Iora Health Acquisition, Valuation, Funding & Investors
Iora Health was acquired by Amazon One Medical for $2.1B in June 2021, a 7.0x multiple on $299M of revenue.
Iora Health revenue at acquisition
$299M
Last twelve months · Jun 2021
Iora Health revenue multiple at acquisition
7.0x
EV/Revenue · Jun 2021
Cumulative funding Iora Health raised
$343M
across 5 funding rounds
About Iora Health
Iora Health is a primary care provider redesigning patient experiences with dedicated physicians and health coaches. Teams offer continuous support via email, text, video, and group visits alongside in-person care. Headquartered in Seattle, the company operates clinics focused on chronic disease management in the United States.
Founded
2010
HQ
Boston, MAWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Services, Subscription
Revenue
$299M (Jun 2021)
Valuation
$2.1B (acquired Jun 2021)
Iora Health Acquisition
Iora Health was acquired by Amazon One Medical for $2.1B on 7 June 2021.
The acquisition price implies a 7.0x revenue multiple on $299M of revenue.
Before the acquisition Iora Health had raised $343M across 5 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 7 Jun 2021 | Strategic M&A | $2.1B | 7.0x |
Iora Health Funding History
Iora Health has raised a total of $343M across 5 funding rounds.
Iora Health's first fundraising round was a $14M Series B in April 2013. The most recent completed round was a $126M Series F in February 2020.
Iora Health funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2020 | Series F | Premji Invest (lead); Temasek; .406 Ventures; Polaris Partners; Flare Capital Partners; Devonshire Investors; Cox Enterprises; F-Prime; Khosla Ventures | $126M | - |
| May 2018 | Series E | Flare Capital Partners (lead); Temasek; Humana Inc.; .406 Ventures; Polaris Partners; Devonshire Investors; F-Prime; Khosla Ventures; GE Ventures | $100M | Iora Health, a Boston-based value-based primary care provider founded in 2010, raised $100 million in Series E funding in May 2018 from nine investors including .406 Ventures, Devonshire Investors, F-Prime Capital, Flare Capital Partners, GE Ventures, Humana, Khosla Ventures, Polaris Partners, and Temasek. The company's mission is to improve healthcare quality through a comprehensive relationship-driven approach to primary care focused on Medicare beneficiaries, with particular emphasis on adults aged 65 and older. Iora's care model centers on multidisciplinary teams consisting of a physician, health coach, behavioral health specialist, team nurse, clinical team manager, and operations assistant working collaboratively through its proprietary Chirp platform. Patients receive personal physicians and health coaches available via email, text, video, and in-person visits. The company operates through a flat-fee model designed to reduce long-term healthcare costs for patients and insurers. At the time of the Series E round, Iora operated 34 primary care practices across 11 U.S. markets. The company reported significant clinical outcomes: patients experienced approximately 40 percent decreases in hospitalizations and 20 percent decreases in emergency room visits, with patients reporting an average Net Promoter Score of 90. The funding was designated for expansion into new markets, opening additional sites, and continued development of the Chirp collaborative care technology platform. Prior to this Series E round, Iora had raised $223 million in total funding. The company would later be acquired by One Medical in September 2021 in an all-share transaction valued at approximately $2.1 billion, significantly expanding One Medical's addressable market to serve Medicare Advantage and at-risk reimbursement model populations alongside its existing privately insured customer base. |
| Oct 2016 | Series D | Temasek (lead); .406 Ventures; Polaris Partners; Flare Capital Partners; F-Prime; Khosla Ventures; Rice Management Company; GE Ventures | $75M | Iora Health, a Boston-based health system, raised $75 million in Series D funding on October 13, 2016, led by Temasek Holdings with participation from .406 Ventures, F-Prime, Flare Capital Partners, GE Ventures, Khosla Ventures, Polaris Partners, and Rice Management Company. The company operates primary care practices delivering relationship-based care, focusing on underserved and complex patients including Medicare beneficiaries aged 65 and older. At the time, Iora had 34 practices across 11 U.S. markets, emphasizing coordinated care via personal physicians, health coaches, and its proprietary IT platform Chirp to improve outcomes and reduce costs by over 20% compared to traditional systems. The funding was intended to support geographic expansion into new markets and further development of Chirp for enhanced efficiencies. Investors highlighted Iora's strong unit economics, world-class clinical outcomes, industry-leading patient experience, and scalability potential. Iora's model includes non-office encounters like email, text, video, group visits, and transparent medical records to maintain patient health goals. Later developments included acquisition by One Medical in 2021 for $2.1 billion at about 7x estimated 2021 revenue, with Iora then serving risk-based Medicare patients at $1,000 per member per month in full-risk contracts versus $40 in fee-for-service. |
| Jan 2015 | Series C | Flare Capital Partners (lead); .406 Ventures; Polaris Partners; F-Prime; Khosla Ventures; Rice Management Company; Foundation Medical Partners; GE Ventures | $28M | Iora Health raised $28 million in a funding round in January 2015, with Flare Capital Partners as the lead investor among participants including .406 Ventures, F-Prime, Foundation Medical Partners, GE Ventures, Khosla Ventures, Polaris Partners, and Rice Management Company. The company specializes in a novel primary care model focused on value-based healthcare, utilizing digitally-backed services to improve patient outcomes and reduce costs. Flare Capital Partners, which led the round, raised its inaugural fund in April 2015 and included Iora Health among its early investments alongside companies like Somatus and Bright Health. Iora Health's approach was highlighted in later discussions by Flare Capital cofounder Michael Greeley, who noted that in its third and fourth years of operation, the company demonstrated strong profitability compared to traditional healthcare models in targeted markets. This success underscored Flare's strategy of backing risk-bearing healthcare entities that leverage innovative technologies for better care delivery. The firm continued to reference Iora as a key example in announcements for subsequent funds, including a $255 million second fund in 2019 and a $350 million third fund. Following the 2015 round, Iora Health secured additional funding, including a $14 million round prior, $75 million in October 2016, $100 million later, and a Series D of $72.03 million at a $265 million valuation. |
| Apr 2013 | Series B | Tony Hsieh (lead); .406 Ventures; Polaris Partners; F-Prime | $14M | Iora Health secured $14 million in Series B growth financing on April 17, 2013, from original investors .406 Ventures, F-Prime (Fidelity Biosciences), Polaris Partners, and new investor Tony Hsieh. The company, founded in 2011, provides a proactive, relationship-centered primary care model focused on improving patient health, especially for chronic conditions like diabetes and hypertension. At the time, Iora Health had formed four primary care partnerships across four states with the Culinary Health Fund (NV), Dartmouth College (NH), Freelancers Union (NY), and New England Carpenters Benefits Fund (MA), supporting over 4,000 patients nationally. |
Who has invested in Iora Health?
14 investors have backed Iora Health across its funding rounds, including F-Prime, Polaris Partners, .406 Ventures, Khosla Ventures, Flare Capital Partners and Temasek.
Lead investors include Premji Invest, Flare Capital Partners, Temasek and Tony Hsieh.
Iora Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| United States | 5 | Participant | Apr 2013 | |
| Boston, MA | 5 | Participant | Apr 2013 | |
| United States | 5 | Participant | Apr 2013 | |
| Boston, MA | 4 | Lead | Jan 2015 | |
| San Francisco, CA | 4 | Participant | Jan 2015 | |
 Singapore | 3 | Lead | Oct 2016 | |
| Menlo Park | 3 | Participant | Jan 2015 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Devonshire Investors | United States | 2 | Participant | May 2018 |
| Houston, TX | 2 | Participant | Jan 2015 | |
| United States | 1 | Participant | May 2018 | |
 Bangalore | 1 | Lead | Feb 2020 | |
| Atlanta, GA | 1 | Participant | Feb 2020 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialIora Health Competitors
Iora Health competitors include listed companies like Schrödinger and Privia Health, and private ones like EliseAI, eMed, Everlaw and NantHealth.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | $100M | - | $2.2B | 22.0x | |
| Miami, FL | Private | - | - | $2B | - | |
| San Francisco, CA | Private | - | - | $2B | - | |
| Los Angeles, CA | Private | $58M | - | $2B | - | |
| United States | Publicly listed | $256M | ($96M) | $2.3B | 7.9x | |
| United States | Publicly listed | $2.1B | $44M | $2.6B | 0.9x |
Iora Health Public Comps
Iora Health is no longer listed, but its public comps include Schrödinger, Qingdao Baheal Medical, Tieto, Privia Health, Omnicell, Indegene, EverCommerce, U.S. Physical Therapy, PHC Holdings and Vitec Software.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $256M | ($96M) | 7.6x | 7.9x | (20.3x) | (14.0x) | |||
| $1.1B | $139M | 1.9x | 1.9x | 15.1x | 16.8x | |||
| $2.1B | $186M | 1.3x | 1.4x | 15.2x | 7.9x | |||
| $2.1B | $44M | 1.0x | 0.9x | 50.2x | 15.3x | |||
| $1.2B | $92M | 1.2x | 1.1x | 15.0x | 8.1x | |||
| $366M | $68M | 3.7x | 3.3x | 19.9x | 18.2x | |||
| $589M | $128M | 3.0x | 2.9x | 13.7x | 9.5x | |||
| $781M | $110M | 2.5x | 2.3x | 17.5x | 18.9x | |||
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Common questions about Iora Health
| When was Iora Health founded? | Iora Health was founded in 2010. |
| Where is Iora Health headquartered? | Iora Health is headquartered in Boston, MA, United States. |
| Is Iora Health publicly listed? | No, Iora Health was acquired by Amazon One Medical in June 2021. |
| Who acquired Iora Health? | Iora Health was acquired by Amazon One Medical in June 2021. |
| How much was Iora Health acquired for? | Iora Health was acquired for $2.1B in June 2021, a 7.0x revenue multiple. |
| How much funding has Iora Health raised? | Iora Health has raised $343M across 5 funding rounds. |
| What was Iora Health's last funding round? | Iora Health's last funding round was a $126M Series F in February 2020, led by Premji Invest. |
| Who are Iora Health's investors? | Iora Health's investors include .406 Ventures, Polaris Partners, F-Prime, Flare Capital Partners, Khosla Ventures, Temasek, GE Ventures, Devonshire Investors, Rice Management Company, Humana Inc. and 4 others. |
| Which companies are comparable to Iora Health? | Companies comparable to Iora Health include EliseAI, eMed, Everlaw, NantHealth, Schrödinger and Privia Health. |
See companies similar to Iora Health
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