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.
Teladoc Health and Livongo Health announced on 5 August 2020 a definitive merger agreement under which Teladoc would acquire Livongo in a cash-and-stock transaction valued at about US$18.5 billion based on Teladoc's 4 August closing price. Livongo shareholders received 0.5920 Teladoc shares plus US$11.33 in cash for each Livongo share, including a special cash dividend of US$7.09 per share, and owned about 42 percent of the combined company at closing. The deal, one of the largest in digital health, closed on 30 October 2020 after both sets of shareholders approved it. Livongo, founded in 2014 by Glen Tullman and based in Mountain View, California, provided data-driven chronic condition management programmes for diabetes, hypertension, weight management and behavioural health, sold to self-insured employers and health plans on a per-member-per-month basis; it had listed on Nasdaq in July 2019, reported 2019 revenue of US$170 million and was growing revenue by more than 100 percent during the pandemic. Teladoc, headquartered in Purchase, New York, said the combination would create a comprehensive virtual care platform spanning telehealth and chronic care, with a combined enterprise value of about US$37 billion. Jason Gorevic remained chief executive of the combined company.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 5 Aug 2020 | Strategic M&A | $19B | 71.4x |
Sources: teladochealth.com, cnbc.com, fiercehealthcare.com
Livongo Valuation
Livongo is currently valued at $800M, based on its Series E in April 2018. Read the announcement ↗
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 announced on 11 April 2018 that it had raised US$105 million in a Series E financing co-led by General Catalyst and Kinnevik, with participation from existing investors including 7wire Ventures, Kleiner Perkins, Microsoft's M12 and Echo Health Ventures, taking total private funding to about US$235 million. The round was reported to value the company at roughly US$800 million and followed a US$52.5 million Series D led by the same two investors in March 2017. Proceeds were earmarked for expanding beyond diabetes into hypertension, weight management and behavioural health and for building out the company's data science and coaching capabilities. Livongo, founded in 2014 by former Allscripts chief executive Glen Tullman and based in Mountain View, California, provides a consumer digital health platform for people with chronic conditions, combining connected devices such as a cellular blood glucose meter with real-time feedback and human coaching. It sells on a per-participant, per-month subscription basis to self-insured employers, health plans, government entities and labour unions. Revenue was US$30.9 million in 2017 and grew to US$68.4 million in 2018, and the company completed its Nasdaq IPO in July 2019. |
| 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 | - | Livongo Health announced on 12 April 2016 that it had completed a US$44.5 million Series C financing, bringing its total funding to about US$77.5 million. New investors Merck Global Health Innovation Fund, Zaffre Investments (the investment arm of Blue Cross Blue Shield of Massachusetts), Cowen Private Investments, Sapphire Ventures and Wanxiang America Corporation joined existing investors General Catalyst, Kleiner Perkins Caufield & Byers, DFJ and 7wire Ventures. In May 2016 Humana added a US$5 million strategic investment, extending the round to US$49.5 million and total funding to more than US$82.5 million. Livongo said the proceeds would support growth and bring new products and services to market as it expanded beyond diabetes into other chronic conditions such as hypertension. At the time its diabetes programme combined a cellular-connected blood glucose meter with real-time feedback and coaching by certified diabetes educators, and was sold to self-insured employers, health plans and providers; Lowe's had recently rolled the programme out nationally after a regional pilot. Livongo was founded in 2014 by chief executive Glen Tullman and is based in Mountain View, California. It went on to raise a US$52.5 million Series D in 2017 and a US$105 million Series E in 2018 before its 2019 IPO. |
| 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 | - | Livongo Health traces its origins to EosHealth, a diabetes-technology company founded in 2008 by Kimon Angelides, which was recapitalised and rebuilt in 2013 and 2014 by 7wire Ventures, the Chicago venture firm of former Allscripts chief executive Glen Tullman and his partner Lee Shapiro. 7wire provided the initial seed capital, reported at about US$3 million in late 2013, and incubated the company, with Tullman becoming chief executive and Shapiro joining the board; the exact terms were not announced. The company relaunched as Livongo Health in September 2014 with a cloud-connected blood glucose meter that fed readings to coaches and provided real-time feedback to people with diabetes, funded by a US$10 million Series A from General Catalyst. Livongo, based in Mountain View, California, sold its diabetes programme to self-insured employers and health plans on a per-participant-per-month basis and later expanded into hypertension, weight management and behavioural health. It raised about US$235 million privately before listing on Nasdaq in July 2019 and was acquired by Teladoc Health in a US$18.5 billion transaction completed in October 2020. 7wire Ventures has described Livongo as the anchor success of its portfolio. |
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 |
|---|---|---|---|---|
| Cambridge, MA | 5 | Lead | Sep 2014 | |
| Menlo Park, 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 | |
This data is available for Pro users. Sign up to see all 15 Livongo investors. Start Free Trial | ||||
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 | |||
This data is available for Pro users. Sign up to see all Livongo acquisitions and their M&A valuation multiples. Start Free Trial | |||
Livongo Competitors
Livongo competitors include listed companies like JMDC and Revvity, 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 | $250M | - | $7B | - | |
 Hangzhou | Private | $267M | - | $7B | 50.4x | |
 Lisbon | Private | $240M | - | $4B | 16.7x | |
 Japan | Publicly listed | $319M | $87M | $1.5B | 4.6x | |
| United States | Publicly listed | $2.9B | $735M | $17B | 6.8x |
Livongo Public Comps
Livongo is no longer listed, but its public comps include Revvity, Solventum, ICON plc, Tempus AI, Max Healthcare Institute, Oscar Health, Hinge Health, Caris Life Sciences and IQVIA.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.9B | $735M | 6.8x | 6.8x | 26.5x | 21.4x | |||
| $8.3B | $2.5B | 2.4x | 2.4x | 7.9x | 9.9x | |||
| $8.3B | $816M | 2.2x | 2.2x | 22.1x | 13.3x | |||
| $1.3B | ($131M) | 11.5x | 9.4x | (111.8x) | 268.5x | |||
| $874M | $236M | 11.5x | 8.9x | 42.4x | 32.9x | |||
| $12B | ($391M) | 0.8x | 0.5x | (24.4x) | 13.2x | |||
| $588M | ($522M) | 15.4x | 10.8x | (17.4x) | 36.3x | |||
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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 Revvity. |
| 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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