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- DexCare
DexCare Funding, Investors & Competitors
DexCare has raised $145M across 3 funding rounds, most recently a $75M Series C in June 2023.
Last DexCare funding round
$75M
Series C · Jun 2023
Cumulative funding DexCare raised
$145M
across 3 funding rounds
Key investors in DexCare
Frist Cressey Ventures
Define Ventures
SpringRock Ventures
Kaiser Permanente Ventures
Transformation Capital
Allumia Ventures
ICONIQ Capital
Mass General Brigham Ventures
About DexCare
DexCare is a Seattle-headquartered platform-as-a-service that optimizes health system capacity for virtual and in-person care lines. Founded in 2021, it integrates with EHR systems like Epic to predict demand and reduce wait times, serving providers in the Pacific Northwest.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
DexCare Funding History
DexCare has raised a total of $145M across 3 funding rounds.
DexCare's first fundraising round was a $20M Series A in March 2021. The most recent completed round was a $75M Series C in June 2023.
DexCare funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2023 | Series C | ICONIQ Capital (lead); Frist Cressey Ventures; Kaiser Permanente Ventures; Define Ventures; SpringRock Ventures; Transformation Capital | $75M | DexCare, a patient demand and care access platform originally developed by Providence and spun out in 2021, raised $75 million in an oversubscribed Series C funding round on June 21, 2023, led by ICONIQ Growth, with participation from Transformation Capital, Kaiser Permanente Ventures, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures. This brought total funding to $146 million across two rounds in under two years. The capital aims to accelerate market expansion, enhance the platform that matches patients to providers, optimizes capacity, and modernizes health commerce by managing digital care access supply and demand. DexCare serves over 57 million patients across all 50 U.S. states through partnerships with major health systems including Providence, Kaiser Permanente, and Community Health Network. The platform simplifies legacy datasets to coordinate scheduling, reduce workforce constraints, lower operational costs, and improve patient experience by providing discoverable, low-friction care options. It addresses healthcare access challenges exacerbated by the pandemic, offering convenience, choice, and supply controls for health systems. Traction includes boosting new patient bookings by 30%, diverting 350,000 emergency room hours, saving over 42,000 physician hours, and driving an eightfold increase in downstream revenue for partners amid financial pressures. CEO Derek Streat noted the financing validates DexCare's impact, with ICONIQ Growth's Caroline Xie joining the board. The round positions DexCare among innovative digital health firms amid a cohort raising billions in equity. Investors like ICONIQ Growth highlight DexCare's role in transforming care delivery alongside peers in automation and workforce management. |
| Jan 2022 | Series B | Transformation Capital (lead); Frist Cressey Ventures; Allumia Ventures; Define Ventures; SpringRock Ventures; Kaiser Permanente; Mass General Brigham Ventures | $50M | DexCare is a Seattle-based data-driven intelligence company focused on healthcare access, providing a digital care operating system that helps health systems attract patients and manage care delivery across virtual and in-person settings. The platform was incubated at Providence Health in 2016 and spun out as an independent company in March 2021, managing patient acquisition, intake, and routing to appropriate care settings while integrating with existing electronic medical records systems. In January 2022, DexCare closed a $50 million Series B funding round led by Transformation Capital, with participation from Kaiser Permanente, Providence Ventures, Mass General Brigham, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures. This brought total funding to $71 million within less than one year of the prior $21 million Series A round. The company was demonstrating significant traction by this period, having enabled service lines to attract 30 percent more new patients, capture 5x downstream revenue, generate 22 percent per patient encounter cost savings, and deliver net promoter satisfaction scores exceeding 90. The Series B funding was allocated to accelerate platform development, go-to-market expansion, and recruitment of talent to serve growing customers including Kaiser Permanente, Providence, Mass General Brigham, Community Health System, and Houston Methodist. |
| Mar 2021 | Series A | Define Ventures (lead); Frist Cressey Ventures; Kaiser Permanente Ventures; Allumia Ventures; SpringRock Ventures | $20M | DexCare is a digital health platform company that spun out of Providence Health & Services in 2021. Developed initially in 2016 to manage Providence's ambulatory care business, DexCare evolved into a standalone platform-as-a-service solution that handles patient acquisition, navigation, and capacity optimization for health systems. The platform unifies consumer demand with health system resources to make digital care accessible to both patients and healthcare providers. On March 22, 2021, DexCare announced a $20 million Series A funding round led by Define Ventures, with participation from Frist Cressey Ventures, Kaiser Permanente Ventures, SpringRock Ventures, and Providence Ventures. The round was noted as oversubscribed. Derek Streat and Sean O'Connor, both previously entrepreneurs-in-residence at Providence's Digital Innovation Group, lead the company as CEO and chief commercial officer respectively. Lynne Chou O'Keefe of Define Ventures and Aaron Martin, chief digital officer of Providence, joined the board. At the time of the Series A announcement, DexCare served multiple large health systems including Community Health Network, Froedtert and Medical College of Wisconsin, Houston Methodist, and Providence. The company had 25 employees at the time of the funding announcement. During the pandemic, DexCare saw increased patient visit volume as care shifted online, demonstrating strong market demand for digital health solutions. DexCare did not disclose post-money valuation or revenue metrics at the time of the Series A funding. The company went on to raise additional funding: a $50 million Series B led by Transformation Capital in January 2022, and a $75 million Series C led by Iconiq Growth, bringing total raised to $146 million by the Series C. |
Who has invested in DexCare?
9 investors have backed DexCare across its funding rounds, including Frist Cressey Ventures, Define Ventures, SpringRock Ventures, Kaiser Permanente Ventures, Transformation Capital and Allumia Ventures.
Lead investors include ICONIQ Capital, Transformation Capital and Define Ventures.
DexCare Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Mar 2021 | ||
| 3 | Lead | Mar 2021 | ||
| 3 | Participant | Mar 2021 | ||
| 2 | Participant | Mar 2021 | ||
| 2 | Participant | Mar 2021 | ||
| 2 | Lead | Jan 2022 | ||
| 1 | Lead | Jun 2023 | ||
This data is available for Pro users. Sign up to see all 9 DexCare investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by DexCare
DexCare has acquired 1 company to date.
Last acquisition by DexCare was on October 13th 2022. DexCare acquired WompMobile for undisclosed valuation.
Latest Acquisitions by DexCare
| Description | WompMobile is a New York-based SaaS provider optimizing websites for mobile performance since 2013. Its platform accelerates page speeds by 3x using AMP and PWA technologies, integrating with Shopify, Magento, and WordPress for retailers like AT&T and Campmor. Clients achieve 40% uplift in conversions through frictionless payments and offline capabilities, with global CDN delivery from 200 edge locations. |
| HQ Country | |
| HQ City | Seattle, WA |
| Deal Date | 13 Oct 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all DexCare acquisitions and their M&A valuation multiples. Start Free Trial | |
DexCare Competitors
DexCare competitors include listed companies like Guiyang Longmaster and Medley Inc., and private ones like Doctolib, Cityblock Health, Grow Therapy and eMed.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $400M | - | $6.4B | 16.0x | ||
| Private | - | - | $5.7B | - | ||
| Private | $1B | - | $3B | - | ||
| Private | - | - | $2B | - | ||
| Publicly listed | $44M | $5M | $482M | - | ||
| Publicly listed | $236M | $32M | $459M | 1.8x |
DexCare Public Comps
DexCare is still privately-owned, but its public comps include IQVIA, Veeva, IDEXX Laboratories, Roper Technologies, GE HealthCare, ICON plc, Pro Medicus, United Imaging, Max Healthcare Institute and Oscar Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $16B | $3.4B | 3.6x | 3.4x | 17.2x | 14.8x | |||
| $3.2B | $965M | 11.1x | 10.2x | 36.9x | 22.4x | |||
| $4.3B | $1.5B | 9.5x | 8.9x | 27.1x | 24.9x | |||
| $7.9B | $3.2B | 6.1x | 5.7x | 15.2x | 14.6x | |||
| $21B | $3.7B | 1.8x | 1.8x | 10.1x | 10.0x | |||
| $8.3B | $816M | 1.9x | 1.9x | 19.2x | 11.3x | |||
| $186M | $147M | 66.6x | 62.7x | 84.4x | 77.6x | |||
| $2.1B | $367M | 5.5x | 4.8x | 30.7x | 26.9x | |||
This data is available for Pro users. Sign up to see all DexCare competitors and their valuation data. Start Free Trial | ||||||||
Common questions about DexCare
| When was DexCare founded? | DexCare was founded in 2021. |
| Where is DexCare headquartered? | DexCare is headquartered in Seattle, WA, United States. |
| Is DexCare publicly listed? | No, DexCare is a private, VC-backed company. |
| How much funding has DexCare raised? | DexCare has raised $145M across 3 funding rounds. |
| What was DexCare's last funding round? | DexCare's last funding round was a $75M Series C in June 2023, led by ICONIQ Capital. |
| Who are DexCare's investors? | DexCare's investors include Frist Cressey Ventures, Define Ventures, SpringRock Ventures, Kaiser Permanente Ventures, Allumia Ventures, Transformation Capital, ICONIQ Capital, Kaiser Permanente and Mass General Brigham Ventures. |
| Which companies are comparable to DexCare? | Companies comparable to DexCare include Doctolib, Cityblock Health, Grow Therapy, eMed, Guiyang Longmaster and Medley Inc.. |
| How many companies has DexCare acquired? | DexCare has acquired 1 company, including WompMobile. |
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