Elation Health Valuation, Funding & Investors

Elation Health is valued at $395M as of July 2022.

Last Elation Health valuation

$395M

Series D · Jul 2022

Last Elation Health funding round

$50M

Series D · Jul 2022

Cumulative funding Elation Health raised

$105M

across 3 funding rounds

Key investors in Elation Health

  • Threshold
  • Generation Investment Management
  • Kapor Capital
  • Ascension Ventures
  • Hyphen Capital
  • Charlie Cheever

Elation Health Overview

About Elation Health

Elation Health is a San Francisco-headquartered electronic health record platform tailored for independent primary care practices. The system features collaborative charting, telehealth integration, and patient engagement tools built on FHIR standards. Elation supports over 3,000 clinicians across the United States, emphasizing workflow efficiency and MIPS compliance. Founded in 2010, it acquired Hint Health in 2023 to expand direct primary care capabilities.


Founded

2010

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$395M (Jul 2022)

Elation Health Valuation

Elation Health is currently valued at $395M, based on its Series D in July 2022.

The $50M round was led by Ascension Ventures and Generation Investment Management, with participation from Ascend Partners, Fay Rotenberg, Jonathan Bush, Hyphen Capital and Threshold.

Elation Health's valuation has grown 1.8x from $225M at its Series C in December 2020 to $395M in July 2022, across 2 priced rounds.

Elation Health valuation by funding round

Elation Health valuation by funding round
DateStageValuation
Jul 2022Series D$395M
Dec 2020Series C$225M

Elation Health Funding History

Elation Health has raised a total of $105M across 3 funding rounds.

Elation Health's first fundraising round was a $15M Series B in August 2016. The most recent completed round was a $50M Series D in July 2022.

Elation Health funding rounds

Elation Health funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2022Series DAscension Ventures (lead); Generation Investment Management (lead); Ascend Partners; Fay Rotenberg; Jonathan Bush; Hyphen Capital; Threshold$50M$395MElation Health is a clinical-first technology company providing a primary care platform that supports independent practices in value-based care models, serving over 12.8 million patients with tools for clinical and practice management to enable top-of-license operation. On July 26, 2022, the company announced a $50 million Series D funding round co-led by Generation Investment Management and Ascension Ventures, with participation from Threshold Ventures, Ascend Partners, Hyphen Capital, and individuals Fay Rotenberg and Jonathan Bush. This round brought total venture funding to $108.5 million. Funds are designated for rapidly scaling the platform and continuing development for clinician delight amid complex healthcare payment models, while maintaining high NPS and KLAS scores.
Dec 2020Series CGeneration Investment Management (lead); Kapor Capital; Threshold$40M$225MElation Health is a clinical-first electronic health record (EHR) platform designed for independent primary care practices, emphasizing clinician experience over billing to support high-quality care and value-based payment models. The platform includes tools for health records, virtual care, patient engagement, and practice operations, with additions like telehealth and self-scheduling in 2020. In 2020, it powered over 20 million in-office and virtual visits for approximately 14,000 clinicians. On December 10, 2020, Elation Health raised $40 million in a Series C round led by Generation Investment Management, with participation from existing investors Threshold Ventures and Kapor Capital. This brought total funding to $63 million since its founding a decade earlier. The funds were allocated to expand the core technology platform, enhance capabilities for business operations such as billing, payment collection, and quality reporting, and scale support for physician-led practices amid the shift to sustainable healthcare and value-based care. The round occurred during a challenging year for primary care, marked by pandemic-related revenue losses estimated at $67,774 per full-time-equivalent physician in 2020. Elation differentiates from fee-for-service focused competitors by prioritizing clinical workflows, positioning it to aid independent practices transitioning to new payment models.
Aug 2016Series BThreshold (lead); Martha H. Marsh; Charlie Cheever$15M--

Who has invested in Elation Health?

10 investors have backed Elation Health across its funding rounds, including Threshold, Generation Investment Management, Kapor Capital, Ascension Ventures, Hyphen Capital and Charlie Cheever.

Lead investors include Ascension Ventures, Generation Investment Management and Threshold.


Elation Health Investors

Investors in Elation Health by funding rounds participated
InvestorHQRoundsRoleFirst check
ThresholdUnited StatesSan Francisco, CA3LeadAug 2016
Generation Investment ManagementUnited KingdomLondon2LeadDec 2020
Ascend PartnersUnited StatesNew York City, NY1ParticipantJul 2022
Martha H. Marsh--1ParticipantAug 2016
Kapor CapitalUnited StatesSan Francisco, CA1ParticipantDec 2020
Fay RotenbergUnited StatesBoston, MA1ParticipantJul 2022
Charlie CheeverUnited StatesSan Francisco, CA1ParticipantAug 2016
Jonathan BushUnited StatesUnited States1ParticipantJul 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Elation Health

Elation Health has acquired 2 companies to date.

Last acquisition by Elation Health was on June 1st 2026. Elation Health acquired Aster for undisclosed valuation.


Latest Acquisitions by Elation Health

Aster
Lightning MD
Description
Aster is a San Francisco-based SaaS platform tailored for OB/GYN practices, featuring customizable templates for prenatal care, fertility tracking, and high-risk pregnancy management. Developed with input from 200 OB/GYN specialists, it streamlines workflows from initial consultations to postpartum follow-ups. The system integrates with EHRs like Epic and Cerner, supporting over 150 clinics in the United States with automated billing and patient engagement portals.
Lightning MD is a health technology firm developing software for medical practices. Focused exclusively on healthcare, it provides medical billing platforms with claims processing and revenue cycle management, plus a telehealth application for virtual consultations. Headquartered in the United States, the company plans expansions into electronic health records and patient mobile apps. Lightning MD integrates with practice management systems to reduce administrative burdens for independent clinics and small hospitals.
HQ CountryUnited StatesUnited States
HQ City
San Francisco, CA
Palm Desert, CA
Deal Date1 Jun 202616 Feb 2023
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Elation Health Competitors

Elation Health competitors include listed companies like Software Service and Vitalhub, and private ones like HeyDonto, Eko Health, Heidi Health and Redox.

Public and private companies comparable to Elation Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
HeyDontoUnited StatesKnoxville, TNPrivate--$200M-
Eko HealthUnited StatesSan Francisco, CAPrivate--$395M-
Software ServiceJapanJapanPublicly listed$272M$60M$348M0.8x
VitalhubCanadaCanadaPublicly listed$78M$10M$342M2.7x
Heidi HealthAustraliaSydneyPrivate$15M-$465M31.0x
RedoxUnited StatesMadison, WIPrivate--$311M-

Elation Health Public Comps

Elation Health is still privately-owned, but its public comps include Software Service, Vitalhub, Goodwill E-Health Info, Veradigm, EM Systems Co., Heren Health, Eucalia, CE Holdings, Phreesia and Kanamic Network.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Software Service$272M$60M0.9x0.8x4.1x5.9x
Vitalhub$78M$10M3.2x2.7x23.5x10.7x
Goodwill E-Health Info$60M($35M)5.8x5.6x(10.1x)(19.1x)
Veradigm$588M$54M0.9x0.9x9.8x6.8x
EM Systems Co.$152M$31M1.5x1.6x7.2x9.0x
Heren Health$65M$11M7.4x-42.4x-
Eucalia$159M$29M2.0x1.6x10.9x10.9x
CE Holdings$102M$18M1.5x1.5x8.1x-

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Common questions about Elation Health

When was Elation Health founded?Elation Health was founded in 2010.
Where is Elation Health headquartered?Elation Health is headquartered in San Francisco, CA, United States.
Is Elation Health publicly listed?No, Elation Health is a private, VC-backed company.
What is Elation Health's valuation?Elation Health was last valued at $395M in its Series D in July 2022.
How much funding has Elation Health raised?Elation Health has raised $105M across 3 funding rounds.
What was Elation Health's last funding round?Elation Health's last funding round was a $50M Series D in July 2022, led by Ascension Ventures and Generation Investment Management.
Who are Elation Health's investors?Elation Health's investors include Threshold, Generation Investment Management, Ascend Partners, Martha H. Marsh, Kapor Capital, Fay Rotenberg, Charlie Cheever, Jonathan Bush, Hyphen Capital and Ascension Ventures.
Which companies are comparable to Elation Health?Companies comparable to Elation Health include HeyDonto, Eko Health, Software Service, Vitalhub, Heidi Health and Redox.
How many companies has Elation Health acquired?Elation Health has acquired 2 companies, including Aster and Lightning MD.

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