Livongo Acquisition, Valuation, Funding & Investors
Livongo was acquired by Teladoc for $19B in August 2020, a 71.4x multiple on $259M of revenue.
Livongo revenue at acquisition
$259M
Last twelve months · Aug 2020
Livongo revenue multiple at acquisition
71.4x
EV/Revenue · Aug 2020
Cumulative funding Livongo raised
$235M
across 6 funding rounds
About Livongo
Livongo is a Mountain View-headquartered digital health company providing connected devices and coaching for chronic condition management, particularly diabetes. Acquired by Teladoc Health in 2020, its platform delivers real-time insights via glucometers, blood pressure monitors, and scales integrated with personalized coaching. Available to members in the United States through employer and health plan partnerships, it improves clinical outcomes for over one million users.
Founded
2008
HQ
San Francisco, CAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$68M (Apr 2018)
Valuation
$800M (Apr 2018)
Livongo Acquisition
Livongo was acquired by Teladoc for $19B on 5 August 2020.
The acquisition price implies a 71.4x revenue multiple on $259M of revenue.
Before the acquisition Livongo had raised $235M across 6 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 5 Aug 2020 | Strategic M&A | $19B | 71.4x |
Livongo Valuation
Livongo is currently valued at $800M, based on its Series E in April 2018.
The $105M round was led by General Catalyst and Kinnevik, with participation from Kleiner Perkins, 7wire Ventures, Merck Global Health Innovation Fund, M12, Echo Health Ventures and 3 other investors.
Livongo's valuation has grown 2.2x from $357M at its Series D in March 2017 to $800M in April 2018, across 2 priced rounds.
Livongo valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2018 | Series E | $800M | 11.8x |
| Mar 2017 | Series D | $357M | - |
Livongo Revenue
Livongo's latest recorded revenue is $68M, as of its Series E in April 2018. At a $800M valuation, that implies a 11.8x revenue multiple.
Livongo revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2018 | $68M | $800M | 11.8x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Livongo Funding History
Livongo has raised a total of $235M across 6 funding rounds.
Livongo's first fundraising round was a $3M seed round in November 2013. The most recent completed round was a $105M Series E in April 2018.
Livongo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2018 | Series E | General Catalyst (lead); Kinnevik (lead); Kleiner Perkins; 7wire Ventures; Merck Global Health Innovation Fund; M12; Echo Health Ventures; Sapphire Ventures; Zaffre Investments; Threshold | $105M | $800M | Livongo Health is a digital health company founded in 2014 and based in Mountain View that provides chronic condition management solutions, with its core offering being Livongo for Diabetes. The company operates on a SaaS-based business model, billing clients including self-insured employers, health plans, government entities, and labor unions on a per-participant, per-month subscription basis. Livongo raised a Series D of $105 million led by General Catalyst and Kinnevik AB in late 2018, bringing total private funding to $235 million. The company achieved strong revenue growth, with full-year 2018 revenue of $68.4 million representing 122% year-over-year growth from 2017's $30.9 million. By early 2019, the company continued momentum with Q1 2019 revenue of $32.1 million, representing 157% year-over-year growth. Livongo demonstrated recurring revenue characteristics with high customer retention at 96% and a net dollar expansion rate of 113.8% in 2018, indicating successful cross-selling and product density among its existing customer base of 20% of the Fortune 500, including four of the top seven payers and two of the largest pharmacy benefit managers. |
| Mar 2017 | Series D | General Catalyst (lead); Kinnevik (lead) | $53M | $357M | Livongo Health, founded in 2014 and based in Mountain View, California, operates a consumer digital healthcare platform focused on chronic care management, primarily helping diabetes patients through personalized services including blood glucose measurement, real-time feedback, and coaching by certified educators. The platform targets large employers, with nearly 15% of Fortune 100 companies as clients and over 25,000 patients managing diabetes at the time of the round. Kinnevik invested USD 12.5 million as part of a USD 52.5 million Series D funding round on March 16, 2017, co-led by Kinnevik and existing investor General Catalyst, resulting in Kinnevik owning 3.5% post-investment, implying a post-money valuation of approximately USD 357 million. The round also included participation from American Investment Holdings, EDBI, and prior investors like Kleiner Perkins Caufield & Byers (KPCB), DFJ, and 7wire Ventures. Proceeds from the funding supported expansion beyond diabetes into other comorbidities like hypertension and international growth. Livongo worked with over half of Fortune 100 companies, aiding nearly 35,000 members in diabetes management. This Series D followed a $44.5 million Series C in 2016 backed by Merck Global Health Innovation Fund, Zaffre Investments, Humana, and others. Subsequent developments included a $105 million Series E in April 2018 co-led by General Catalyst and Kinnevik, reportedly valuing Livongo at $800 million, with additional investors like Merck GHI, M12 (Microsoft Ventures), Sapphire Ventures, and Echo Health Ventures. General Catalyst held the largest stake at around 25%, followed by Kinnevik at 12% post-2018. Livongo went public in 2019, having raised $235 million total privately, with strong revenue growth to $68.4 million in 2018 amid expanding chronic condition offerings. |
| Apr 2016 | Series C | General Catalyst; Humana Inc.; Kleiner Perkins; 7wire Ventures; Merck Global Health Innovation Fund; Blue Cross Blue Shield of Massachusetts; Cowen Group; Sapphire Ventures; Zaffre Investments; Wanxiang America; Threshold | $45M | - | - |
| Apr 2015 | Series B | Kleiner Perkins (lead); General Catalyst; Threshold | $20M | - | Livongo Health was founded in late 2014 by Glen Tullman, former CEO of Allscripts, as a chronic disease management platform. The company initially focused on diabetes management with a cloud-enabled, FDA-cleared wireless blood glucose meter that collected data and provided personalized alerts and lifestyle recommendations to patients. In March 2015, Livongo raised $20 million in Series B funding led by Kleiner Perkins Caufield & Byers, with participation from Draper Fisher Jurvetson (DFJ) and General Catalyst Partners. By the time of the Series B, the company had built a user base of more than 27,000 people with diabetes and had secured customers including payers, provider organizations such as Mission Health and Healthcare Partners, and self-insured employers like Iron Mountain and Office Depot. Livongo also signed a strategic integration and distribution agreement with electronic health record vendor Cerner. The Series B funding was earmarked for further development of the chronic disease management platform, expansion beyond diabetes to address hypertension, behavioral health, diabetes prevention and obesity, and acceleration of adoption among employers, payers and providers. The company demonstrated strong client retention (96% by 2019 per SEC filings) and documented cost savings of $88 per participant per month in the first year among clients, growing to $129 PPPM for qualifying clients. By the time of its IPO in 2019, Livongo had grown to serve over 20% of the Fortune 500 and counted 4 of the top 7 U.S. payers among its clients. |
| Sep 2014 | Series A | General Catalyst (lead); Slow Ventures | $10M | - | Livongo Health was launched in September 2014 by Glen Tullman, former CEO of Allscripts, to develop digital health management technology focused initially on diabetes monitoring. The company received $10 million in Series A funding from General Catalyst Partners, with Tullman's own 7wire Ventures as an initial backer. The technology achieved early traction, securing FDA clearance and thousands of orders from healthcare partners and retailers like Office Depot before the formal Series A announcement. Livongo subsequently raised multiple rounds of venture funding and went public in July 2019 at a $3.4 billion valuation, later merging with Teladoc in August 2020 to create a company valued at $18.5 billion. |
| Nov 2013 | Seed | 7wire Ventures | $3M | - | - |
Who has invested in Livongo?
15 investors have backed Livongo across its funding rounds, including General Catalyst, Kleiner Perkins, Threshold, 7wire Ventures, Sapphire Ventures and Kinnevik.
Lead investors include General Catalyst, Kinnevik and Kleiner Perkins.
Livongo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Lead | Sep 2014 | |
| San Francisco, CA | 3 | Lead | Apr 2015 | |
| United States | 3 | Participant | Nov 2013 | |
| San Francisco, CA | 3 | Participant | Apr 2015 | |
| Woodcliff Lake, NJ | 2 | Participant | Apr 2016 | |
 Stockholm | 2 | Lead | Mar 2017 | |
| Austin, TX | 2 | Participant | Apr 2016 | |
| Boston, MA | 2 | Participant | Apr 2016 | |
| United States | 1 | Participant | Apr 2016 | |
| San Francisco, CA | 1 | Participant | Sep 2014 | |
| Boston, MA | 1 | Participant | Apr 2016 | |
| United States | 1 | Participant | Apr 2018 | |
| Seattle, WA | 1 | Participant | Apr 2018 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Livongo
Livongo has acquired 3 companies to date.
Last acquisition by Livongo was on January 30th 2019. Livongo acquired myStrength for $10M.
Latest Acquisitions by Livongo
| Description | - | Retrofit is a Toronto-based weight loss company delivering science-backed programs through technology and certified wellness experts. Participants receive personalized coaching on food relationships and physical activity via a mobile app tracking nutrition and habits. The program draws from clinical data involving behavioral psychology and draws over 10,000 members since 2015. Retrofit collaborates with dietitians, psychologists, and exercise physiologists for multidisciplinary support across Canada. | Diabeto is an Indian hardware startup producing a Bluetooth-enabled clip-on device that transmits glucometer readings to smartphones. Compatible with mainstream meters like Accu-Chek and OneTouch, it pairs with an Android app for logging, graphing trends, and sharing data with doctors. Founded in 2014 in Bangalore, the product reduces manual entry errors and supports HbA1c predictions. |
| HQ Country | | | |
| HQ City | - | Chicago, IL | Piscataway, NJ |
| Deal Date | 30 Jan 2019 | 17 Apr 2018 | 13 Sep 2017 |
| Valuation | $10M | $19M | $3M |
| EV/Revenue | |||
| EV/EBITDA | |||
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Livongo Competitors
Livongo competitors include listed companies like JMDC and Nyxoah, and private ones like Noom, Ro, WeDoctor and Sword Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | $400M | - | $3.7B | 9.3x | |
| New York City, NY | Private | $598M | - | $7B | 11.7x | |
 Hangzhou | Private | $139M | - | $7B | 50.4x | |
| New York City, NY | Private | $240M | - | $4B | 16.7x | |
 Japan | Publicly listed | $324M | $88M | $1.5B | 4.6x | |
 Belgium | Publicly listed | $12M | ($97M) | $162M | 3.2x |
Livongo Public Comps
Livongo is no longer listed, but its public comps include Revvity, Solventum, Tempus AI, ICON plc, Max Healthcare Institute, Oscar Health, Caris Life Sciences, Hinge Health and IQVIA.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.9B | $735M | 6.5x | 6.6x | 25.4x | 21.0x | |||
| $8.3B | $2.5B | 2.4x | 2.4x | 7.8x | 8.9x | |||
| $1.3B | ($131M) | 12.0x | 10.1x | (116.0x) | 346.0x | |||
| $8.3B | $816M | 1.9x | 1.9x | 19.2x | 11.3x | |||
| $858M | $232M | 12.6x | 10.2x | 46.5x | 36.8x | |||
| $12B | ($391M) | 0.5x | 0.4x | (15.9x) | 12.8x | |||
| $812M | ($5M) | 10.3x | 8.7x | (1640.5x) | 49.4x | |||
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Common questions about Livongo
| When was Livongo founded? | Livongo was founded in 2008. |
| Where is Livongo headquartered? | Livongo is headquartered in San Francisco, CA, United States. |
| Is Livongo publicly listed? | No, Livongo was acquired by Teladoc in August 2020. |
| Who acquired Livongo? | Livongo was acquired by Teladoc in August 2020. |
| How much was Livongo acquired for? | Livongo was acquired for $19B in August 2020, a 71.4x revenue multiple. |
| What is Livongo's valuation? | Livongo was last valued at $800M in its Series E in April 2018. |
| How much funding has Livongo raised? | Livongo has raised $235M across 6 funding rounds. |
| What was Livongo's last funding round? | Livongo's last funding round was a $105M Series E in April 2018, led by General Catalyst and Kinnevik. |
| Who are Livongo's investors? | Livongo's investors include General Catalyst, Kleiner Perkins, 7wire Ventures, Threshold, Merck Global Health Innovation Fund, Kinnevik, Sapphire Ventures, Zaffre Investments, Humana Inc., Slow Ventures and 5 others. |
| What is Livongo's revenue? | Livongo's latest recorded revenue is $68M (April 2018). |
| What is Livongo's revenue multiple? | Livongo's latest valuation implies a 11.8x revenue multiple ($800M valuation on $68M of revenue). |
| Which companies are comparable to Livongo? | Companies comparable to Livongo include Noom, Ro, WeDoctor, Sword Health, JMDC and Nyxoah. |
| How many companies has Livongo acquired? | Livongo has acquired 3 companies, including myStrength, Retrofit and Diabeto. |
| What was the largest acquisition by Livongo? | The $19M acquisition of Retrofit in April 2018 is the largest acquisition Livongo has made to date. |
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