Eleanor Health Funding, Investors & Competitors

Eleanor Health has raised $115M across 5 funding rounds, most recently a $30M Series D in February 2024.

Last Eleanor Health funding round

$30M

Series D · Feb 2024

Cumulative funding Eleanor Health raised

$115M

across 5 funding rounds

Key investors in Eleanor Health

  • Town Hall Ventures
  • General Catalyst
  • Warburg Pincus
  • Northpond Ventures
  • Rethink Impact
  • Echo Health Ventures
  • Mosaic Health Solutions
  • Emerson Collective

Eleanor Health Overview

About Eleanor Health

Eleanor Health is a Waltham, Massachusetts-headquartered provider of outpatient addiction and mental health care. The company operates a network of 20 clinics across seven states, offering medication-assisted treatment, therapy, and virtual consultations for opioid use disorder and co-occurring conditions. Founded in 2019, Eleanor employs value-based care models with remote patient monitoring and community outreach programs. It partners with health plans like Aetna and Blue Cross Blue Shield to deliver integrated services in patients' homes and digital platforms.


Founded

2019

HQ

United StatesBoston, MA

Status

Privately held

Customer focus

B2C

Revenue model

Services, Subscription

Eleanor Health Funding History

Eleanor Health has raised a total of $115M across 5 funding rounds.

Eleanor Health's first fundraising round was a $12M Series A in July 2019. The most recent completed round was a $30M Series D in February 2024.

Eleanor Health funding rounds

Eleanor Health funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2024Series DGeneral Catalyst (lead); Emerson Collective; Northpond Ventures; Town Hall Ventures; Echo Health Ventures; Rethink Impact$30MEleanor Health is an outpatient addiction treatment provider offering in-person and virtual substance use disorder (SUD) care rooted in a harm-reduction clinical model, including medications for addiction treatment like Suboxone and Vivitrol, psychiatry, therapy, and peer recovery coaching. The company operates telehealth services and physical locations in seven states: Massachusetts, Louisiana, New Jersey, North Carolina, Ohio, Texas, and Washington. It focuses on value-based, population health partnerships to improve clinical outcomes and reduce total cost of care, with prior studies showing 84% of members reporting improvement in substance use and 70% in depression/anxiety symptoms. On February 23, 2024, Eleanor Health closed a $30 million Series D equity financing round led by General Catalyst, with participation from Echo Health Ventures, Emerson Collective, Northpond Ventures, Rethink Impact, and Town Hall Ventures. This followed a $50 million Series C in April 2022 also led by General Catalyst and brought total funding to over $100 million, with some sources citing $116 million or $165.9 million cumulatively. An SEC filing in February 2024 noted $22 million raised toward the $30 million target. General Catalyst's Chris Bischoff highlighted Eleanor's innovative payment structures and departure from traditional fee-for-service models. The new capital aims to scale the whole-person care model nationwide amid company changes, including 20% staff layoffs in late 2022 and a CEO transition from Corbin Petro to William McKinney in 2023. Prior to Series D, Eleanor projected managing over 60,000 members by end-2022 through partnerships with payers like Tufts, Amerigroup, Optum, and Aetna. The funding signals investor confidence in Eleanor's traction with national and local payers despite operational shifts.
Apr 2022Series CGeneral Catalyst (lead); Northpond Ventures; Town Hall Ventures; Warburg Pincus; Rethink Impact$50MEleanor Health is an outpatient addiction treatment provider delivering substance use disorder (SUD) care through in-person and virtual services rooted in a harm-reduction clinical model. The company offers medications for addiction treatment such as Suboxone and Vivitrol, psychiatry, individual and group therapy, peer recovery coaching, health navigation, and nurse case management alongside a technology platform for care coordination. Eleanor conducts value-based and population health partnerships with major payers including Aetna, Optum, Amerigroup, and Tufts. In April 2022, Eleanor Health closed a $50 million Series C funding round led by General Catalyst. The company used proceeds to expand into new markets including Texas, develop new risk-based population health partnerships, and enhance its care delivery and analytics platform. According to the company's own study, 84% of members reported improvement in substance use while 70% reported improvements in depression and anxiety symptoms. Eleanor projected managing more than 60,000 members by the end of 2022 through its partnership models. As of the Series C announcement, Eleanor had raised $82 million to date, including a $20 million Series B in May 2021. The company would go on to raise an additional $30 million in Series D in early 2024, also led by General Catalyst, bringing total funding to over $100 million.
May 2021Series BWarburg Pincus (lead); Mosaic Health Solutions; Town Hall Ventures; Echo Health Ventures$20MEleanor Health is an outpatient addiction and mental health provider offering comprehensive, whole-person care through a population- and value-based payment model, including medications for addiction treatment, psychiatry, therapy, and peer recovery coaching. Launched in 2019 by co-founders Dr. Nzinga Harrison, Srishti Mirchandani, and CEO Corbin Petro, the company operates both in-person locations and a virtual model across multiple states, partnering with Medicare, Medicaid, and employers to deliver outcomes-based care focused on substance use disorder (SUD) and mental health. On May 17, 2021, Eleanor Health closed an oversubscribed $20 million Series B financing round led by Warburg Pincus, with significant participation from existing investors Town Hall Ventures, Echo Health Ventures, and Mosaic Health Solutions. The funding aims to expand access to its medical home model, add payer contracts, scale to manage over 50,000 members by 2022, and build out its analytics and technology platform to better identify, engage, and treat patients while reducing total cost of care. At the time, the company operated 18 locations across six states. Subsequent rounds include a $50 million Series C in January 2023 led by General Catalyst with participation from Warburg Pincus and Town Hall Ventures, and a $30 million Series D in 2024 also led by General Catalyst. Prior funding encompassed a Series A of approximately $12 million in July 2019 led by Mosaic Health Solutions and additional raises in 2020.
Feb 2020Seed-$3MEleanor Health raised USD 3,124,787 in a Series Unknown round in February 2020 to support ongoing operations and initial expansion efforts. This followed a Series A round of USD 11,999,881 in July 2019 led by Mosaic Health Solutions to establish mental health and substance use disorder care services.
Jul 2019Series AMosaic Health Solutions (lead); Town Hall Ventures; Oxeon Partners$12MEleanor Health is an outpatient addiction and mental health treatment provider founded in 2019 that delivers comprehensive care through a value-based payment model. The company was created in the Oxeon Venture Studio in partnership with Town Hall Ventures and Mosaic, and incorporates medications for addiction treatment alongside psychiatry, therapy, and peer recovery coaching through both telehealth and physical clinic locations. In July 2019, Eleanor Health closed a Series A funding round led by Mosaic Health Solutions for $11,999,881, establishing a foundation for its mental health and substance use disorder care services. The company has since expanded to operate clinics across multiple states including Massachusetts, Louisiana, New Jersey, North Carolina, Ohio, Texas, and Washington, achieving significant clinical outcomes with 84% reduction in emergency department and inpatient stays and 84% improvement in substance use by 2021.

Who has invested in Eleanor Health?

9 investors have backed Eleanor Health across its funding rounds, including Town Hall Ventures, General Catalyst, Warburg Pincus, Northpond Ventures, Rethink Impact and Echo Health Ventures.

Lead investors include General Catalyst, Warburg Pincus and Mosaic Health Solutions.


Eleanor Health Investors

Investors in Eleanor Health by funding rounds participated
InvestorHQRoundsRoleFirst check
Town Hall VenturesUnited StatesNew York City, NY4ParticipantJul 2019
General CatalystUnited StatesSan Francisco, CA2LeadApr 2022
Northpond VenturesUnited StatesWashington, DC2ParticipantApr 2022
Mosaic Health SolutionsUnited StatesDurham, NC2LeadJul 2019
Warburg PincusUnited StatesNew York City, NY2LeadMay 2021
Echo Health VenturesUnited StatesSeattle, WA2ParticipantMay 2021
Rethink ImpactUnited StatesNew York City, NY2ParticipantApr 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Eleanor Health Competitors

Eleanor Health competitors include listed companies like Doximity and IQVIA, and private ones like Cityblock Health, Aledade, Grow Therapy and Somatus.

Public and private companies comparable to Eleanor Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Cityblock HealthUnited StatesNew York City, NYPrivate--$5.7B-
DoximityUnited StatesUnited StatesPublicly listed$645M$229M$4.7B6.2x
AledadeUnited StatesWashington, DCPrivate$475M-$3.5B7.4x
Grow TherapyUnited StatesNew York City, NYPrivate$1B-$3B-
SomatusUnited StatesWashington, DCPrivate--$2.5B-
IQVIAUnited StatesUnited StatesPublicly listed$16B$3.4B$44B3.4x

Eleanor Health Public Comps

Eleanor Health is still privately-owned, but its public comps include UnitedHealth Group, Humana Inc., IQVIA, Veeva, IDEXX Laboratories, Roper Technologies, GE HealthCare, ICON plc, Pro Medicus and United Imaging.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
UnitedHealth Group$448B$23B0.9x0.9x16.7x13.3x
Humana Inc.$130B$3B0.4x0.3x17.8x16.6x
IQVIA$16B$3.4B3.6x3.4x17.2x14.8x
Veeva$3.2B$965M11.1x10.2x36.9x22.4x
IDEXX Laboratories$4.3B$1.5B9.5x8.9x27.1x24.9x
Roper Technologies$7.9B$3.2B6.1x5.7x15.2x14.6x
GE HealthCare$21B$3.7B1.8x1.8x10.1x10.0x
ICON plc$8.3B$816M1.9x1.9x19.2x11.3x

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Common questions about Eleanor Health

When was Eleanor Health founded?Eleanor Health was founded in 2019.
Where is Eleanor Health headquartered?Eleanor Health is headquartered in Boston, MA, United States.
Is Eleanor Health publicly listed?No, Eleanor Health is a private, VC-backed company.
How much funding has Eleanor Health raised?Eleanor Health has raised $115M across 5 funding rounds.
What was Eleanor Health's last funding round?Eleanor Health's last funding round was a $30M Series D in February 2024, led by General Catalyst.
Who are Eleanor Health's investors?Eleanor Health's investors include Town Hall Ventures, General Catalyst, Northpond Ventures, Mosaic Health Solutions, Warburg Pincus, Echo Health Ventures, Rethink Impact, Emerson Collective and Oxeon Partners.
Which companies are comparable to Eleanor Health?Companies comparable to Eleanor Health include Cityblock Health, Doximity, Aledade, Grow Therapy, Somatus and IQVIA.

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