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- Pearl Health
Pearl Health Valuation, Funding & Investors
Pearl Health is valued at $733M as of July 2026.
Last Pearl Health valuation
$733M
Series C · Jul 2026
Last Pearl Health funding round
$50M
Series C · Jul 2026
Cumulative funding Pearl Health raised
$145M
across 4 funding rounds
Key investors in Pearl Health
AlleyCorp
Andreessen Horowitz
Viking Global Investors
SV Angel
Ulysses Capital
About Pearl Health
Pearl Health is a technology platform enabling primary care practices to thrive in value-based care arrangements. Boston-headquartered and founded in 2020, it equips providers with analytics, care coordination tools, and revenue cycle management for Traditional Medicare and Medicare Advantage. The company partners with practices across 44 states, supported by investors including Andreessen Horowitz and Viking Global Investors.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$733M (Jul 2026)
Pearl Health Valuation
Pearl Health is currently valued at $733M, based on its Series C in July 2026.
The $50M round was led by Andreessen Horowitz, with participation from Viking Global Investors, Ulysses Capital and AlleyCorp.
Pearl Health valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2026 | Series C | $733M |
Pearl Health Funding History
Pearl Health has raised a total of $145M across 4 funding rounds.
Pearl Health's first fundraising round was a $2M seed round in December 2020. The most recent completed round was a $50M Series C in July 2026.
Pearl Health funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2026 | Series C | Andreessen Horowitz (lead); Viking Global Investors; Ulysses Capital; AlleyCorp | $50M | $733M | Pearl Health raised $110 million in total capital on July 8, 2026, structured as a $50 million Series C equity round and a $60 million debt facility. The equity round was led by Andreessen Horowitz with participation from Viking Global Investors, AlleyCorp, and Ulysses Capital, while Trinity Capital led the debt facility. This financing brings Pearl Health's total reported equity funding to $125.5 million, with $125 million raised in equity prior to this round. The capital will expand Pearl Health's AI platform to convert clinical intelligence into measurable outcomes, accelerate growth across enterprise health system and payer partnerships, support expansion into Medicare Advantage, and launch new risk offerings. The strategic focus targets better care delivery and lower costs for Medicare patients through intelligent risk management. Founded in 2020 by Ankit Patel, Jeff De Flavio, Kevin Ryan, and Michael Kopko, Pearl Health is a New York-based healthcare technology company enabling primary care providers to manage risk and deliver value-based care to Medicare patients. CEO Michael Kopko confirmed the deal exclusively to Axios Pro, noting the company's Medicare-focused positioning. AlleyCorp, Kevin Ryan's healthcare investment fund, participated as an investor and had previously backed Pearl Health at Series A and Series B stages. |
| Jan 2023 | Series B | Andreessen Horowitz (lead); Viking Global Investors (lead); SV Angel; AlleyCorp | $75M | - | Pearl Health is a healthcare technology company focused on physician enablement and risk-bearing in value-based care, launched in November 2020. The platform helps primary care providers transition to value-based care models by providing data science tools and software that enable providers to participate in Medicare's ACO REACH Model and other alternative payment arrangements. In January 2023, Pearl Health announced a $75 million Series B funding round led by Andreessen Horowitz's Growth Fund and Viking Global Investors, with participation from AlleyCorp, SV Angel's Growth Fund, and other investors. The round comprised $55 million in equity capital and an anticipated $20 million line of credit, bringing total funding to over $100 million. At the time of the Series B, Pearl Health had achieved significant traction: over 800 primary care providers across 29 states had partnered with the company, representing more than 10x year-over-year growth. These providers served approximately 43,000 Medicare-covered lives on the platform. The company planned to use the new funding to expand its network, develop new partnerships, broaden product offerings, and invest in research and development to accelerate innovation in value-based care solutions. |
| Sep 2021 | Series A | Andreessen Horowitz; AlleyCorp | $18M | - | Pearl Health is a technology company focused on physician enablement and risk-bearing in value-based care, particularly supporting independent primary care physicians in managing Medicare risk through technology that simplifies patient data, tracks key metrics like readmission rates, and facilitates participation in models like Direct Contracting. Founded in 2020 by CEO Michael Kopko, Ankit Patel, and Jeffrey De Flavio, the company aims to create an efficient marketplace for healthcare risk by aligning economic incentives with patient outcomes and enabling customized contracts among physicians, payers, and digital health innovators. By late 2022, Pearl had grown to serve 804 physicians across 120 practices in 29 states, managing care for about 43,000 Medicare-covered lives. In September 2021, Pearl Health raised an $18 million Series A funding round led by Andreessen Horowitz (a16z), with follow-on participation from AlleyCorp and Kevin Ryan. This round was announced to build technology infrastructure for provider workflows, expose individual physicians to financial risk, and foster a marketplace for risk liquidity, where each primary care physician influences around $10 million in annual healthcare spend. Subsequent funding included a $75 million oversubscribed Series B in January 2023 led by a16z's Growth Fund and Viking Global Investors, with AlleyCorp participation, comprising $55 million in equity and $20 million in credit line, bringing total funding over $100 million; secondary sources mention an approximate $300 million valuation for this later round. Pearl continued growth with a corporate minority investment from Walgreens Boots Alliance in September 2023 and partnerships like one with Walgreens in late 2023 to expand value-based care adoption. Competitors include UpStream Healthcare and Aledade, which have also raised significant Series B and later rounds. |
| Dec 2020 | Seed | AlleyCorp | $2M | - | - |
Who has invested in Pearl Health?
5 investors have backed Pearl Health across its funding rounds, including AlleyCorp, Andreessen Horowitz, Viking Global Investors, SV Angel and Ulysses Capital.
Lead investors include Andreessen Horowitz and Viking Global Investors.
Pearl Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Participant | Dec 2020 | ||
| 3 | Lead | Sep 2021 | ||
| 2 | Lead | Jan 2023 | ||
This data is available for Pro users. Sign up to see all 5 Pearl Health investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialPearl Health Competitors
Pearl Health competitors include listed companies like Craneware and Waystar, and private ones like Cohere Health, HealthVerity, BrightInsight and Overjet.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $750M | - | ||
| Publicly listed | $206M | $59M | $589M | 2.7x | ||
| Publicly listed | $1.1B | $390M | $5.1B | 5.2x | ||
| Private | - | - | $721M | - | ||
| Private | - | - | $750M | - | ||
| Private | - | - | $712M | - |
Pearl Health Public Comps
Pearl Health is still privately-owned, but its public comps include B-Soft Co., Sphere, Phreesia, Hangzhou Pinming Software, Craneware, Weave Communications, RaySearch Labs, MedicalSystem Technology, HealthStream and Shang Gong Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $157M | ($37M) | 4.7x | 4.8x | (20.0x) | (20.0x) | |||
| $70M | $6M | 14.3x | 6.9x | 156.3x | 103.0x | |||
| $481M | $27M | 1.3x | 1.3x | 23.2x | 5.3x | |||
| $65M | $8M | 12.5x | 11.9x | 100.2x | - | |||
| $206M | $59M | 2.8x | 2.7x | 9.7x | 8.7x | |||
| $239M | ($13M) | 2.3x | 2.1x | (44.4x) | 35.9x | |||
| $137M | $59M | 4.4x | 4.2x | 10.1x | 9.3x | |||
| $45M | $12M | 18.9x | 15.6x | 70.7x | 62.9x | |||
This data is available for Pro users. Sign up to see all Pearl Health competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pearl Health
| When was Pearl Health founded? | Pearl Health was founded in 2020. |
| Where is Pearl Health headquartered? | Pearl Health is headquartered in New York City, NY, United States. |
| Is Pearl Health publicly listed? | No, Pearl Health is a private, VC-backed company. |
| What is Pearl Health's valuation? | Pearl Health was last valued at $733M in its Series C in July 2026. |
| How much funding has Pearl Health raised? | Pearl Health has raised $145M across 4 funding rounds. |
| What was Pearl Health's last funding round? | Pearl Health's last funding round was a $50M Series C in July 2026, led by Andreessen Horowitz. |
| Who are Pearl Health's investors? | Pearl Health's investors include AlleyCorp, Andreessen Horowitz, Viking Global Investors, SV Angel and Ulysses Capital. |
| Which companies are comparable to Pearl Health? | Companies comparable to Pearl Health include Cohere Health, Craneware, Waystar, HealthVerity, BrightInsight and Overjet. |
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