services. It serves employers with employee-facing apps for navigation and payments, alongside analytics for cost control. The company operates offices in Chicago and Lehi, supporting thousands of members nationwide.
Founded
2013
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1.5B (May 2021)
Collective Health Valuation
Collective Health is currently valued at $1.5B, based on its Series F in May 2021.
The $280M round was led by Health Care Service Corporation, with participation from SoftBank Group, New Enterprise Associates, Anchor Capital GP, Sand Hill Angels, PFM Health Sciences and 6 other investors.
Collective Health's valuation has grown 2.4x from $625M at its Series D in February 2018 to $1.5B in May 2021, across 2 priced rounds.
Collective Health valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2021 | Series F | $1.5B |
| Feb 2018 | Series D | $625M |
Collective Health Funding History
Collective Health has raised a total of $719M across 6 funding rounds.
Collective Health's first fundraising round was a $6M Series A in January 2014. The most recent completed round was a $280M Series F in May 2021.
Collective Health funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2021 | Series F | Health Care Service Corporation (lead); SoftBank Group; New Enterprise Associates; Anchor Capital GP; Sand Hill Angels; PFM Health Sciences; G Squared; DFJ Growth; Maverick Ventures; Founders Fund; Sun Life; The Capital Partnership | $280M | $1.5B | Collective Health is a San Francisco-based health technology company that provides a unified platform for employers to manage medical, pharmacy, dental, and vision benefits, enabling employees to navigate, understand, and pay for healthcare with personalized guidance, member advocates, claims processing, and performance dashboards. The platform integrates with partners like medical provider networks, pharmacy benefit managers, virtual care, and digital health programs, achieving over 90% member satisfaction and 10x membership growth in recent years prior to the round, serving nearly 300,000 members across more than 55 companies. On May 4, 2021, Collective Health raised $280 million in a Series F funding round led by Health Care Service Corporation (HCSC), the largest U.S. customer-owned health insurer operating in five states, with participation from existing and new investors including DFJ Growth, Founders Fund, G Squared, Maverick Ventures, New Enterprise Associates (NEA), PFM Health Sciences, SoftBank Vision Fund 1, Sun Life Financial, Sand Hill Angels, The Capital Partnership, and others. The round brought total funding to approximately $714-719 million across seven rounds and valued the company at about $1.5 billion post-money, according to Bloomberg reports. Proceeds from the investment are earmarked to scale the technology platform and services, expand the partner ecosystem, accelerate adoption among large employers, and enhance the healthcare experience for millions more Americans. A key aspect includes a partnership with HCSC to offer Collective Health's platform to its self-funded Blue Cross Blue Shield customers starting in Illinois and Texas in 2022, with plans for broader rollout, significantly boosting market reach. The funding underscores investor confidence in Collective Health's potential to transform the employer-driven healthcare economy amid rising benefit costs and digitization trends. CEO Ali Diab emphasized addressing healthcare navigation pain points, while SoftBank's Kirthiga Reddy highlighted the platform's flexibility for industry change agents. The company aimed to grow its team, particularly engineering, with dozens of open positions. |
| Jun 2019 | Series E | SoftBank Group (lead); GV; PSP Investments; New Enterprise Associates; Ling Wong; G Squared; DFJ Growth; Maverick Ventures; Founders Fund; Mubadala | $210M | - | Collective Health is a San Francisco-based health technology company founded in 2013 that provides an integrated platform for self-funded employers to administer health insurance plans, manage claims, control costs, and improve employee healthcare experiences. The platform unifies fragmented benefits systems, enables transparency in billing and claims, facilitates provider negotiations, and supports care navigation for over 200,000 members across more than 45 enterprise clients including Uber, Palantir, eBay, Pinterest, Zendesk, and Red Bull. On June 17, 2019, Collective Health announced a $205 million Series E funding round led by SoftBank Vision Fund, with participation from new investors DFJ Growth, G Squared, and PSP Investments, alongside existing backers such as Founders Fund, GV, Maverick Ventures, Mubadala Capital Ventures, NEA, and others. This brought the company's total funding to approximately $435 million. SoftBank's involvement included a board seat, highlighting its bet on healthcare innovation amid a $1.2 trillion employer health insurance market and $3.65 trillion U.S. healthcare spend in 2018. The capital was earmarked for accelerating nationwide expansion beyond California into all 50 states, hiring in sales, engineering, and customer experience teams in offices in San Francisco, Chicago, and Lehi, Utah, and enhancing the platform with improved claims processing, payments technology, fraud detection, and partner provider integrations. The company reported 85% membership growth over the prior year and aimed to reduce administrative waste while deepening employer partnerships. The funding positioned it to scale in a complex employer-sponsored insurance landscape, competing by modernizing outdated systems for better cost optimization and member navigation. |
| Feb 2018 | Series D | New Enterprise Associates (lead); GV; Maverick Ventures Israel; Founders Fund; Sun Life; Mubadala; Green Bay Ventures | $110M | $625M | Collective Health is a US-based health management system developer founded in 2013, providing a software platform that enables employers to manage corporate health insurance schemes by tracking medical claims, employee data, and healthcare program usage to ensure optimal access to care. In February 2018, the company raised $110 million in a Series D funding round from investors including GV (Google Ventures), New Enterprise Associates (NEA), Founders Fund, Maverick Ventures, Mubadala Ventures, and strategic partner Sun Life Financial, with NEA as the lead. This round brought total funding to $229 million to date, following prior rounds like an $81 million Series C in 2015 backed by GV, NEA, and others. One source reports a post-money valuation of $515 million for this Series D round. The funding supported expansion efforts, including opening an office in Chicago and growing presence in Georgia, New York, and California. Sun Life's participation involved a strategic partnership to integrate its stop-loss insurance—protecting employers against catastrophic medical claim losses—into Collective Health's platform, alongside joint development of data analytics and risk modeling technologies. At the beginning of 2018, Collective Health served 30 enterprise clients and 120,000 members across the US with a Net Promoter Score (NPS) of 76, far exceeding the industry average of eight; by year-end, it grew to 45 enterprise clients, 200,000 members, over 140 health partnerships, more than 600 integrations, 100% client renewal rate, and sustained NPS above 70. The company continued scaling with later rounds, such as a Series E in June 2019 raising around $205-210 million and a Series F in May 2021 raising $280 million at approximately $1.5 billion valuation, reaching over $700 million in total funding. Investors across rounds included repeating backers like Founders Fund, NEA, Maverick Ventures, GV, and Sun Life, positioning Collective Health in the competitive health tech space focused on self-funded employer benefits administration. |
| Oct 2015 | Series C | GV (lead); Redpoint; S28 Capital; RRE Ventures; New Enterprise Associates; Four Cities Capital; Formation 8; Maverick Ventures; Founders Fund; MSA Capital | $81M | - | Collective Health, an enterprise health insurance software and services platform founded in 2013, raised $81 million in its Series C funding round on October 20, 2015, led by GV (Google Ventures) with participation from returning investors NEA and Founders Fund, as well as Maverick Capital, Redpoint Ventures, and RRE Ventures. This brought total funding to $119 million, following a $32 million Series B in March 2015 and an earlier $6 million Series A led by Founders Fund. The capital was intended to fuel national expansion beyond California in 2016, hiring to double headcount, building team and partnerships, and growing the customer base, with new partnerships announced with Anthem and Blue Shield of California, and Activision Blizzard as a new customer. At the time of the Series C, Collective Health was scaling its platform to modernize employer-sponsored health insurance by allowing employers to customize coverage efficiently, shifting focus from insurer profits to people-centric experiences. The platform was projected to serve 30,000 members in 2016 and process over $200 million in health insurance claims that year, with ambitions to handle more than $2 billion in claims by 2017 as it went national. Post-2015 traction showed growth: by 2016, it served six clients with 26,000 members; by 2017, 15 clients with 77,000 members, plus 41 new partners and medical cost increases of 0.1% versus industry 5%. Later milestones included a $280 million Series F in May 2021 led by HCSC, serving 70+ enterprise clients and 500,000 members by May 2024, processing over $11 billion in claims by November 2022, with high satisfaction scores and cost savings like 25% lower ER utilization. |
| Mar 2015 | Series B | New Enterprise Associates (lead); Redpoint; Ling Wong; Oakhouse Partnaers; Formation 8; Great Oaks Venture Capital; Founders Fund; Rock Health Capital | $32M | - | Collective Health is a health technology company providing an employer-sponsored health insurance platform that unifies medical, pharmacy, dental, and vision benefits, leveraging data science for administration, real-time insights, and improved member experiences. Founded in October 2013 and based in San Mateo, California, the company focuses on self-insured employer plans with top provider networks and mobile/web interfaces for accessible health plan information. On March 19, 2015, Collective Health closed its Series B funding round, raising $38 million led by Founders Fund and New Enterprise Associates (NEA), with participation from Formation 8, Redpoint Ventures, RRE Ventures, Subtraction Capital, and Rock Health. This followed prior funding, bringing total capital to support national expansion starting in 2015 beyond California-based employers. The investment aimed to meet growing demand for its self-funding platform, which demonstrated high member satisfaction surpassing industry benchmarks. Traction was early-stage, with reports of one client and 100 members in 2015. Subsequent Series C in October 2015 raised $81 million from Google Ventures, NEA, Founders Fund, Maverick Capital, Redpoint Ventures, and RRE Ventures, bringing total funding to $119 million and projecting service to 30,000 members processing over $200 million in claims in 2016. The company continued scaling, reaching six clients with 26,000 members in 2016 and 15 clients with 77,000 members in 2017. Later milestones included a $280 million Series F in May 2021 led by Health Care Service Corporation and a 2022 announcement of processing over 23.6 million claims worth $11 billion since inception, with strong outcomes like 40% care gap closure and 25% lower ER utilization. |
| Jan 2014 | Series A | Founders Fund (lead) | $6M | - | - |
Who has invested in Collective Health?
27 investors have backed Collective Health across its funding rounds, including Founders Fund, New Enterprise Associates, GV, Maverick Ventures, SoftBank Group and Redpoint.
Lead investors include Health Care Service Corporation, SoftBank Group, New Enterprise Associates, GV and Founders Fund.
Collective Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 6 | Lead | Jan 2014 | |
| San Francisco, CA | 5 | Lead | Mar 2015 | |
| San Francisco, CA | 3 | Lead | Oct 2015 | |
| United States | 3 | Participant | Oct 2015 | |
| San Francisco, CA | 2 | Participant | Mar 2015 | |
 Tokyo | 2 | Lead | Jun 2019 | |
| Seattle, WA | 2 | Participant | Mar 2015 | |
| United States | 2 | Participant | Mar 2015 | |
| Chicago, IL | 2 | Participant | Jun 2019 | |
| San Francisco, CA | 2 | Participant | Jun 2019 | |
 Toronto | 2 | Participant | Feb 2018 | |
 Abu Dhabi | 2 | Participant | Feb 2018 | |
| San Francisco, CA | 1 | Participant | Oct 2015 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCollective Health Competitors
Collective Health competitors include listed companies like Omnicell and Indegene, and private ones like MediTrust Health, Rightway, Chapter and Incredible Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Shanghai | Private | $154M | - | $1.4B | 9.3x | |
| New York City, NY | Private | - | - | $1.1B | - | |
| New York City, NY | Private | - | - | $3B | - | |
| San Francisco, CA | Private | - | - | $1.6B | - | |
| United States | Publicly listed | $1.2B | $92M | $1.5B | 1.1x | |
 India | Publicly listed | $366M | $68M | $1.5B | 3.3x |
Collective Health Public Comps
Collective Health is still privately-owned, but its public comps include Omnicell, Indegene, EverCommerce, U.S. Physical Therapy, Qingdao Baheal Medical, GoodRx, PHC Holdings, Vitec Software, iFLYHealth and Progyny.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | $92M | 1.2x | 1.1x | 15.0x | 8.1x | |||
| $366M | $68M | 3.7x | 3.3x | 19.9x | 18.2x | |||
| $589M | $128M | 3.0x | 2.9x | 13.7x | 9.5x | |||
| $781M | $110M | 2.5x | 2.3x | 17.5x | 18.9x | |||
| $1.1B | $139M | 1.9x | 1.9x | 15.1x | 16.8x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $2.3B | $320M | 1.0x | 1.0x | 7.2x | 6.5x | |||
| $371M | $151M | 3.7x | 3.5x | 9.1x | 9.0x | |||
This data is available for Pro users. Sign up to see all Collective Health competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Collective Health
| When was Collective Health founded? | Collective Health was founded in 2013. |
| Where is Collective Health headquartered? | Collective Health is headquartered in San Francisco, CA, United States. |
| Is Collective Health publicly listed? | No, Collective Health is a private, VC-backed company. |
| What is Collective Health's valuation? | Collective Health was last valued at $1.5B in its Series F in May 2021. |
| How much funding has Collective Health raised? | Collective Health has raised $719M across 6 funding rounds. |
| What was Collective Health's last funding round? | Collective Health's last funding round was a $280M Series F in May 2021, led by Health Care Service Corporation. |
| Who are Collective Health's investors? | Collective Health's investors include Founders Fund, New Enterprise Associates, GV, Maverick Ventures, Redpoint, SoftBank Group, Ling Wong, Formation 8, G Squared, DFJ Growth and 17 others. |
| Which companies are comparable to Collective Health? | Companies comparable to Collective Health include MediTrust Health, Rightway, Chapter, Incredible Health, Omnicell and Indegene. |
See companies similar to Collective Health
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