Quartet Health Acquisition, Valuation, Funding & Investors
Quartet Health was acquired by NeuroFlow in January 2025.
Quartet Health acquisition price
Undisclosed
Acquired by NeuroFlow · Jan 2025
Quartet Health revenue
$50M
Undisclosed stage · Feb 2022
Cumulative funding Quartet Health raised
$266M
across 7 funding rounds
Key investors in Quartet Health
Oak HC/FT
GV
F-Prime
Polaris Partners
Deerfield Capital Management
Employee Stock Option Fund
About Quartet Health
Quartet Health is a New York-based platform founded in 2014 that integrates mental health care with primary care, matching patients to providers based on preferences, needs, and insurance across the United States.
Founded
2014
HQ
New York City, NYWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Services, Subscription
Revenue
$50M (Feb 2022)
Valuation
$640M (Feb 2022)
Quartet Health Acquisition
Quartet Health was acquired by NeuroFlow for an undisclosed price on 29 January 2025.
Before the acquisition Quartet Health had raised $266M across 7 funding rounds.
NeuroFlow, a Philadelphia-based behavioral health technology and analytics company, acquired Quartet Health, a New York City-based value-based behavioral health care enablement platform that connects patients with behavioral care needs to high-quality providers through its Care Connections platform, health plans, health systems, and community centers. The deal, announced on January 29, 2025, is expected to close by the end of January, with terms undisclosed. This follows Quartet's recent divestiture of its innovaTel telepsychiatry division to Iris Telehealth, enhancing focus on core enablement services. The acquisition expands NeuroFlow's AI-powered platform, which integrates behavioral health into physical health workflows for care delivery, quality visibility, and risk management, by adding Quartet's extensive behavioral health provider network and referral management capabilities. It serves NeuroFlow's existing customers including national payers like Independence Blue Cross, health systems, and the federal government, while onboarding Quartet's clients. Strategic rationale includes accelerating accessible, personalized behavioral health care, building on NeuroFlow's prior deals: Owl Health acquisition in 2024 for measurement-based care and Intermountain Health's behavioral health risk model earlier in January 2025. NeuroFlow CEO Chris Molaro described the move as pivotal for NeuroFlow, Quartet customers, and behavioral health's future, emphasizing platform integration for better continuity and cost efficiency. Quartet CEO Christina Mainelli noted alignment in mission to improve quality and affordability for mental illness patients. The transaction reflects ongoing consolidation in behavioral health technology amid efforts to address integration challenges in care quality, outcomes, and costs.
| Acquirer | Date | Type |
|---|---|---|
| 29 Jan 2025 | Strategic M&A |
Quartet Health Valuation
Quartet Health is currently valued at $640M, based on its undisclosed-stage round in February 2022.
The $51M round included Employee Stock Option Fund.
Quartet Health's valuation has grown 2.1x from $300M at its Series C in January 2018 to $640M in February 2022, across 3 priced rounds.
Quartet Health valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2022 | Undisclosed stage | $640M | 12.8x |
| Jun 2019 | Series D | $490M | - |
| Jan 2018 | Series C | $300M | - |
Quartet Health Revenue
Quartet Health's latest recorded revenue is $50M, as of its undisclosed-stage round in February 2022. At a $640M valuation, that implies a 12.8x revenue multiple.
Quartet Health revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2022 | $50M | $640M | 12.8x | Undisclosed stage |
* 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.
Quartet Health Funding History
Quartet Health has raised a total of $266M across 7 funding rounds.
Quartet Health's first fundraising round was a $7M Series A in March 2015. The most recent completed round was a $51M undisclosed-stage round in February 2022.
Quartet Health funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2022 | Undisclosed stage | Employee Stock Option Fund | $51M | $640M | Quartet Health is a New York City-based behavioral health technology platform founded in 2014 that serves as a virtual front door to mental health care. The company uses technology to help patients and referring primary care providers connect to behavioral health providers, operating with insurance plans and health care systems across multiple states. Unlike many behavioral health competitors that charge both insurers and patients, Quartet employs a SaaS-style business model, signing long-term contracts with health insurance companies for annual per-member fees with incentives tied to quality of care and cost reduction. In February 2022, Quartet Health raised $60 million in funding led by Independence Health Group, with existing investors GV and Oak HC/FT also participating in the round. This funding brought the company's total capital raised to approximately $216.5 million across nine rounds by early 2025. As of 2022, Quartet Health was valued at $640 million, representing a 13x revenue multiple based on estimated 2021 revenue of $49.7 million, an increase of 50% over 2020. By the time of the 2022 funding round, the platform had grown to 12,000 mental health providers and had connected with over 300,000 patients across Medicaid, Medicare Advantage, and commercial insurance plans. The company was eventually acquired by NeuroFlow on January 29, 2025, marking the end of its independent operations as a venture-backed firm. |
| Dec 2021 | Strategic investment | Independence Blue Cross (lead); GV; Oak HC/FT | $60M | - | Quartet Health is a behavioral healthcare platform founded in 2014 and based in New York that expands access to mental health and behavioral health care for individuals across multiple settings. The company provides integrated services including care enablement and delivery, patient-provider matching, payment models, and combined physical and behavioral health services for health plans, health systems, and community mental health centers. In December 2021, Quartet Health raised $60 million in a corporate funding round led by Independence Blue Cross, with participation from previous investors including Oak HC/FT and Google Ventures. This round was intended to expand the platform's services and improve mental health care delivery, particularly for underserved populations. Quartet Health had raised a total of approximately $266 million across multiple funding rounds by early 2022. In January 2025, the company was acquired by NeuroFlow, marking a significant exit in the behavioral health technology sector. |
| Dec 2019 | Series D | Echo Ventures (lead); Deerfield Capital Management; Blue Cross and Blue Shield of North Carolina | $8M | - | Quartet Health raised $7.5 million in a December 2019 extension to its Series D round, led by Echo Ventures with participation from Blue Cross and Blue Shield of North Carolina and Deerfield Capital Management. This followed a $60 million Series D tranche in June 2019 led by Centene. The funding supported platform enhancements and growth in behavioral health integration with primary care. Quartet Health provides a technology platform connecting patients and primary care providers to behavioral health services, operating in multiple states including Pennsylvania, North Carolina, and others by late 2019. The company partners with health plans and systems to improve access to mental health care through coordinated services and data analytics. By 2021, Quartet had raised over $200 million total and expanded to 14 states, planning further growth. It was later acquired by NeuroFlow in January 2025. |
| Jun 2019 | Series D | Centene (lead); GV; Polaris Partners; F-Prime; Oak HC/FT | $60M | $490M | Quartet Health is a behavioral health technology startup founded in 2014 that integrates mental health care with primary care by using data and a central platform to connect physicians, mental health providers, and payers, enabling coordinated care, shared treatment plans, and better patient outcomes, particularly for underserved populations like Medicaid beneficiaries. The company raised $60 million in a Series D funding round on June 13, 2019, led by Centene Corporation, with participation from existing investors F-Prime Capital Partners, GV (formerly Google Ventures), Oak HC/FT, and Polaris Partners, bringing total funding to $153 million. The investment supports expansion of Quartet's platform, including access for non-clinical providers like case managers and social workers, and initial rollout to Centene's Medicaid members in Louisiana and Illinois, aligning with Centene's focus on whole-person care amid its pending $17.3 billion acquisition of WellCare. Quartet operates in multiple U.S. markets including Pennsylvania, Washington, Northern California, New Jersey, North Carolina, Louisiana, and Illinois, aiming to address the disproportionate mental health impact on Medicaid populations where average spend for beneficiaries with conditions is four times higher. Centene, the largest U.S. Medicaid managed care provider serving over 72 million, views the partnership as advancing technology for behavioral health integration. The funding signals industry shift toward integrated mental health, with Quartet positioning as a leader in care coordination to reduce costs and improve access. |
| Jan 2018 | Series C | F-Prime (lead); Polaris Partners (lead); GV; Deerfield Capital Management; Oak HC/FT | $40M | $300M | Quartet Health, founded in 2014 by Arun Gupta, Steve Shulman, and David Wennberg, developed care coordination software and services to improve clinical outcomes and reduce costs for patients with behavioral health as a primary or comorbid condition, aiming to build a collaborative behavioral and physical health ecosystem. The company raised a $40 million Series C round in January 2018, led by F-Prime Capital and Polaris Partners, with participation from GV and Oak HC/FT. Prior to the Series C, Quartet Health had secured a $40 million Series B in April 2016 led by GV, marking Google's venture arm's first investment in a mental health startup, and a $7 million Series A led by Oak HC/FT. The Series C proceeds were intended to expand the platform's reach across the U.S. and enhance mental health care coordination. New board members added included F-Prime's Carl Byers, Anthem executive Ken Goulet, and former Rackspace CEO Lanham Napier. Subsequent rounds included a $60 million Series D in June 2019 led by Centene, and a $51 million round in February 2022. By 2025, Quartet Health was acquired by NeuroFlow following the divestiture of its tele-psychiatry assets to Iris Telehealth. The company had raised approximately $266 million in total funding across multiple rounds from investors including Deerfield Capital Management, F-Prime, GV, Oak HC/FT, and Polaris Partners. |
| Apr 2016 | Series B | GV (lead); Polaris Partners; F-Prime; Oak HC/FT | $40M | - | Quartet Health raised $40 million in Series B funding in April 2016 led by GV (Google Ventures), marking GV's first investment in a mental health startup. Existing investors Oak HC/FT Partners, F-Prime Capital Partners, and Polaris Partners also participated in the round. Founded in 2014, Quartet Health operates a platform designed to close the gap between physical and mental healthcare by enabling primary care doctors and mental health professionals to collaborate more effectively. The company's data scientists create algorithms to help identify patients at risk for additional health issues and facilitate referrals to providers in Quartet's network or to online cognitive behavioral therapy and consultation tools. The $40 million Series B capital was allocated toward entering six new markets in the United States over the following year, including Massachusetts, the Midwest, and the West Coast. The company had demonstrated early traction by connecting patients to mental health services through partnerships with insurance plans and health systems, positioning itself as a comprehensive solution at the point of care that integrated behavioral and physical health services. By December 2021, Quartet Health had raised $222 million cumulatively and had connected with over 300,000 patients across Medicaid, Medicare Advantage, and commercial insurance plans. |
| Mar 2015 | Series A | Oak HC/FT (lead); Accretive LLC; Polaris Partners; Kal Vepuri; Nicolas Berggruen; Brainchild Holdings; F-Prime; Richard Kresch; Frank Williams; Shulman Ventures; Mary Tolan; Oxeon Partners | $7M | - | Quartet Health raised $7 million in its Series A round in March 2015, led by Oak HC/FT, with participation from Shulman Ventures, Fidelity Biosciences (F-Prime), Polaris Partners, and individual investors including industry CEOs serving as advisors. Annie Lamont of Oak HC/FT joined the board alongside Steve Shulman, former CEO of Magellan Health and Prudential Healthcare, and CEO Arun Gupta. The funding supported developing and expanding the platform's capabilities to facilitate mental health care access. Quartet Health is a New York-based technology company providing tech infrastructure to improve behavioral health referrals by primary care physicians. Oak HC/FT, a venture growth-equity firm focused on healthcare and financial technology, led the investment. |
Who has invested in Quartet Health?
19 investors have backed Quartet Health across its funding rounds, including Oak HC/FT, GV, F-Prime, Polaris Partners, Deerfield Capital Management and Employee Stock Option Fund.
Lead investors include Independence Blue Cross, Echo Ventures, Centene, F-Prime, Polaris Partners and 2 other investors.
Quartet Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Greenwich, CT | 5 | Lead | Mar 2015 | |
| San Francisco, CA | 4 | Lead | Apr 2016 | |
| Boston, MA | 4 | Lead | Mar 2015 | |
| United States | 4 | Lead | Mar 2015 | |
| Los Angeles, CA | 2 | Participant | Jan 2018 | |
| New York City, NY | 1 | Participant | Mar 2015 | |
| New York City, NY | 1 | Participant | Mar 2015 | |
| Los Angeles, CA | 1 | Participant | Mar 2015 | |
| Philadelphia, PA | 1 | Participant | Mar 2015 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Richard Kresch | New York City, NY | 1 | Participant | Mar 2015 |
| Durham, NC | 1 | Participant | Dec 2019 | |
| Frank Williams | San Francisco, CA | 1 | Participant | Mar 2015 |
| Philadelphia, PA | 1 | Lead | Dec 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Quartet Health
Quartet Health has acquired 1 company to date.
Last acquisition by Quartet Health was on December 8th 2021. Quartet Health acquired InnovaTel Telepsychiatry for undisclosed valuation.
Latest Acquisitions by Quartet Health
| Description | InnovaTel Telepsychiatry is a telehealth provider delivering psychiatric care to mental health facilities nationwide. Services encompass initial psychiatric evaluations, medication management, consultations, remote medical directorship, medication-assisted treatment for substance use, diagnostic assessments, individual psychotherapy, and group therapy sessions. The company integrates with electronic health records for seamless care coordination. Headquartered in Fargo, North Dakota, InnovaTel Telepsychiatry supports over 200 clinics by expanding access in rural and underserved regions. |
| HQ Country | |
| HQ City | Erie, PA |
| Deal Date | 8 Dec 2021 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Quartet Health acquisitions and their M&A valuation multiples. Start Free Trial | |
Quartet Health Competitors
Quartet Health competitors include listed companies like Guiyang Longmaster and Medley Inc., and private ones like Elemy, Helian Health, mfine and DocPlanner.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $1.1B | - | |
 China | Publicly listed | $44M | $5M | $482M | - | |
 Japan | Publicly listed | $236M | $32M | $459M | 1.8x | |
| Hangzhou | Private | - | - | $900M | - | |
 Bangalore | Private | - | - | $450M | - | |
 Warsaw | Private | - | - | $1B | - |
Quartet Health Public Comps
Quartet Health is no longer listed, but its public comps include Phreesia, Craneware, Weave Communications, RaySearch Labs, Shang Gong Group, Heren Health, Equasens, Claritev, B-Soft Co. and Sphere.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $481M | $27M | 1.3x | 1.3x | 23.2x | 5.3x | |||
| $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 | |||
| $649M | $27M | 1.0x | - | 23.7x | - | |||
| $65M | $11M | 7.4x | - | 42.4x | - | |||
| $272M | $75M | 1.9x | 1.8x | 7.0x | 6.7x | |||
| $965M | $466M | 5.4x | 5.2x | 11.2x | 8.5x | |||
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Common questions about Quartet Health
| When was Quartet Health founded? | Quartet Health was founded in 2014. |
| Where is Quartet Health headquartered? | Quartet Health is headquartered in New York City, NY, United States. |
| Is Quartet Health publicly listed? | No, Quartet Health was acquired by NeuroFlow in January 2025. |
| Who acquired Quartet Health? | Quartet Health was acquired by NeuroFlow in January 2025. |
| What is Quartet Health's valuation? | Quartet Health was last valued at $640M in its undisclosed-stage round in February 2022. |
| How much funding has Quartet Health raised? | Quartet Health has raised $266M across 7 funding rounds. |
| What was Quartet Health's last funding round? | Quartet Health's last funding round was a $51M undisclosed-stage round in February 2022. |
| Who are Quartet Health's investors? | Quartet Health's investors include Oak HC/FT, GV, Polaris Partners, F-Prime, Deerfield Capital Management, Accretive LLC, Kal Vepuri, Nicolas Berggruen, Brainchild Holdings, Richard Kresch and 9 others. |
| What is Quartet Health's revenue? | Quartet Health's latest recorded revenue is $50M (February 2022). |
| What is Quartet Health's revenue multiple? | Quartet Health's latest valuation implies a 12.8x revenue multiple ($640M valuation on $50M of revenue). |
| Which companies are comparable to Quartet Health? | Companies comparable to Quartet Health include Elemy, Guiyang Longmaster, Medley Inc., Helian Health, mfine and DocPlanner. |
| How many companies has Quartet Health acquired? | Quartet Health has acquired 1 company, including InnovaTel Telepsychiatry. |
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