Forward Valuation, Funding & Investors

Forward is valued at $1B as of March 2021.

Last Forward valuation

$1B

Series D · Mar 2021

Last Forward funding round

$100M

Series E · Nov 2023

Cumulative funding Forward raised

$325M

across 2 funding rounds

Key investors in Forward

Forward Overview

About Forward

Forward is a San Francisco-headquartered healthcare provider founded in 2016 by Adrian Aoun and former Google and Uber leaders. It deploys sensors, mobile apps, and AI for proactive health monitoring in membership-based clinics. Backed by First Round Capital, Eric Schmidt, Marc Benioff, Joe Lonsdale, Joshua Kushner, and Garrett Camp, the company operates facilities in California and beyond, emphasizing preventive care over traditional visits.


Founded

2016

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Valuation

$1B (Mar 2021)

Forward Valuation

Forward is currently valued at $1B, based on its Series D in March 2021.

The $225M round was led by Founders Fund and SoftBank Group, with participation from Abel Makkonen Tesfaye, Khosla Ventures, Tamar Capital and Marc Benioff.

Forward valuation by funding round

Forward valuation by funding round
DateStageValuation
Mar 2021Series D$1B

Forward Funding History

Forward has raised a total of $325M across 2 funding rounds.

Forward's first fundraising round was a $225M Series D in March 2021. The most recent completed round was a $100M Series E in November 2023.

Forward funding rounds

Forward funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2023Series EDemis Hassabis; Samsung NEXT; John Doerr; Mustafa Suleyman; Abu Dhabi Investment Authority; Tencent; Khosla Ventures; Garrett Camp; Founders Fund; Employee Stock Option Fund; John Giannandrea$100M--
Mar 2021Series DFounders Fund (lead); SoftBank Group (lead); Abel Makkonen Tesfaye; Khosla Ventures; Tamar Capital; Marc Benioff$225M$1BForward is a San Francisco-based HealthTech company founded in 2016 that offers a preventive primary care platform leveraging sensors, mobile technology, and AI to redesign healthcare delivery. The company operates on a cash-pay direct primary care model without insurance and had expanded to multiple cities by 2021, employing over 300 people. In November 2021, Forward raised $225 million in a Series E funding round at a $1 billion post-money valuation, led by SoftBank Vision Fund and Founders Fund, with participation from investors including Khosla Ventures, Marc Benioff, and Abel Makkonen Tesfaye (The Weeknd). Funds were intended to accelerate product development, expand the team, scale operations globally, and support nationwide growth. Forward had raised a total of around $657 million across rounds by later years. The company later launched AI-powered CarePods in 2023 with additional $100 million funding but faced challenges, including layoffs in 2022 and eventual shutdown in 2024, affecting nearly 200 employees.

Who has invested in Forward?

15 investors have backed Forward across its funding rounds, including Khosla Ventures, Founders Fund, SoftBank Group, Tencent, Samsung NEXT and Employee Stock Option Fund.

Lead investors include Founders Fund and SoftBank Group.


Forward Investors

Investors in Forward by funding rounds participated
InvestorHQRoundsRoleFirst check
Khosla VenturesUnited StatesSan Francisco, CA2ParticipantMar 2021
Founders FundUnited StatesSan Francisco, CA2LeadMar 2021
Abel Makkonen TesfayeCanadaToronto1ParticipantMar 2021
Demis HassabisUnited KingdomLondon1ParticipantNov 2023
Samsung NEXTUnited StatesSan Francisco, CA1ParticipantNov 2023
SoftBank GroupJapanTokyo1LeadMar 2021
John DoerrUnited StatesSan Francisco, CA1ParticipantNov 2023
Mustafa SuleymanUnited StatesSeattle, WA1ParticipantNov 2023
Abu Dhabi Investment AuthorityUAEAbu Dhabi1ParticipantNov 2023
TencentChinaShenzhen1ParticipantNov 2023
Tamar CapitalUnited StatesSan Francisco, CA1ParticipantMar 2021
Garrett CampUnited StatesSan Francisco, CA1ParticipantNov 2023
Employee Stock Option FundUnited StatesSan Francisco, CA1ParticipantNov 2023

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Forward Competitors

Forward competitors include listed companies like Nyxoah and Kooth, and private ones like Midi Health, SheMed, Hims & Hers and Calibrate.

Public and private companies comparable to Forward
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Midi HealthUnited StatesLos Angeles, CAPrivate$150M-$1B6.7x
SheMedUnited KingdomUnited KingdomPrivate--$1B-
Hims & HersUnited StatesSan Francisco, CAPrivate--$1.1B-
CalibrateUnited StatesNew York City, NYPrivate$21M-$1.3B61.9x
NyxoahBelgiumBelgiumPublicly listed$12M($97M)$162M3.2x
KoothUnited KingdomUnited KingdomPublicly listed$85M$13M$90M0.7x

Forward Public Comps

Forward is still privately-owned, but its public comps include Helus Pharma, HTC, Yunding Technology, Talkspace, Teladoc, GoodRx, Sphere, Catapult, JMDC and Guiyang Longmaster.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Helus Pharma-($153M)--(5.4x)(4.8x)
HTC$91M$22M6.8x6.9x27.7x(6.2x)
Yunding Technology$228M$22M3.6x-37.9x-
Talkspace$229M$6M3.4x3.4x129.3x49.4x
Teladoc$2.5B$124M0.6x0.6x11.3x5.0x
GoodRx$797M$173M1.8x1.8x8.1x5.5x
Sphere$70M$6M14.3x6.9x156.3x103.0x
Catapult$141M$15M4.3x4.0x40.8x20.6x

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Common questions about Forward

When was Forward founded?Forward was founded in 2016.
Where is Forward headquartered?Forward is headquartered in San Francisco, CA, United States.
Is Forward publicly listed?No, Forward is a private, VC-backed company.
What is Forward's valuation?Forward was last valued at $1B in its Series D in March 2021.
How much funding has Forward raised?Forward has raised $325M across 2 funding rounds.
What was Forward's last funding round?Forward's last funding round was a $100M Series E in November 2023.
Who are Forward's investors?Forward's investors include Khosla Ventures, Founders Fund, Abel Makkonen Tesfaye, Demis Hassabis, Samsung NEXT, SoftBank Group, John Doerr, Mustafa Suleyman, Abu Dhabi Investment Authority, Tencent and 5 others.
Which companies are comparable to Forward?Companies comparable to Forward include Midi Health, SheMed, Hims & Hers, Calibrate, Nyxoah and Kooth.

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