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- Curative
Curative Valuation, Funding & Investors
Curative is valued at $1.3B as of December 2025.
Last Curative valuation
$1.3B
Series B · Dec 2025
Last Curative funding round
$150M
Series B · Dec 2025
Cumulative funding Curative raised
$158M
across 2 funding rounds
Key investors in Curative
DCVC
Justin Mateen
JAM Fund
Refactor
Duquesne Family Office
Undeterred Capital
About Curative
Curative is a healthcare services company providing employer-based health insurance plans with no copays, deductibles, or surprise billing. Launched in 2020 amid the COVID-19 pandemic, the firm initially scaled mass testing sites across Los Angeles and other US cities before pivoting to insurance. Its plans emphasize primary care access through partnerships with providers in California and Texas. Curative operates in multiple states, offering virtual care navigation and transparent pricing to over 10,000 covered lives. Headquartered in Austin, Texas, the company integrates telehealth with in-person services.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1.3B (Dec 2025)
Curative Valuation
Curative is currently valued at $1.3B, based on its Series B in December 2025.
The $150M round was led by Upside Vision Fund, with participation from JAM Fund, Martin Varsavsky, Duquesne Family Office, DCVC and Michael Novogratz.
Curative valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2025 | Series B | $1.3B |
Curative Funding History
Curative has raised a total of $158M across 2 funding rounds.
Curative's first fundraising round was a $8M seed round in September 2020. The most recent completed round was a $150M Series B in December 2025.
Curative funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Series B | Upside Vision Fund (lead); JAM Fund; Martin Varsavsky; Duquesne Family Office; DCVC; Michael Novogratz | $150M | $1.3B | Curative Health Insurance Company, based in Austin, Texas, and led by CEO Fred Turner alongside co-founders Isaac Turner and Vlad Slepnev, provides employer-based health plans featuring $0 out-of-pocket care across a network of over a million providers, instant provider payments, and streamlined member access via AI-powered experiences and a required annual Baseline Visit for preventative care. The company serves over 165,000 members across 1,200 employers in Texas, Florida, and Georgia, achieving profitability in under three years. On December 2, 2025, Curative raised over $150 million in Series B funding at a $1.275 billion post-money valuation, cementing its unicorn status. The round was led by Upside Vision Fund (chaired by TED's Chris Anderson), with significant participation from JAM Fund founder Justin Mateen ($47.5 million personally and via his fund), Mike Novogratz of Galaxy Digital, Duquesne Family Office of Stanley Druckenmiller, DCVC, and Martin Varsavsky. Proceeds will fuel national expansion starting in Mid-Atlantic states, bolstering regulatory reserves, deepening AI-enhanced operations and member engagement, and advancing network development with innovations like the Curative Cash Card to ensure no surprise bills. Curative positions itself as a disruptive alternative to legacy insurers like Blues, UnitedHealthcare, Cigna, and Aetna by eliminating deductibles, copays, and coinsurance while aligning incentives for better health outcomes. Investors highlighted Curative's rapid growth and navigation of healthcare challenges, with Chris Anderson noting its deft handling of critical issues and potential to set new standards in employer-based insurance. |
| Sep 2020 | Seed | Chris Anderson; Undeterred Capital; Refactor; Justin Mateen; DCVC | $8M | - | Curative raised $8M on Sep 23, 2020. |
Who has invested in Curative?
10 investors have backed Curative across its funding rounds, including DCVC, Justin Mateen, JAM Fund, Refactor, Duquesne Family Office and Undeterred Capital.
Lead investors include Upside Vision Fund.
Curative Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Sep 2020 | ||
| 1 | Participant | Dec 2025 | ||
| 1 | Participant | Dec 2025 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Participant | Dec 2025 | ||
| 1 | Participant | Sep 2020 | ||
This data is available for Pro users. Sign up to see all 10 Curative 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 Curative
Curative has acquired 2 companies to date.
Last acquisition by Curative was on August 31st 2022. Curative acquired Wingspan Health for undisclosed valuation.
Latest Acquisitions by Curative
| Description | Wingspan Health is a platform that aggregates medical records from providers, labs, and pharmacies into a unified dashboard for patients. Users access lab results, prescriptions, visit summaries, and imaging from a single app, supporting interoperability with electronic health records nationwide. San Francisco-headquartered, the company emphasizes privacy-compliant data consolidation to empower informed healthcare decisions. | KorvaLabs is a CLIA-certified and DEA-licensed mass spectrometry laboratory in Fountain Valley, California, offering clinical testing, sports anti-doping analysis, and research services. Inspected by the California Department of Public Health, it delivers quantitative results for steroids, peptides, and metabolites. Serving clients like University of California Irvine, World Athletics, Cal State LA, and Keck Graduate Institute, KorvaLabs processes samples for NCAA compliance and therapeutic drug monitoring. |
| HQ Country | ||
| HQ City | San Francisco, CA | Los Angeles, CA |
| Deal Date | 31 Aug 2022 | 19 May 2020 |
| Valuation | undisclosed | $28M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Curative acquisitions and their M&A valuation multiples. Start Free Trial | ||
Curative Competitors
Curative competitors include listed companies like Clover Health and Molina Healthcare, and private ones like Grand Rounds, MediTrust Health, Main Street Health and Thyme Care.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.3B | - | ||
| Private | $154M | - | $1.4B | 9.3x | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $2B | - | ||
| Publicly listed | $1.9B | ($84M) | $2.4B | 0.8x | ||
| Publicly listed | $45B | $976M | $11B | 0.1x |
Curative Public Comps
Curative is still privately-owned, but its public comps include GoodRx, Eurowag, Alignment Healthcare, Hapvida, Progyny, Evolent Health, Value HR, MetropolCard, Personal Group Holdings and Pluxee.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $2.7B | $119M | 0.5x | 3.0x | 10.3x | 7.5x | |||
| $3.9B | $45M | 0.4x | 0.3x | 31.6x | 10.0x | |||
| $6.1B | $787M | 0.3x | 0.3x | 2.7x | 4.0x | |||
| $1.3B | $90M | 1.4x | 1.4x | 20.6x | 8.0x | |||
| $1.9B | ($365M) | 0.7x | 0.5x | (3.5x) | 9.4x | |||
| $65M | $9M | 4.4x | 4.1x | 30.9x | - | |||
| $42M | $21M | 4.2x | - | 8.6x | - | |||
This data is available for Pro users. Sign up to see all Curative competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Curative
| When was Curative founded? | Curative was founded in 2020. |
| Where is Curative headquartered? | Curative is headquartered in Austin, TX, United States. |
| Is Curative publicly listed? | No, Curative is a private, VC-backed company. |
| What is Curative's valuation? | Curative was last valued at $1.3B in its Series B in December 2025. |
| How much funding has Curative raised? | Curative has raised $158M across 2 funding rounds. |
| What was Curative's last funding round? | Curative's last funding round was a $150M Series B in December 2025, led by Upside Vision Fund. |
| Who are Curative's investors? | Curative's investors include DCVC, JAM Fund, Martin Varsavsky, Chris Anderson, Undeterred Capital, Refactor, Duquesne Family Office, Justin Mateen, Michael Novogratz and Upside Vision Fund. |
| Which companies are comparable to Curative? | Companies comparable to Curative include Grand Rounds, MediTrust Health, Main Street Health, Thyme Care, Clover Health and Molina Healthcare. |
| How many companies has Curative acquired? | Curative has acquired 2 companies, including Wingspan Health and KorvaLabs. |
| What was the largest acquisition by Curative? | The $28M acquisition of KorvaLabs in May 2020 is the largest acquisition Curative has made to date. |
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