Cricket Health Acquisition, Valuation, Funding & Investors

Cricket Health was acquired by InterWell Health for $2.4B in March 2022.

Cricket Health acquisition price

$2.4B

Acquired by InterWell Health · Mar 2022

Cumulative funding Cricket Health raised

$111M

across 5 funding rounds

Key investors in Cricket Health

  • NFX
  • First Round Capital
  • BoxGroup
  • Nexus Venture Partners
  • Oak HC/FT
  • Seven Peaks Ventures
  • Brainchild Holdings
  • Techammer

Cricket Health Overview

About Cricket Health

Cricket Health is a San Francisco-headquartered provider of value-based kidney care for patients with chronic kidney disease and end-stage renal disease. It delivers multidisciplinary care through nephrologists, dietitians, nurses, and social workers via in-home visits, clinics, and telehealth. Founded in 2017, Cricket partners with health plans like Centene and operates in ten US states, emphasizing home dialysis and transplant preparation to reduce hospitalizations.


Founded

2015

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2C & B2B

Revenue model

Services

Valuation

$2.4B (acquired Mar 2022)

Cricket Health Acquisition

Cricket Health was acquired by InterWell Health for $2.4B on 21 March 2022.

Before the acquisition Cricket Health had raised $111M across 5 funding rounds.

InterWell Health, Cricket Health, and Fresenius Health Partners completed a three-way merger announced on March 21, 2022, and closed on August 24, 2022, forming a new independent company operating under the InterWell Health brand focused on value-based kidney care. Cricket Health contributed its technology-enabled care model, industry-leading patient engagement platform, and data analytics capabilities, complementing InterWell Health's network of over 1,600 nephrologists and Fresenius Health Partners' expertise in value-based kidney care contracting. The combined entity manages over 100,000 covered lives and more than $6 billion in medical costs under management at closing, with projections to reach 270,000 lives and $11 billion by 2025. The merger creates a standalone entity valued at $2.4 billion, backed by investors including Fresenius Medical Care, Valtruis (a WCAS company), Oak HC/FT, Cigna Ventures, and Blue Shield of California. It positions the company to partner with nephrologists, improve care delivery across the kidney disease spectrum, and reduce costs for payers through advanced patient engagement, multidisciplinary teams, and real-time data insights. The all-stock transaction received U.S. regulatory clearance and satisfied customary closing conditions.

Cricket Health acquisition details
AcquirerDateTypePrice
  • InterWell Health
21 Mar 2022Strategic M&A$2.4B

Cricket Health Funding History

Cricket Health has raised a total of $111M across 5 funding rounds.

Cricket Health's first fundraising round was a $100K pre-seed round in May 2015. The most recent completed round was a $84M Series B in August 2021.

Cricket Health funding rounds

Cricket Health funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2021Series BValtruis (lead); K2 HealthVentures; Cigna Ventures; Oak HC/FT; Blue Shield of California$84M-
Sep 2018Series AOak HC/FT (lead)$24MCricket Health, founded in 2015, is a San Francisco-based tech-enabled provider of integrated kidney care for patients with chronic kidney disease (CKD) and end-stage renal disease (ESRD). The company offers personalized care including nephrology practices with in-person, remote, and at-home options, care teams, dialysis care, and a technology platform with educational content, peer support, and clinical resources. Its model works with health systems and insurers to identify high-risk patients early, aiming to delay dialysis, promote home-based treatments, and reduce costs by avoiding in-center dialysis and hospitalizations. In September 2018, Cricket Health closed a $24 million Series A funding round led by Oak HC/FT, with participation from Cigna, iSeed Ventures, LifeForce Capital, Joe Montana’s Liquid 2 Ventures, Rock Health co-founder Halle Tecco, Virtua Health co-founder Sami Inkinen, and returning investors like First Round Capital, Nexus Ventures, Aberdare Management, Seven Peaks Ventures, Box Group, and LinkedIn CEO Jeff Weiner. The funds were allocated to expand clinical footprint, develop care management programs to delay ESRD dialysis needs, and create new home dialysis and in-center programs. This followed a $2.5 million seed round in 2016. By early 2018, Cricket Health demonstrated promising clinical results, such as shifting patients to prepared dialysis starts and increasing home dialysis adoption, which reduced payer costs and attracted interest. Cricket Health later raised an $83.5 million Series B in August 2021 led by Valtruis, with Oak HC/FT, Cigna Ventures, K2 HealthVentures, and Blue Shield of California, bringing total funding over $120 million. The company merged with InterWell Health in March 2022. It operates in a $100 billion kidney care market disrupted by value-based care shifts.
Jan 2016SeedFirst Round Capital (lead); BoxGroup; Techammer; Seven Peaks Ventures; Brainchild Holdings; NFX; Nexus Venture Partners$3MCricket Health raised $2.5 million in seed funding around October 2016 led by First Round Capital, with participation from BoxGroup, Seven Peaks Ventures, Nexus Venture Partners, and NFX Guild. The company, founded in 2014 by Arvind Rajan and Vince Kim, provides technology-enabled products and services to modernize kidney care for patients with chronic kidney disease and end-stage renal disease. Its flagship platform, Health Options Patient Education (HOPE), educates CKD patients on treatment options to facilitate better transitions to ESRD care.
Jun 2015Pre-seedFirst Round Capital (lead); Steve Barham; BoxGroup; Seven Peaks Ventures; Brainchild Holdings; NFX; Nexus Venture Partners$1M-
May 2015Pre-seedNFX (lead)$100K-

Who has invested in Cricket Health?

13 investors have backed Cricket Health across its funding rounds, including NFX, First Round Capital, BoxGroup, Nexus Venture Partners, Oak HC/FT and Seven Peaks Ventures.

Lead investors include Valtruis, Oak HC/FT, First Round Capital and NFX.


Cricket Health Investors

Investors in Cricket Health by funding rounds participated
InvestorHQRoundsRoleFirst check
NFXUnited StatesSan Francisco, CA3LeadMay 2015
First Round CapitalUnited StatesPhiladelphia, PA2LeadJun 2015
BoxGroupUnited StatesNew York City, NY2ParticipantJun 2015
Seven Peaks VenturesUnited StatesSan Francisco, CA2ParticipantJun 2015
Brainchild HoldingsUnited StatesPhiladelphia, PA2ParticipantJun 2015
Oak HC/FTUnited StatesGreenwich, CT2LeadSep 2018
Nexus Venture PartnersUnited StatesSan Francisco, CA2ParticipantJun 2015
Steve BarhamUnited StatesBend, OR1ParticipantJun 2015
K2 HealthVenturesUnited StatesBoston, MA1ParticipantAug 2021
TechammerUnited StatesNew York City, NY1ParticipantJan 2016
ValtruisUnited StatesNew York City, NY1LeadAug 2021

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Cricket Health Competitors

Cricket Health competitors include listed companies like Clover Health and Alignment Healthcare, and private ones like Somatus, Garner Health, Thyme Care and Strive Health.

Public and private companies comparable to Cricket Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Clover HealthUnited StatesUnited StatesPublicly listed$1.9B($84M)$2.4B0.8x
SomatusUnited StatesWashington, DCPrivate--$2.5B-
Garner HealthUnited StatesNew York City, NYPrivate$200M-$2.7B13.7x
Thyme CareUnited StatesNashville, TNPrivate--$2B-
Alignment HealthcareUnited StatesUnited StatesPublicly listed$3.9B$45M$1.8B0.3x
Strive HealthUnited StatesDenver, COPrivate--$1.8B-

Cricket Health Public Comps

Cricket Health is no longer listed, but its public comps include Clover Health, Alignment Healthcare, Dc Healthcare Holdings, Genesis Fertility Center, Ontrak, Fortis Healthcare, Molina Healthcare and UnitedHealth Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Clover Health$1.9B($84M)1.1x0.8x(25.8x)34.1x
Alignment Healthcare$3.9B$45M0.4x0.3x31.6x10.0x
Dc Healthcare Holdings$21M$4M1.3x-7.0x-
Genesis Fertility Center$11M$3M1.2x-5.2x-
Ontrak$11M($23M)0.5x-(0.2x)-
Fortis Healthcare$943M$215M7.8x7.1x34.1x31.0x

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Common questions about Cricket Health

When was Cricket Health founded?Cricket Health was founded in 2015.
Where is Cricket Health headquartered?Cricket Health is headquartered in San Francisco, CA, United States.
Is Cricket Health publicly listed?No, Cricket Health was acquired by InterWell Health in March 2022.
Who acquired Cricket Health?Cricket Health was acquired by InterWell Health in March 2022.
How much was Cricket Health acquired for?Cricket Health was acquired for $2.4B in March 2022.
How much funding has Cricket Health raised?Cricket Health has raised $111M across 5 funding rounds.
What was Cricket Health's last funding round?Cricket Health's last funding round was a $84M Series B in August 2021, led by Valtruis.
Who are Cricket Health's investors?Cricket Health's investors include NFX, First Round Capital, BoxGroup, Seven Peaks Ventures, Brainchild Holdings, Oak HC/FT, Nexus Venture Partners, Steve Barham, K2 HealthVentures, Techammer and 3 others.
Which companies are comparable to Cricket Health?Companies comparable to Cricket Health include Clover Health, Somatus, Garner Health, Thyme Care, Alignment Healthcare and Strive Health.

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