MDLIVE Acquisition, Valuation, Funding & Investors
MDLIVE was acquired by Evernorth for $2B in February 2021, a 10.6x multiple on $189M of revenue.
MDLIVE acquisition price
$2B
Acquired by Evernorth · Feb 2021
MDLIVE revenue at acquisition
$189M
Last twelve months · Feb 2021
MDLIVE revenue multiple at acquisition
10.6x
EV/Revenue · Feb 2021
Cumulative funding MDLIVE raised
$174M
across 4 funding rounds
About MDLIVE
MDLIVE is a telehealth provider delivering on-demand virtual care, behavioral health, and chronic condition management through app, web, and phone. Headquartered in Jacksonville, Florida, and acquired by Cigna in 2021, the platform serves 57 million members via employer, payer, and hospital partnerships, conducting 10 million visits annually.
Founded
2009
HQ
Pensacola, FLWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$189M (Feb 2021)
Valuation
$1B (Sep 2020)
MDLIVE Acquisition
MDLIVE was acquired by Evernorth for $2B on 26 February 2021.
The acquisition price implies a 10.6x revenue multiple on $189M of revenue.
Before the acquisition MDLIVE had raised $174M across 4 funding rounds.
MDLIVE is a 24/7 virtual care delivery platform offering urgent care, dermatology, therapy, psychiatry, and other medical services through a network of certified clinicians. The company serves consumers directly and partners with health systems, employers, and payers including Cigna. Evernorth, Cigna's health services subsidiary, acquired MDLIVE to expand its capabilities in virtual care delivery and complement its existing portfolio of pharmacy benefit management, specialty pharmacy, behavioral and clinical care, and health intelligence services. The acquisition was announced on February 26, 2021, with an expected close in Q2 2021, pending regulatory approval. MDLIVE had previously raised nearly $200 million in equity funding and received a $50 million investment from Sixth Street Growth in September 2020. The company had been exploring a public offering but pivoted to the acquisition to accelerate its growth strategy and gain access to Evernorth's and Cigna's broader client base. Evernorth positioned MDLIVE's platform as complementary rather than replacement for existing provider relationships, aiming to improve affordability, accessibility, and care coordination.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 26 Feb 2021 | Strategic M&A | $2B | 10.6x |
MDLIVE Valuation
MDLIVE is currently valued at $1B, based on its undisclosed-stage round in September 2020.
The $50M round was led by Sixth Street.
MDLIVE valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2020 | Undisclosed stage | $1B |
MDLIVE Funding History
MDLIVE has raised a total of $174M across 4 funding rounds.
MDLIVE's first fundraising round was a $24M undisclosed-stage round in January 2014. The most recent completed round was a $50M undisclosed-stage round in September 2020.
MDLIVE funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2020 | Undisclosed stage | Sixth Street (lead) | $50M | $1B | MDLIVE is a virtual healthcare platform founded in 2009 that offers telehealth services across all 50 states. The company operates an AI-equipped online platform enabling users to book video consultations with physicians, serving over 45 million members at the time of this round. In September 2020, MDLIVE announced a $50 million crossover equity investment from Sixth Street Growth, the growth investing arm of Sixth Street, alongside a separate $25 million debt expansion. Following this investment, the company achieved a $1 billion valuation, entering unicorn territory. The funding was designated for strategic expansion of MDLIVE's Virtual Primary Care digital health platform and the launch of supporting products and services. MDLIVE experienced accelerated growth during the COVID-19 pandemic, with virtual visits increasing over 95% in the first half of 2020 and total bookings surging over 300%. Through July 2020, the company completed nearly 1 million patient visits with significant year-over-year growth across service lines: 500% for behavioral health, 350% for dermatology, and 80% for medical care. The company maintained operational efficiency with over 2,000 active clinicians in its provider network and average wait times of 7.7 minutes. Prior to this round, MDLIVE had raised over $173 million in total funding from investors including Sutter Health, Cigna, Health Care Service Corporation, Novo Holdings, Sentara Healthcare, Industry Ventures, Health Velocity Capital, Heritage Group, and Bedford Funding. Company leadership indicated plans to pursue an IPO in early 2021, typical timing for crossover investors like Sixth Street who invest in both private and public company stages. |
| Aug 2018 | Undisclosed stage | Cigna Group (lead); Health Care Service Corporation (lead); Health Velocity Capital (lead); Industry Ventures; Novo Holdings | $50M | - | MDLIVE, a Sunrise, Florida-based telehealth company founded in 2009, provides virtual care services including consultations with physicians, dermatologists, psychiatrists, and therapists via web or mobile app. It partners with health systems, payers, and employers to deliver multi-specialty virtual access to care as a member benefit. The company focuses on high-quality, convenient, cost-effective solutions addressing cost and access challenges in healthcare. On August 1, 2018, MDLIVE closed a $50 million growth equity investment round led by Health Velocity Capital, Cigna, and Health Care Service Corporation (HCSC), with participation from Novo Holdings A/S and Industry Ventures. Existing investors included Sentara Healthcare, Sutter Health, Heritage Group, and Bedford Funding. The funding aimed to accelerate development of health service offerings like behavioral, dermatological, and medical consultations, launch chronic condition management tools, enhance consumer and clinician experiences, and expand AI-powered features such as Sophie, an intelligent health assistant for predictive health management. CEO Rich Berner highlighted the investment as validation of MDLIVE's results and position as a leading telehealth platform, supported by major health plans and telehealth experts. The round built on prior funding, contributing to nearly $200 million in total equity raised by the company over time. Later developments included a 2021 $50 million equity round from Sixth Street Growth and $25 million debt financing, amid COVID-19-driven growth with virtual visits nearly doubling in early 2020 and strong increases in behavioral health and dermatology volumes. Analysts estimated valuation over $1 billion then, leading to Cigna's acquisition of MDLIVE via Evernorth, integrating it into comprehensive virtual care offerings. |
| Jun 2015 | Undisclosed stage | Bedford Funding Capital (lead) | $50M | - | MDLIVE is a telemedicine provider offering virtual health appointments and consultations between patients and healthcare providers. The company had established partnerships with major retail and insurance players including Walgreens and Cigna, and had expanded into specialty services such as teletherapy through the acquisition of Breakthrough Behavioral. On June 24, 2015, MDLIVE closed a Series D funding round with a $50 million investment from private equity firm Bedford Funding. The company stated the funding would enable it to continue organic growth, expand its acquisition strategy, and extend consumer reach. At the time of the investment, MDLIVE had raised more than $70 million over the preceding 18 months from various backers including Sutter Health. The company would later be acquired by Cigna's Evernorth subsidiary in February 2021. |
| Jan 2014 | Undisclosed stage | Heritage Group (lead); Kayne Anderson Growth Capital; Kayne Anderson Capital Advisors; Sutter Health | $24M | - | MDLIVE, a Sunrise, Fla.-based telehealth services and software company founded around 2007, secured $23.6 million in funding in January 2014 from Heritage Group, Sutter Health, and Kayne Anderson Capital Advisors, with Heritage Group as a key participant via its Heritage Healthcare Innovation Fund. Previous investors included Sentara Healthcare and John Sculley, former CEO of Apple and PepsiCo and MDLIVE board vice chairman. The funding was intended to expand its cloud-based healthcare system and integrate a Second Opinion program for patients. MDLIVE positioned itself as a leading provider of telehealth services at the time, operating in a nascent digital health sector. Later developments show MDLIVE's growth, including a $50 million investment from Bedford Funding around 2016-2017 and a $50 million crossover equity round from Sixth Street Growth leading to a $1 billion valuation, with total funding exceeding $173 million from investors like Cigna Ventures and Novo Holdings. By mid-2021, it reported nearly 1 million patient visits through July, serving 45 million members across all 50 states with services like Virtual Primary Care, behavioral health, dermatology, and medical care, supported by over 2,000 physicians. |
Who has invested in MDLIVE?
11 investors have backed MDLIVE across its funding rounds, including Novo Holdings, Industry Ventures, Sixth Street, Kayne Anderson Growth Capital, Heritage Group and Health Velocity Capital.
Lead investors include Sixth Street, Cigna Group, Health Care Service Corporation, Health Velocity Capital, Bedford Funding Capital and 1 other investor.
MDLIVE Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Los Angeles, CA | 1 | Participant | Jan 2014 | |
| San Francisco, CA | 1 | Participant | Aug 2018 | |
| New York City, NY | 1 | Lead | Jun 2015 | |
| Hartford, CT | 1 | Lead | Aug 2018 | |
 Copenhagen | 1 | Participant | Aug 2018 | |
| Los Angeles, CA | 1 | Participant | Jan 2014 | |
| San Francisco, CA | 1 | Lead | Aug 2018 | |
| Nashville, TN | 1 | Lead | Jan 2014 | |
| San Francisco, CA | 1 | Lead | Sep 2020 | |
This data is available for Pro users. Sign up to see all 11 MDLIVE investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by MDLIVE
MDLIVE has acquired 1 company to date.
Last acquisition by MDLIVE was on November 11th 2014. MDLIVE acquired Breakthrough Behavioral for undisclosed valuation.
Latest Acquisitions by MDLIVE
| Description | Breakthrough Behavioral is a Las Vegas-headquartered healthcare provider established in 2020 that offers telehealth services in dermatology, primary care, psychiatry, and urgent care. Clinicians treat conditions including skin disorders, respiratory infections, cardiovascular issues, and mental health disorders via virtual platforms. The company integrates electronic health records with AI triage for 24/7 access across Nevada. Breakthrough Behavioral contracts with insurers like Aetna and UnitedHealthcare for employer group plans. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 11 Nov 2014 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all MDLIVE acquisitions and their M&A valuation multiples. Start Free Trial | |
MDLIVE Competitors
MDLIVE competitors include listed companies like Ping An Healthcare and JMDC, and private ones like eMed, Kry, Transcarent and Zocdoc.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Miami, FL | Private | - | - | $2B | - | |
 Stockholm | Private | $163M | - | $2B | 12.3x | |
| San Francisco, CA | Private | $50M | - | $2.2B | 44.0x | |
| New York City, NY | Private | $71M | - | $1.8B | 25.4x | |
 China | Publicly listed | $815M | $52M | $1.6B | 0.9x | |
 Japan | Publicly listed | $324M | $88M | $1.5B | 4.6x |
MDLIVE Public Comps
MDLIVE is no longer listed, but its public comps include Ping An Healthcare, JMDC, GoodRx, Teladoc, Talkspace, Guiyang Longmaster, Medley Inc., American Well, Hims and Oscar Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $815M | $52M | 0.9x | 0.9x | 13.4x | 16.9x | |||
| $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 | |||
| $229M | $6M | 3.4x | 3.4x | 129.3x | 49.4x | |||
| $44M | $5M | 10.0x | - | 87.9x | - | |||
| $236M | $32M | 2.1x | 1.8x | 15.7x | 13.2x | |||
| $249M | ($63M) | 0.2x | 0.2x | (0.8x) | (3.1x) | |||
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Common questions about MDLIVE
| When was MDLIVE founded? | MDLIVE was founded in 2009. |
| Where is MDLIVE headquartered? | MDLIVE is headquartered in Pensacola, FL, United States. |
| Is MDLIVE publicly listed? | No, MDLIVE was acquired by Evernorth in February 2021. |
| Who acquired MDLIVE? | MDLIVE was acquired by Evernorth in February 2021. |
| How much was MDLIVE acquired for? | MDLIVE was acquired for $2B in February 2021, a 10.6x revenue multiple. |
| What is MDLIVE's valuation? | MDLIVE was last valued at $1B in its undisclosed-stage round in September 2020. |
| How much funding has MDLIVE raised? | MDLIVE has raised $174M across 4 funding rounds. |
| What was MDLIVE's last funding round? | MDLIVE's last funding round was a $50M undisclosed-stage round in September 2020, led by Sixth Street. |
| Who are MDLIVE's investors? | MDLIVE's investors include Kayne Anderson Growth Capital, Industry Ventures, Bedford Funding Capital, Cigna Group, Novo Holdings, Kayne Anderson Capital Advisors, Health Velocity Capital, Heritage Group, Sixth Street, Health Care Service Corporation and 1 other. |
| Which companies are comparable to MDLIVE? | Companies comparable to MDLIVE include eMed, Kry, Transcarent, Zocdoc, Ping An Healthcare and JMDC. |
| How many companies has MDLIVE acquired? | MDLIVE has acquired 1 company, including Breakthrough Behavioral. |
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