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

Curative Overview

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

United StatesAustin, TX

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

Curative valuation by funding round
DateStageValuation
Dec 2025Series 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

Curative funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2025Series BUpside Vision Fund (lead); JAM Fund; Martin Varsavsky; Duquesne Family Office; DCVC; Michael Novogratz$150M$1.3BCurative 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 2020SeedChris 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

Investors in Curative by funding rounds participated
InvestorHQRoundsRoleFirst check
DCVCUnited StatesUnited States2ParticipantSep 2020
JAM FundUnited StatesLos Angeles, CA1ParticipantDec 2025
Martin VarsavskySpainMadrid1ParticipantDec 2025
Chris AndersonUnited StatesSan Francisco, CA1ParticipantSep 2020
Undeterred CapitalUnited StatesLos Angeles, CA1ParticipantSep 2020
RefactorUnited StatesSan Francisco, CA1ParticipantSep 2020
Duquesne Family OfficeUnited StatesPittsburgh, PA1ParticipantDec 2025
Justin MateenUnited StatesUnited States1ParticipantSep 2020

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions 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

Wingspan Health
KorvaLabs
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 CountryUnited StatesUnited States
HQ City
San Francisco, CA
Los Angeles, CA
Deal Date31 Aug 202219 May 2020
Valuationundisclosed$28M
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to Curative
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Grand RoundsUnited StatesSan Francisco, CAPrivate--$1.3B-
MediTrust HealthChinaShanghaiPrivate$154M-$1.4B9.3x
Main Street HealthUnited StatesUnited StatesPrivate--$1.5B-
Thyme CareUnited StatesNashville, TNPrivate--$2B-
Clover HealthUnited StatesUnited StatesPublicly listed$1.9B($84M)$2.4B0.8x
Molina HealthcareUnited StatesUnited StatesPublicly listed$45B$976M$11B0.1x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GoodRx$797M$173M1.8x1.8x8.1x5.5x
Eurowag$2.7B$119M0.5x3.0x10.3x7.5x
Alignment Healthcare$3.9B$45M0.4x0.3x31.6x10.0x
Hapvida$6.1B$787M0.3x0.3x2.7x4.0x
Progyny$1.3B$90M1.4x1.4x20.6x8.0x
Evolent Health$1.9B($365M)0.7x0.5x(3.5x)9.4x
Value HR$65M$9M4.4x4.1x30.9x-
MetropolCard$42M$21M4.2x-8.6x-

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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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