- Companies
- Grand Rounds
Grand Rounds Valuation, Funding & Investors
Grand Rounds is valued at $1.3B as of September 2020.
Last Grand Rounds valuation
$1.3B
Series E · Sep 2020
Last Grand Rounds funding round
$175M
Series E · Sep 2020
Cumulative funding Grand Rounds raised
$343M
across 5 funding rounds
Key investors in Grand Rounds
Venrock
Harrison Metal
Greylock
Sofina
Carlyle Group
Revelation Partners
About Grand Rounds
Grand Rounds, now operating as Included Health, is a San Francisco-based healthcare navigation company providing virtual and in-person care coordination. It offers advocacy services for urgent care, primary care, behavioral health, and specialties, serving over 10 million members. Rebranded in 2022, it partners with employers and insurers to reduce costs through expert physician matching and claims optimization.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$1.3B (Sep 2020)
Grand Rounds Valuation
Grand Rounds is currently valued at $1.3B, based on its Series E in September 2020.
The $175M round was led by Carlyle Group, with participation from Revelation Partners and Sofina.
Grand Rounds' valuation has grown 1.8x from $750M at its Series C in August 2015 to $1.3B in September 2020, across 3 priced rounds.
Grand Rounds valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2020 | Series E | $1.3B |
| May 2018 | Series D | $1.3B |
| Aug 2015 | Series C | $750M |
Grand Rounds Funding History
Grand Rounds has raised a total of $343M across 5 funding rounds.
Grand Rounds' first fundraising round was a $9M Series A in May 2013. The most recent completed round was a $175M Series E in September 2020.
Grand Rounds funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2020 | Series E | Carlyle Group (lead); Revelation Partners; Sofina | $175M | $1.3B | Grand Rounds, a healthcare navigation platform using data and algorithms to match employees with high-quality providers and services, secured a $175 million growth-equity investment on September 9, 2020, led by The Carlyle Group, which provided $160 million, with participation from Revelation Partners. The company was valued at $1.34 billion post-investment, bringing total funding raised to over $270 million. Serving more than 6 million lives across 130 large self-insured employers including Walmart, Home Depot, Salesforce, and Travelers, Grand Rounds acts as a personal healthcare assistant for clinical, financial, and administrative support. The financing aims to accelerate expansion of clinical navigation and virtual primary care offerings, particularly amid COVID-19, where the company launched new virtual services and an urgent response feature for crisis support. It reported 55% growth in users over the past year and deepened relationships with key customers. Carlyle Partners VII fund backed the deal, with principal Robert Schmidt joining the board, highlighting Grand Rounds' track record in improving patient outcomes and reducing costs at scale. Post-investment, CEO Owen Tripp indicated a strategic push into middle-market employers, targeting 40-50 million lives, while Carlyle emphasized funding ongoing operations amid current unprofitability to fuel growth. The investment aligns with Carlyle's healthcare portfolio including One Medical and MedRisk, positioning Grand Rounds to scale in a virtual-first healthcare landscape. |
| May 2018 | Series D | Sofina | $66M | $1.3B | Grand Rounds is a healthcare navigation company founded in 2011 that originally provided virtual second opinions from top medical experts and expanded into full clinical navigation, virtual primary care, and support for clinical, financial, and administrative healthcare tasks. It partners with large self-insured employers like Walmart, Home Depot, Salesforce, and Travelers, covering over 6 million lives across more than 130 employers as of 2020. The company uses data and algorithms to match employees with high-quality providers and services in their insurance networks, and during COVID-19, it launched urgent response services and additional virtual care offerings, boosting membership by 55% in the prior year. The company emphasized its track record of improving patient outcomes and scaling operations with Fortune 50 clients. In a $175 million funding round led by The Carlyle Group, which provided $160 million from its Carlyle Partners VII fund, Grand Rounds was valued at $1.34 billion, bringing total funding raised to over $270 million. Funds were allocated to accelerate clinical navigation and virtual primary care amid a shift to virtual-first healthcare. |
| Aug 2015 | Series C | Venrock; Greylock; David Ebersman; Lifeforce Capital; Harrison Metal | $55M | $750M | Grand Rounds is a healthcare platform that connects patients with top physicians from 115 leading institutions for second opinions, expert consultations, and care navigation, helping employers control costs by directing employees to high-quality providers based on clinical performance data. The company partners with employers like Castlight Health and plans expansions into virtual care for post-procedure follow-ups, telemedicine in rural areas, and reviews before medical interventions. On August 20, 2015, Grand Rounds raised $55 million in a Series C round, bringing total funding to $106 million, with participation from new global mutual fund investor and returning investors Greylock, Venrock, Harrison Metal, and David Ebersman. Funds will expand technology, care team, analytics platform, and employer-based solutions to improve health outcomes, costs, and employee engagement. TechCrunch sources indicated the round valued Grand Rounds at around $750 million, positioning it near unicorn status ahead of official announcement. The prior $40 million round led by Greylock had brought total funding over $100 million. CEO Owen Tripp emphasized data-driven physician matching using a quality algorithm rating 96% of U.S. physicians, focusing on access to experts regardless of geography for complex cases like hip surgery or chronic conditions such as Parkinson’s and Alzheimer’s. Employers benefit from tiered services including consultations, office visits, and emergency support, potentially saving tens of thousands per case by optimizing treatment plans early. Grand Rounds differentiates from general telemedicine like Doctor on Demand by prioritizing specialist access and speed over broad virtual visits. Future plans include deepening hospital partnerships and payer collaborations, with medical advisory input from experts like Dr. Ray Dorsey on telehealth for neurological diseases. |
| Jun 2014 | Series B | Greylock (lead); Venrock; Harrison Metal | $38M | - | Grand Rounds is a healthcare platform that connects patients with top medical specialists nationwide to deliver world-class outcomes, achieving a milestone of one million covered lives by June 2014. The company secured $40 million in Series B funding on June 24, 2014, led by Greylock Partners with participation from existing investors Venrock and Harrison Metal Capital, bringing total equity raised to over $51 million. This funding supports rapid customer acquisition, aiming for five million covered lives, enhanced research and development for its quality scoring algorithm, expanded sales and marketing, mobile capabilities, and infrastructure improvements. Grand Rounds addresses gaps in healthcare by providing access to state-of-the-art care that controls costs and improves outcomes, contrasting with outdated or ineffective standard care. The service facilitates expert consultations, second opinions, office visits, and emergency support, assigning case managers and staff physicians to handle patient needs. Employers purchase tiers of the service as an add-on to health benefits, enabling employees to access top physicians regardless of location. The company positions itself as a healthcare service provider leveraging software, focusing on high-quality medical outcomes and cost savings for employers and patients. |
| May 2013 | Series A | Venrock (lead); Brad Garlinghouse; Harrison Metal | $9M | - | - |
Who has invested in Grand Rounds?
9 investors have backed Grand Rounds across its funding rounds, including Venrock, Harrison Metal, Greylock, Sofina, Carlyle Group and Revelation Partners.
Lead investors include Carlyle Group, Greylock and Venrock.
Grand Rounds Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | May 2013 | ||
| 3 | Participant | May 2013 | ||
| 2 | Lead | Jun 2014 | ||
| 2 | Participant | May 2018 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Participant | May 2013 | ||
| 1 | Lead | Sep 2020 | ||
This data is available for Pro users. Sign up to see all 9 Grand Rounds investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Grand Rounds
Grand Rounds has acquired 3 companies to date.
Last acquisition by Grand Rounds was on July 27th 2026. Grand Rounds acquired Firefly Health for undisclosed valuation.
Latest Acquisitions by Grand Rounds
| Description | Firefly Health is a Boston-headquartered virtual primary care provider serving employers and health plans across multiple states. Primary care physicians deliver care through live video appointments, integrated behavioral health support, and prescription management without membership fees. The platform emphasizes proactive care via mobile app for chronic condition management and preventive services. Partnerships with organizations like Humana enable value-based care models focused on reducing costs and improving outcomes for over 100,000 covered lives. Founded in 2017, Firefly Health operates in 14 states with a clinician-led approach combining technology and human touch. | - | Doctor On Demand is a San Francisco-based virtual care provider, founded in 2012 by Adam Jackson, Phil McGraw, and Jay McGraw, that connects patients with US-licensed physicians and psychologists for on-demand and scheduled video visits. The company employs its own clinical staff to deliver urgent, primary, chronic, preventive, and behavioral healthcare, working with health plans and employers to extend virtual primary care and mental health services to millions of covered lives. Doctor On Demand later merged with Grand Rounds to form a larger combined virtual care platform. |
| HQ Country | |||
| HQ City | Boston, MA | - | San Francisco, CA |
| Deal Date | 27 Jul 2026 | 26 May 2021 | 16 Mar 2021 |
| Valuation | undisclosed | undisclosed | $3B |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Grand Rounds acquisitions and their M&A valuation multiples. Start Free Trial | |||
Grand Rounds Competitors
Grand Rounds competitors include listed companies like GoodRx and Clover Health, and private ones like Curative, MediTrust Health, Main Street Health and Pomelo Care.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.3B | - | ||
| Private | $154M | - | $1.4B | 9.3x | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $797M | $173M | $1.2B | 1.8x | ||
| Private | - | - | $1.7B | - | ||
| Publicly listed | $1.9B | ($84M) | $2.4B | 0.8x |
Grand Rounds Public Comps
Grand Rounds is still privately-owned, but its public comps include JMDC, GoodRx, Teladoc, Ping An Healthcare, Eurowag, Alignment Healthcare, Talkspace, Progyny, Hapvida and Guiyang Longmaster.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $324M | $88M | 5.0x | 4.6x | 18.4x | 17.9x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $2.5B | $124M | 0.6x | 0.6x | 11.3x | 5.0x | |||
| $815M | $52M | 0.9x | 0.9x | 13.4x | 16.9x | |||
| $2.7B | $119M | 0.5x | 3.0x | 10.3x | 7.5x | |||
| $3.9B | $45M | 0.4x | 0.3x | 31.6x | 10.0x | |||
| $229M | $6M | 3.4x | 3.4x | 129.3x | 49.4x | |||
| $1.3B | $90M | 1.4x | 1.4x | 20.6x | 8.0x | |||
This data is available for Pro users. Sign up to see all Grand Rounds competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Grand Rounds
| When was Grand Rounds founded? | Grand Rounds was founded in 2011. |
| Where is Grand Rounds headquartered? | Grand Rounds is headquartered in San Francisco, CA, United States. |
| Is Grand Rounds publicly listed? | No, Grand Rounds is a private, VC-backed company. |
| What is Grand Rounds' valuation? | Grand Rounds was last valued at $1.3B in its Series E in September 2020. |
| How much funding has Grand Rounds raised? | Grand Rounds has raised $343M across 5 funding rounds. |
| What was Grand Rounds' last funding round? | Grand Rounds' last funding round was a $175M Series E in September 2020, led by Carlyle Group. |
| Who are Grand Rounds' investors? | Grand Rounds' investors include Venrock, Harrison Metal, Greylock, Sofina, Revelation Partners, Brad Garlinghouse, Carlyle Group, David Ebersman and Lifeforce Capital. |
| Which companies are comparable to Grand Rounds? | Companies comparable to Grand Rounds include Curative, MediTrust Health, Main Street Health, GoodRx, Pomelo Care and Clover Health. |
| How many companies has Grand Rounds acquired? | Grand Rounds has acquired 3 companies, including Firefly Health, Included Health and Doctor On Demand. |
| What was the largest acquisition by Grand Rounds? | The $3B acquisition of Doctor On Demand in March 2021 is the largest acquisition Grand Rounds has made to date. |
See companies similar to Grand Rounds
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




