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- Devoted Health
Devoted Health Revenue, Valuation, Funding & Investors
Devoted Health is valued at $13B as of August 2024, a 4.0x multiple on its last reported $3.3B revenue.
Last Devoted Health valuation
$13B
Series E · Aug 2024
Last Devoted Health funding round
$317M
Series F · Jan 2026
Devoted Health revenue
$3.3B
Series E · Aug 2024
Key investors in Devoted Health
Andreessen Horowitz
F-Prime
Venrock
Obvious Ventures
Centricus
SoftBank Group
About Devoted Health
Devoted Health offers Medicare Advantage plans for seniors in the United States. Headquartered in Boston, Massachusetts, the company integrates health insurance with virtual care, in-home visits, and concierge services through its Devoted Medical division. Plans cover 10 states including Florida and Texas, emphasizing primary care and chronic condition management. Devoted Health partners with providers like Mass General Brigham and leverages proprietary technology for personalized care coordination.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2C & B2G
Revenue model
Subscription
Revenue
$3.3B (Aug 2024)
Valuation
$13B (Aug 2024)
Devoted Health Valuation
Devoted Health is currently valued at $13B, based on its Series E in August 2024.
The $112M round included The Space Between, Anchor Capital GP, Cox Enterprises and White Road Investments.
Devoted Health's valuation has grown 7.2x from $1.8B at its Series B in October 2018 to $13B in August 2024, across 5 priced rounds.
Devoted Health valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2024 | Series E | $13B | 4.0x |
| Dec 2023 | Series E | $13B | 3.9x |
| Oct 2021 | Series D | $13B | 24.2x |
| Apr 2020 | Series C | $3.8B | - |
| Oct 2018 | Series B | $1.8B | - |
Devoted Health Revenue
Devoted Health's latest recorded revenue is $3.3B, as of its Series E in August 2024. At a $13B valuation, that implies a 4.0x revenue multiple.
Revenue grew from $524M in October 2021 to $3.3B in August 2024, while the revenue multiple moved from 24.2x to 4.0x.
Devoted Health revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2024 | $3.3B | $13B | 4.0x | Series E |
| Dec 2023 | $3.3B | $13B | 3.9x | Series E |
| Oct 2021 | $524M | $13B | 24.2x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Devoted Health Funding History
Devoted Health has raised a total of $2.6B across 9 funding rounds.
Devoted Health's first fundraising round was a $7M seed round in March 2017. The most recent completed round was a $317M Series F in January 2026.
Devoted Health funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Series F | Centricus (lead) | $317M | - | Devoted Health completed a USD 317 million Series F-Prime financing on 30 January 2026, led by The Space Between in partnership with Centricus. The company disclosed the round in February 2026 together with a USD 48 million Series F tranche completed in November 2025, bringing the combined new equity to USD 366 million. New investors in the financing included GV, VZVC, Morgan Health, a division of JPMorganChase, Franklin Venture Partners, a division of Franklin Templeton, VanEck and MIG Private Equity, while existing holders Cox Enterprises, Premji Invest, The Private Shares Fund, NextView Ventures, Highbury, Emerson Collective and Andreessen Horowitz also took part. Devoted said the capital would support continued expansion of its membership and of its clinical operations. The financing followed a USD 175 million Series E led by The Space Between in December 2023 and took total equity raised since inception to roughly USD 2.6 billion. Devoted Health was founded in 2017 by Todd Park and Ed Park, the brothers who previously co-founded athenahealth, and is headquartered in Waltham, Massachusetts, with Ed Park serving as chief executive and Todd Park as executive chairman. It sells Medicare Advantage plans to older adults, earning capitated premium revenue from the Centers for Medicare and Medicaid Services and from members, and provides care directly through Devoted Medical, an employed medical group offering in-home, virtual and clinic-based services intended to reduce hospital admissions. The company built its own claims, care management and member service technology instead of licensing legacy payer systems. As of January 2026 it served more than 466,000 members across 29 states, a 12 per cent increase on the prior year, and all of its members in Star-eligible plans were in plans rated four stars or better by CMS on key clinical measures for 2026. Centricus records the transaction on its own track record as a Series F-Prime co-led investment. |
| Nov 2025 | Series F | Centricus (lead) | $48M | - | Devoted Health completed a USD 48 million Series F financing in November 2025 that was led by The Space Between in partnership with Centricus. The round was the first of two tranches the company later disclosed together, the second being a USD 317 million Series F-Prime completed in January 2026, taking total new equity to USD 366 million. The Space Between has been a longstanding backer of the company and had led its USD 175 million Series E in December 2023 alongside Highbury Holdings, GIC, Stardust Equity, Maverick Ventures and Fearless Ventures. Existing investors including Cox Enterprises, Premji Invest, The Private Shares Fund, NextView Ventures, Highbury, Emerson Collective and Andreessen Horowitz have continued to support the company across rounds. Devoted said the capital supports continued growth in membership and in its clinical operations. Devoted Health was founded in 2017 by Todd Park and Ed Park, the brothers who previously co-founded athenahealth, and is headquartered in Waltham, Massachusetts, with Ed Park as chief executive. It sells Medicare Advantage plans to older adults, earning capitated premium revenue from the Centers for Medicare and Medicaid Services and from members, and it delivers care directly through Devoted Medical, an employed medical group offering in-home, virtual and clinic-based services. The company built its own claims, care management and member service technology rather than licensing legacy payer systems. By January 2026 it served more than 466,000 members across 29 states, and all of its members in Star-eligible plans were in plans rated four stars or better by CMS on key clinical measures for 2026. Total equity raised since inception stood at roughly USD 2.6 billion. |
| Aug 2024 | Series E | The Space Between; Anchor Capital GP; Cox Enterprises; White Road Investments | $112M | $13B | Devoted Health is an all-in-one healthcare company serving Medicare beneficiaries through integrated health insurance, virtual-first medical care, and service offerings. Founded in 2017 and headquartered in Waltham, Massachusetts, the company combines technology with personalized care to improve health outcomes for seniors. In August 2024, Devoted Health completed an additional $112 million Series E funding round led by The Space Between, Cox Enterprises, and White Road Capital, bringing the total Series E amount to $287 million when combined with $175 million raised in December 2023. This round valued the company at $13 billion and was directed toward expanding delivery of integrated healthcare services across new states and counties. The company demonstrated significant growth during this period, expanding its member population from 142,124 in December 2023 to 227,141 members by July 2024, representing 60 percent growth in seven months. Recognition of the company's clinical excellence came from the Centers for Medicare and Medicaid Services, and in 2024 Devoted Health was named to Forbes' list of America's Best Startup Employers and Fast Company's list of Most Innovative Companies. The company has raised approximately $2.26 billion across multiple funding rounds since its inception, with the Series E representing a critical growth phase in its expansion of Medicare Advantage offerings. |
| Dec 2023 | Series E | GIC (lead) | $175M | $13B | Devoted Health, founded in 2017 by brothers Todd and Ed Park, provides Medicare Advantage plans integrated with virtual and in-home care through Devoted Medical, targeting older Americans with comprehensive healthcare solutions and partnerships with leading providers. The company closed its Series E funding round on December 29, 2023, raising $175 million in an all-equity deal led by a syndicate including The Space Between, Highbury Holdings, GIC, Stardust Equity, Maverick Ventures, and Fearless Ventures, with participation from returning investors like Andreessen Horowitz, General Catalyst, GreatPoint Ventures, Socium Ventures, Emerson Collective, The Private Shares Fund, and F-Prime Capital Partners. This round achieved a post-money valuation of $12.87 billion, up slightly from the $12.7 billion post-Series D valuation in October 2021 when it raised $1.15 billion led by SoftBank Vision Fund. The funding supports Devoted Health's growth plans, including expansion of Medicare Advantage plans and member services, following its coverage of 299 counties across 13 states during the 2023 Medicare Annual Enrollment period. CEO Ed Park emphasized delivering high-quality care akin to family standards in a challenging healthcare system. GIC, Singapore's sovereign wealth fund, participated as a key investor, reflecting confidence in the company's trajectory in transforming U.S. health insurance and care delivery for seniors. This Series E tranche marked one of the largest funding rounds of 2023 for the insurtech, building on prior raises totaling over $2 billion previously, with proceeds aimed at operational scaling, nationwide expansion, and technology enhancements. Subsequent extensions included an additional $112 million in August 2024 at around $13 billion valuation, but the queried December 2023 round specifically valued the company at $12.87 billion without disclosed revenue, ARR, or EBITDA metrics near that date. |
| Oct 2021 | Series D | SoftBank Group (lead); Uprising Ventures (lead) | $1.1B | $13B | Devoted Health is a tech-enabled Medicare Advantage insurance startup founded in 2017 and headquartered in Waltham, Massachusetts. The company combines Medicare Advantage coverage with its virtual and in-home care provider, Devoted Medical, along with partnerships with leading providers. In its Series D round led by Uprising and SoftBank Vision Fund 2 (closed October 8, 2021), Devoted Health raised $1.15 billion initially, with an additional $80 million closing subsequently for a total of $1.23 billion, achieving a post-money valuation of $12.7 billion. The company achieved significant revenue growth, generating $247.3 million in the first half of 2021 (up 128% year-over-year) and $523.7 million in full-year 2021 revenue. By mid-2021, Devoted Health had nearly 40,000 members, up from 18,000 a year prior, and planned to expand to new markets including Chicago for the 2022 plan year. |
| Apr 2020 | Series C | Jaws Ventures; Obvious Ventures; Ling Wong; Premji Invest; F-Prime; Fred Brothers; Andreessen Horowitz; Venrock Healthcare Capital Partners | $450M | $3.8B | Devoted Health is a tech-enabled Medicare Advantage health insurance startup founded in 2017 by brothers Todd and Ed Park, offering integrated Medicare Advantage plans with virtual and in-home care through Devoted Medical, plus navigation guides and a proprietary platform called Orinoco. The company targets seniors, starting sales in Florida and Texas in 2020, expanding to Arizona and Ohio in 2021, with plans for over 100,000 members by 2023 as of late 2019. Prior to that, a 2018 Series B raised $300M led by Andreessen Horowitz at a $1.8B valuation before signing customers, aiming for $1.2B revenue by 2023. Later traction included 40,000 members by mid-2021 (double from early 2020), $247.3M revenue and $27.2M net loss in H1 2021, growing to over 140,000 members by late 2023. Subsequent rounds: $1.2B Series D in Oct 2021 at $12.7B post-money (led by SoftBank, Uprising), $175M Series E in Dec 2023 at $12.87B. Total funding exceeded $2.2B across rounds. |
| Oct 2018 | Series B | Andreessen Horowitz (lead) | $300M | $1.8B | Devoted Health is a tech-enabled Medicare Advantage health insurance startup founded in 2017 by brothers Ed and Todd Park, previously of Athenahealth and Castlight Health. The company combines insurance coverage with virtual and in-home care through Devoted Medical, aiming to improve outcomes and reduce costs via technology and provider partnerships, targeting seniors turning 65 amid a fragmented healthcare system. In October 2018, Devoted Health raised $300 million in its Series B funding round led by Andreessen Horowitz, with participation from Premji Invest, Uprising, and existing investors like Venrock and Maverick Ventures. This brought total funding to around $362-369 million. The post-money valuation reached $1.8 billion, a five-fold increase from the $295 million valuation in its October 2017 Series A round of $62 million. The funds supported scaling operations, staffing, provider networks, and launching Medicare Advantage enrollment in eight Florida counties. Andreessen Horowitz partner Vijay Pande joined the board, praising the company's long-term vision to transform patient experience akin to caring for one's mother. The startup positioned itself uniquely as both payer and provider, emphasizing home-based care to differentiate in the crowded Medicare Advantage market. Subsequent rounds included a $450 million Series C in April 2020 and larger financings like the $1.15 billion Series D in 2021, leading to valuations over $10 billion later, with expansion nationwide and membership growth to nearly 40,000 by 2021 alongside $247.3 million revenue in H1 2021. |
| Oct 2017 | Series A | Obvious Ventures; NextView Ventures; F-Prime; Venrock; Maverick Ventures; Oak HC/FT; Eight Roads Ventures; Rogue Insight Capital | $62M | - | Devoted Health, a Medicare Advantage provider offering in-house care and personalized support for older adults, closed a $62 million funding round in late 2017, following a $7 million seed round. The company, founded in 2017 by brothers Todd and Ed Park (former Athenahealth executives), recruited Venrock's Bob Kocher as chief medical officer, with former Health and Human Services Secretary Kathleen Sebelius and former Senate Majority Leader Bill Frist on the board. Plans to launch Medicare Advantage sales were set for 2019. Later developments show total funding reaching approximately $2.64 billion by 2024, with revenue scaling to $3.27 billion in 2024 from $50 million in 2019, driven by membership growth to 244,763 by end-2024 and expansion to 20 states by 2026. |
| Mar 2017 | Seed | Venrock (lead); Todd Park; Edward Park | $7M | - | Devoted Health raised $7 million in its seed round in March 2017 led by Venrock, with participation from Edward Park and Todd Park, to establish the company and develop its initial Medicare offerings. The company, founded by brothers Todd and Ed Park, provides all-in-one healthcare for Medicare beneficiaries, including tech-enabled preventive care services through Devoted Medical, a virtual-first and in-home medical group. This seed funding supported early operations in the Medicare Advantage space. Subsequent rounds included a $62 million Series A in October 2017 to expand operations. |
Who has invested in Devoted Health?
24 investors have backed Devoted Health across its funding rounds, including Andreessen Horowitz, F-Prime, Venrock, Obvious Ventures, Centricus and SoftBank Group.
Lead investors include Centricus, GIC, SoftBank Group, Uprising Ventures, Andreessen Horowitz and 1 other investor.
Devoted Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Oct 2017 | ||
| 2 | Lead | Nov 2025 | ||
| 2 | Participant | Oct 2017 | ||
| 2 | Lead | Oct 2018 | ||
| 2 | Lead | Mar 2017 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Lead | Oct 2021 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Oct 2017 | ||
| 1 | Lead | Dec 2023 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Aug 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialDevoted Health Competitors
Devoted Health competitors include listed companies like Molina Healthcare, Max Healthcare Institute and Oscar Health, and private ones like WeDoctor, Cityblock Health and Grand Rounds.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $139M | - | $7B | 50.4x | ||
| Private | - | - | $5.7B | - | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $45B | $976M | $11B | 0.1x | ||
| Publicly listed | $858M | $232M | $10B | 10.2x | ||
| Publicly listed | $12B | ($391M) | $9.9B | 0.4x |
Devoted Health Public Comps
Devoted Health is still privately-owned, but its public comps include Molina Healthcare, Max Healthcare Institute, Oscar Health, Fortis Healthcare, Hims, Clover Health, Alignment Healthcare, Ping An Healthcare and UnitedHealth Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $45B | $976M | 0.1x | 0.1x | 5.9x | 7.2x | |||
| $858M | $232M | 12.6x | 10.2x | 46.5x | 36.8x | |||
| $12B | ($391M) | 0.5x | 0.4x | (15.9x) | 12.8x | |||
| $943M | $215M | 7.8x | 7.1x | 34.1x | 31.0x | |||
| $2.3B | $178M | 3.1x | 2.4x | 40.4x | 23.9x | |||
| $1.9B | ($84M) | 1.1x | 0.8x | (25.8x) | 34.1x | |||
| $3.9B | $45M | 0.4x | 0.3x | 31.6x | 10.0x | |||
This data is available for Pro users. Sign up to see all Devoted Health competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Devoted Health
| When was Devoted Health founded? | Devoted Health was founded in 2017. |
| Where is Devoted Health headquartered? | Devoted Health is headquartered in Boston, MA, United States. |
| Is Devoted Health publicly listed? | No, Devoted Health is a private, VC-backed company. |
| What is Devoted Health's valuation? | Devoted Health was last valued at $13B in its Series E in August 2024. |
| How much funding has Devoted Health raised? | Devoted Health has raised $2.6B across 9 funding rounds. |
| What was Devoted Health's last funding round? | Devoted Health's last funding round was a $317M Series F in January 2026, led by Centricus. |
| Who are Devoted Health's investors? | Devoted Health's investors include Obvious Ventures, Centricus, F-Prime, Andreessen Horowitz, Venrock, The Space Between, SoftBank Group, Jaws Ventures, Ling Wong, NextView Ventures and 14 others. |
| What is Devoted Health's revenue? | Devoted Health's latest recorded revenue is $3.3B (August 2024). |
| What is Devoted Health's revenue multiple? | Devoted Health's latest valuation implies a 4.0x revenue multiple ($13B valuation on $3.3B of revenue). |
| Which companies are comparable to Devoted Health? | Companies comparable to Devoted Health include WeDoctor, Cityblock Health, Grand Rounds, Molina Healthcare, Max Healthcare Institute and Oscar Health. |
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