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- Judi Health
Judi Health Valuation, Funding & Investors
Judi Health is valued at $3.3B as of September 2025.
Last Judi Health valuation
$3.3B
Series F · Sep 2025
Last Judi Health funding round
$252M
Series F · Sep 2025
Cumulative funding Judi Health raised
$588M
across 7 funding rounds
Key investors in Judi Health
Edison Partners
B Capital
Transformation Capital
CIG Spectrum Capital
General Catalyst
Goldman Sachs
About Judi Health
Judi Health is a health technology company streamlining pharmacy benefit management through a transparent pricing model and clearinghouse platform. It processes millions of prescriptions annually for self-insured employers, reducing drug costs by negotiating directly with pharmacies and PBMs nationwide. Headquartered in New York, the firm integrates with electronic health records to improve adherence and outcomes in employer-sponsored plans.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$3.3B (Sep 2025)
Judi Health Valuation
Judi Health is currently valued at $3.3B, based on its Series F in September 2025.
The $252M round was led by General Catalyst and Wellington Management, with participation from Prime Health Investments, Goldman Sachs, Generation Investment Management, 9Yards Capital, B Capital and 2 other investors.
Judi Health's valuation has grown 2.2x from $1.5B at its Series E in March 2024 to $3.3B in September 2025, across 2 priced rounds.
Judi Health valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2025 | Series F | $3.3B |
| Mar 2024 | Series E | $1.5B |
Judi Health Funding History
Judi Health has raised a total of $588M across 7 funding rounds.
Judi Health's first fundraising round was a $3M seed round in March 2018. The most recent completed round was a $252M Series F in September 2025.
Judi Health funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Series F | General Catalyst (lead); Wellington Management (lead); Prime Health Investments; Goldman Sachs; Generation Investment Management; 9Yards Capital; B Capital; Edison Partners; Transformation Capital | $252M | $3.3B | Judi Health, formerly Capital Rx, is an AI-powered health benefits platform founded in 2019 and headquartered in Boston, MA, that helps employers and health plans optimize healthcare costs and outcomes through transparent pharmacy benefit management (PBM) and a comprehensive Enterprise Health Platform covering pharmacy, medical, vision, and dental benefits. The company announced a $400 million oversubscribed funding round on September 23, 2025, including a $252 million Series F investment along with additional investments into its securities, led by Wellington Management and General Catalyst, with participation from 9Yards Capital, B Capital, Edison Partners, General Catalyst, Generation Investment Management, Goldman Sachs (Growth Equity at Goldman Sachs Alternatives), Prime Health Investments, and Transformation Capital. The round, scheduled to close in early October 2025, carries a post-money valuation of $2.1 billion and will fund expansion of PBM operations and deployment of the Enterprise Health Platform across multiple service lines. Judi Health's transparent, flat-fee PBM model eliminates traditional rebate structures and hidden fees, addressing industry opacity, while its flagship platform unifies benefits administration to reduce fragmentation and improve cost control amid rising healthcare costs projected to surge nearly 9% in 2026. The rebranding from Capital Rx reflects its evolution into a full-service benefits technology partner, maintaining Capital Rx as the PBM arm. The company employs 200-500 people and has demonstrated traction through partnerships and industry recognition. Post-funding media highlights in H2 2025 include a Forbes article noting a $3.25 billion valuation in context of software fixing drug pricing, though primary sources confirm $2.1 billion for this round; Judi Health also earned spots on Inc. 5000, Crain’s, and Deloitte lists for rapid growth. It reports driving 10%+ reduction in Medical PEPM and 8%+ overall PEPM reduction as of January 2025, alongside a multi-year partnership with the Charlotte Hornets, positioning it to capture demand for integrated solutions in a market facing deteriorating health outcomes and cost pressures. |
| Mar 2024 | Series E | Frist Cressey Ventures; B Capital; Edison Partners | $115M | $1.5B | Judi Health, formerly Capital Rx, is a health technology company providing an AI-powered platform for health benefits administration, including transparent pharmacy benefit management (PBM) via its Judi platform, unified claims processing, and employer-facing services to optimize costs and care. Founded in 2017 by AJ Loiacono and Ryan Kelly, it emphasizes aligned pricing, member-centric service, and scalability for employers, health plans, and providers, with contracted lives exceeding 54 million and over 4 million employer PBM members as of the rebranding announcement. The company has expanded beyond PBM into full benefit administration through its Enterprise Health Platform (EHP), serving major employers, unions, and health systems. Around March 2024, sources indicate Capital Rx (rebranded as Judi Health) announced a $400M oversubscribed funding round to accelerate its AI-powered health benefits platform, expand PBM operations, and deploy EHP for broader services like unified claims and member care innovation. This followed prior rounds, including a $50M Series B backed by Edison Partners and others to enhance the Judi pharmacy platform with AI for clinical care. Later developments include a September 2025 Series F round of $252M (bringing total funding to ~$600M) led by Wellington Management and General Catalyst, with participants like Goldman Sachs Asset Management and Generation Investment Management, valuing the company at $3.25B post-money. This funding was oversubscribed, including secondary sales over $150M from early backers, amid growth to over 5 million contracted PBM lives (1M+ live by early 2026) and 80+ new partnerships in 2024-2025. Traction metrics highlight 54M+ contracted health plan lives and national recognition for transparent PBM. |
| Oct 2023 | Series D | Nebraska Medicine; Hawaii Pacific Health; Inova Health System; Memorial Hermann Foundation; Lehigh Valley Health Network; WellSpan Health; Atlantic Health System; Ochsner Health System; Transformation Capital; Novant Health; Banner Health | $50M | - | Capital Rx (now rebranded as Judi Health) closed an over $50 million strategic investment round on approximately November 10, 2023, with participation from Atlantic Health System, Banner Health, Hawaii Pacific Health, Inova Health System, Lehigh Valley Health Network, Memorial Hermann Health System, Nebraska Medicine, Novant Health, Ochsner Health, WellSpan Health, and Transformation Capital, among others. The funding aimed to support growth, accelerate development of the Judi platform—a cloud-native enterprise health platform focused on pharmacy benefit management (PBM) with transparent pricing via a Single-Ledger Model—and enhance innovation in the PBM industry to improve drug affordability and transparency. Health systems collaborated to drive change in PBM through knowledge exchange and co-investment, aligning with goals of operational efficiencies, pharmacy spend control, and better patient outcomes. At the time, Capital Rx serviced over 2.4 million members for Medicare, Medicaid, and commercial plans, connecting providers, patients, pharmacies, and plans through Judi. The company, founded in 2017 by CEO AJ Loiacono and CTO Ryan Kelly, emphasized its technology advancements, aligned pricing, and high net promoter score. A prior Series B also raised $50 million to expand Judi capabilities, including AI for clinical care, but details differ. Post-round, Capital Rx expanded rapidly, adding over 80 partnerships in 2024, servicing over three million PBM lives and scores of millions via health plans on Judi, including new Medicare solutions. In a later development, it raised $400 million and fully rebranded to Judi Health to broaden into full-spectrum benefits administration beyond pharmacy. |
| Jun 2022 | Series C | B Capital (lead); General Catalyst; CIG Spectrum Capital; Edison Partners; Transformation Capital | $106M | - | Judi Health, formerly Capital Rx, is an enterprise health technology company and benefit administrator specializing in transparent pharmacy benefit management (PBM) and AI-powered platforms for unified pharmacy and medical claims processing. Founded in 2017 by AJ Loiacono and Ryan Kelly, it offers the Judi platform for employer health benefits, with over 4 million employer PBM members and 54 million contracted health plan lives as of recent updates. The company has expanded beyond PBM into full health benefits administration, including the Enterprise Health Platform (EHP) and Judi Care navigation post-acquisition of Amino Health. The specified Series C round on June 13, 2022, involved investors including B Capital, alongside Edison Partners, General Catalyst, and Transformation Capital. Subsequent rounds include a Series D in August 2023 (~$68M at ~$1.02B valuation) and Series E in March 2024 ($115M). A major $400M oversubscribed round (including $252M Series F) occurred later, supporting Wellington Management, General Catalyst, B Capital, Edison Partners, and Transformation Capital among others, fueling PBM expansion, EHP deployment, and team scaling. Growth highlights include surpassing 5 million contracted PBM lives by 2026, 80+ new partnerships yearly, and launches like unified claims adjudication. Judi Health competes in the $600B+ U.S. PBM and health benefits market, targeting transparency against legacy players with misaligned incentives. It serves Fortune 500 firms, health systems (e.g., Inova, Banner), unions, and state plans, emphasizing AI-driven member-first solutions. Recent milestones include Prime Therapeutics alliance and 2 million new lives implemented in 2025, positioning it as infrastructure for transparent healthcare amid employer demands for cost control and innovation. |
| Feb 2021 | Series B | Transformation Capital (lead); General Catalyst; CIG Spectrum Capital; Castor Ventures; B Capital; Edison Partners | $50M | - | Judi Health, originally founded as Capital Rx in late 2017 by CEO AJ Loiacono and CTO Ryan Kelly, is a health technology company that developed the Judi platform, an enterprise pharmacy platform for pharmacy benefit management (PBM) and backend claims processing, aiming to improve transparency, efficiency, and affordability in prescription pricing through a cloud-native, AI-enhanced system linking providers, patients, pharmacies, and plans. In February 2021, then-Capital Rx raised $50 million in a Series B funding round led by Transformation Capital, with the funds intended to accelerate growth of the recently launched Judi platform, expand its capabilities including AI for clinical care, and support hiring and R&D. The Series B built on Capital Rx's Clearinghouse Model to create a competitive marketplace in the pharmacy supply chain, positioning it as the fastest-growing PBM at the time, with plans to serve employer groups and health plans for optimal care at lowest costs. Subsequent developments included a 2022 Series C, 2023 $50M+ strategic investment with health systems, rebranding to Judi Health in 2025 with a $400M round, reaching over 5 million contracted PBM lives by 2026, and expansion into full health benefits administration via the Enterprise Health Platform (EHP). A 2025 Forbes-reported $252M equity round valued Judi Health at $3.25B, led by Wellington and General Catalyst. The company has grown to serve over 54 million health plan lives contracted on Judi by 2025, with milestones like acquiring Amino Health and launching unified claims adjudication. |
| Jul 2019 | Series A | Edison Partners (lead); CIG Spectrum Capital; Emerald Development Managers | $12M | - | - |
| Mar 2018 | Seed | CIG Spectrum Capital | $3M | - | - |
Who has invested in Judi Health?
23 investors have backed Judi Health across its funding rounds, including Edison Partners, B Capital, Transformation Capital, CIG Spectrum Capital, General Catalyst and Goldman Sachs.
Lead investors include General Catalyst, Wellington Management, B Capital, Transformation Capital and Edison Partners.
Judi Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Jul 2019 | ||
| 4 | Participant | Mar 2018 | ||
| 4 | Lead | Feb 2021 | ||
| 4 | Lead | Feb 2021 | ||
| 3 | Lead | Feb 2021 | ||
| 1 | Participant | Mar 2024 | ||
| 1 | Lead | Sep 2025 | ||
| 1 | Participant | Oct 2023 | ||
| 1 | Participant | Oct 2023 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Participant | Oct 2023 | ||
| 1 | Participant | Oct 2023 | ||
| 1 | Participant | Oct 2023 | ||
This data is available for Pro users. Sign up to see all 23 Judi Health 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 Judi Health
Judi Health has acquired 1 company to date.
Last acquisition by Judi Health was on June 11th 2025. Judi Health acquired Amino for undisclosed valuation.
Latest Acquisitions by Judi Health
| Description | Amino is a Boston-headquartered healthcare platform that guides employers and employees toward cost-effective medical care options within the US system. Launched to tackle opaque pricing and provider choices, it analyzes claims data to recommend high-value doctors, facilities, and treatments tailored to individual needs. The service integrates with benefits administrators, offering transparent cost estimates, quality ratings, and virtual care navigation. Amino partners with insurers and self-insured corporations, processing millions in claims to optimize spend and improve outcomes for procedures like orthopedics and imaging. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 11 Jun 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Judi Health acquisitions and their M&A valuation multiples. Start Free Trial | |
Judi Health Competitors
Judi Health competitors include listed companies like Clover Health and Benefit Systems, and private ones like Curative, Cohere Health, Spring Health and Chapter.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.3B | - | ||
| Private | - | - | $750M | - | ||
| Private | $125M | - | $3.3B | 26.4x | ||
| Private | - | - | $3B | - | ||
| Publicly listed | $1.9B | ($84M) | $2.4B | 0.8x | ||
| Publicly listed | $1.2B | $370M | $4.4B | 3.6x |
Judi Health Public Comps
Judi Health is still privately-owned, but its public comps include Clover Health, Pluxee, Progyny, Benefit Systems, Waystar, GoodRx, Eurowag, Hapvida, Craneware and Evolent Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.9B | ($84M) | 1.1x | 0.8x | (25.8x) | 34.1x | |||
| $1.5B | $500M | - | - | - | - | |||
| $1.3B | $90M | 1.4x | 1.4x | 20.6x | 8.0x | |||
| $1.2B | $370M | 4.3x | 3.6x | 13.9x | 12.1x | |||
| $1.1B | $390M | 5.8x | 5.2x | 16.3x | 12.3x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $2.7B | $119M | 0.5x | 3.0x | 10.3x | 7.5x | |||
| $6.1B | $787M | 0.3x | 0.3x | 2.7x | 4.0x | |||
This data is available for Pro users. Sign up to see all Judi Health competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Judi Health
| When was Judi Health founded? | Judi Health was founded in 2017. |
| Where is Judi Health headquartered? | Judi Health is headquartered in New York City, NY, United States. |
| Is Judi Health publicly listed? | No, Judi Health is a private, VC-backed company. |
| What is Judi Health's valuation? | Judi Health was last valued at $3.3B in its Series F in September 2025. |
| How much funding has Judi Health raised? | Judi Health has raised $588M across 7 funding rounds. |
| What was Judi Health's last funding round? | Judi Health's last funding round was a $252M Series F in September 2025, led by General Catalyst and Wellington Management. |
| Who are Judi Health's investors? | Judi Health's investors include Edison Partners, CIG Spectrum Capital, B Capital, Transformation Capital, General Catalyst, Frist Cressey Ventures, Wellington Management, Nebraska Medicine, Hawaii Pacific Health, Castor Ventures and 13 others. |
| Which companies are comparable to Judi Health? | Companies comparable to Judi Health include Curative, Cohere Health, Spring Health, Chapter, Clover Health and Benefit Systems. |
| How many companies has Judi Health acquired? | Judi Health has acquired 1 company, including Amino. |
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