Sword Health Revenue, Valuation, Funding & Investors

Sword Health is valued at $4B as of June 2025, a 16.7x revenue multiple. Sword Health revenue was $240M, as disclosed with its latest round.

Last Sword Health valuation

$4B

Undisclosed stage · Jun 2025

Last Sword Health funding round

$40M

Undisclosed stage · Jun 2025

Sword Health revenue

$240M

Undisclosed stage · Jun 2025

Key investors in Sword Health

  • Khosla Ventures
  • Green Innovations
  • Founders Fund
  • General Catalyst
  • Transformation Capital
  • Vesalius Biocapital Partners

Sword Health Overview

About Sword Health

Sword Health is a digital health company that delivers physical therapy and related care through an AI-guided platform combined with licensed clinicians. It was founded in Portugal in 2015 by Virgilio Bento and Marcio Colunas and operates in the United States, Ireland and Portugal. Its programs cover musculoskeletal pain, women's health, cardiometabolic risk and mental health, and are sold to employers and health plans, which pay for their members to use the service. The company said it works with more than 1,000 enterprise clients and has raised more than 300 million dollars from investors including Khosla Ventures, General Catalyst, Transformation Capital and Founders Fund. It raised 40 million dollars at a 4 billion dollar valuation in June 2025 and bought Surgery Hero in 2025 and Kaia Health in 2026. In August 2026 it announced an agreement to acquire Headspace.


Founded

2015

HQ

PortugalLisbon

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Revenue

$240M (Jun 2025)

Valuation

$4B (Jun 2025)

Sword Health Valuation

Sword Health is currently valued at $4B, based on its undisclosed-stage round in June 2025. Read the announcement ↗

The $40M round was led by General Catalyst, with participation from Lince Capital, Comcast Ventures, Khosla Ventures, Armilar Venture Partners, Michal Valko and 3 other investors.

Sword Health's valuation has grown 2.0x from $2B at its secondary sale in November 2021 to $4B in June 2025, across 5 priced rounds.

Sword Health valuation by funding round

Revenue multiple
Sword Health valuation by funding round
DateStageValuationRevenue Multiple
Jun 2025Undisclosed stage$4B16.7x
Jun 2024Secondary$3B-
Jun 2024Series E$3B-
Nov 2021Series D$2B-
Nov 2021Secondary$2B-

Sword Health Revenue

Sword Health's latest recorded revenue is $240M, as of its undisclosed-stage round in June 2025. At a $4B valuation, that implies a 16.7x revenue multiple.

Sword Health revenue by funding round

Sword Health revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jun 2025$240M$4B16.7xUndisclosed 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.

Sword Health Funding History

Sword Health has raised a total of $365M across 8 funding rounds, plus 2 secondary share sales.

Sword Health's first fundraising round was a $5M seed round in April 2018. The most recent completed round was a $40M undisclosed-stage round in June 2025.

Sword Health funding rounds

Sword Health funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2025Undisclosed stageGeneral Catalyst (lead); Lince Capital; Comcast Ventures; Khosla Ventures; Armilar Venture Partners; Michal Valko; Indico Capital Partners; Oxy Capital; Shilling VC$40M$4BSword Health, a digital healthcare company founded in Portugal and headquartered in New York, provides AI-powered virtual physical rehabilitation, pain management, pelvic health, and now mental health solutions through wearables like the M-band and platforms such as Mind, which combines AI with clinicians for proactive care to reduce healthcare costs and prevent unnecessary surgeries. The company raised $40 million on June 17, 2025, in a round led by General Catalyst, with participation from Khosla Ventures, Comcast Ventures, Lince Capital, Oxy Capital, Armilar Venture Partners, Indico Capital Partners, and Shilling, bringing total funding to $380 million and post-money valuation to $4 billion, up from $3 billion in the prior $130 million Series E. Funds will support global expansion, AI development across care areas, and M&A acceleration, including the recent all-equity acquisition of UK-based Surgery Hero for surgical outcome tools. Sword Health reports a $240 million annual revenue run rate and is cash-flow positive, with CEO Virgílio Bento pushing IPO plans to at least 2028 while anticipating a larger future round, amid a trend of VC interest in AI healthcare startups like Hinge Health and Omada.
Jun 2024SecondaryKhosla Ventures$100M$3BSword Health develops an AI-powered virtual physical therapy platform that combines clinician expertise with proprietary AI to deliver personalized musculoskeletal (MSK) care, aiming to free two billion people from pain. The platform has delivered over three million AI sessions to members from more than 10,000 employers across three continents. On June 4, 2024, Sword Health raised $130 million in a mix of $30 million primary and $100 million secondary sale, with participation from Khosla Ventures, General Catalyst, Founders Fund, and others, increasing its valuation to $3 billion—a 50% rise from the $2 billion Series D valuation in November 2021. The secondary portion provided liquidity to current and former employees and early investors, while the primary funds are held in reserve. Total funding raised reached $340 million. The company reported nearly tripled revenue growth in the prior year leading up to the round and forecasts profitability by year-end 2024. Sword Health competes with Hinge Health and plans a potential IPO by 2025. Khosla Ventures, an early backer since the $8 million Series A in 2019, continues to support its AI Care expansion.
Jun 2024Series E-$30M$3BSword Health is an AI-powered digital healthcare company providing virtual physical therapy, musculoskeletal care, and pain management through motion sensor wearables and AI care programs, shifting from human-first to AI-first healthcare delivery. It serves employers and health plans like Cisco, Domino’s, and Highmark, with over 10,000 employers across three continents, 37 patents, and FDA-listed products. In June 2024, Sword raised $130 million in a mix of $30 million primary and $100 million secondary sales, boosting its post-money valuation to $3 billion from $2 billion in its 2021 Series D, led by investors including Khosla Ventures, General Catalyst, BOND, and Founders Fund; total funding reached $340 million. CEO Virgílio Bento noted the company was cash-rich, forecasting profitability by year-end, and used the round to provide liquidity to employees and signal market strength amid tough fundraising conditions without needing funds for operations. Sword competes with Hinge Health (valued at $6.2 billion in 2021) in virtual therapy and has pursued growth through AI advancements like Phoenix, an independent clinical-grade AI care solution, and acquisitions such as UK-based Surgery Hero in January 2024. The company aimed for an IPO by 2025 if market conditions allowed. In June 2025, Sword raised $40 million led by General Catalyst with participation from Khosla Ventures, Comcast Ventures, Lince Capital, Oxy Capital, Armilar, Indico Capital, and Shilling, achieving a $4 billion valuation and total funding over $380 million. Funds supported global expansion, AI model development across care areas including mental health (launching Mind solution), and M&A momentum. Previously valued at $3 billion in the 2024 round, this marked further growth for the Portugal-founded firm backed by high-profile VCs.
Nov 2021Series DSapphire Ventures (lead); Sozo Ventures; ADQ; Green Innovations; General Catalyst; LocalGlobe; Willoughby Capital; Khosla Ventures; Nancy Xiao; Founders Fund; Transformation Capital; Bond$163M$2BSword Health is a digital musculoskeletal (MSK) care provider offering AI-powered virtual physical therapy, including an FDA-listed Digital Therapist, wearables for posture correction, and end-to-end clinical platforms connecting patients to physical therapists around-the-clock. Founded in 2015, the company targets self-insured employers and health plans with solutions for MSK condition prevention, treatment, and post-surgical care, aiming to free two billion people from physical pain. In November 2021, Sword Health raised $163 million in a heavily oversubscribed Series D primary round led by Sapphire Ventures, with participation from new investors Sozo Ventures, Willoughby Capital, ADQ, LocalGlobe, and existing backers including General Catalyst, Khosla Ventures, Founders Fund, Bond, Transformation Capital, Green Innovations, and others like Nancy Xiao. An additional $26 million secondary transaction followed, bringing total round-related investments over $320 million (including prior raises totaling around $324 million) and catapulting the company to unicorn status. Sources report the primary round valuation at $1.8 billion post-money, with the secondary pushing it to $2 billion, highlighting rapid growth like 12x customer expansion and strong clinical outcomes with cost savings for clients. The funds supported accelerated product development, global operations expansion, and recent acquisitions like Vigilant Technologies for workplace injury prevention wearables. Sword Health demonstrated exceptional traction as the fastest-growing digital MSK company, with nearly $300 million raised that year alone, positioning it ahead in value-based care through its unique PT + Digital Therapist model that gained significant market acceptance. Subsequent developments included further funding, such as a $40 million round in 2023 at $4 billion valuation for AI advancements and mental health expansion, building on the 2021 momentum.
Nov 2021Secondary-$26M$2BSword Health is a virtual musculoskeletal (MSK) care provider delivering 100% of care through Doctors of Physical Therapy and the FDA-listed Sword Health Digital Therapist, targeting prevention, acute conditions, chronic pain, and post-operative recovery. On November 22, 2021, it closed an oversubscribed Series D round, raising $163 million in primary funding led by Sapphire Ventures, with participation from Sozo Ventures, Willoughby Capital, ADQ, Localglobe, General Catalyst, Khosla Ventures, Founders Fund, Bond, Transformation Capital, and Green Innovations. An additional $26 million secondary transaction propelled the company's valuation to $2 billion, up from $1.8 billion pre-secondary. This Series D brought Sword Health's total funding to over $320 million, following a $25 million Series B in January 2021 and $85 million Series C in summer 2021. The company serves self-insured employers and health plans such as Cisco, Domino’s, Highmark, Danaher Corp., and Concordia Plan Services, operating across three continents with thousands of members globally. Sword differentiates in the competitive digital MSK market through its PT + Digital Therapist model, wearable sensors for movement correction, an app with educational content, and recent acquisition of Vigilant Technologies for posture correction devices. It holds 37 patents and plans to expand personalized MSK offerings and global operations with the new capital.
Jun 2021Series CGeneral Catalyst (lead); Green Innovations; Spearhead; Highmark Ventures; Khosla Ventures; Nancy Xiao; BPEA; Founders Fund; Transformation Capital; Bond$85M-Sword Health is a virtual musculoskeletal (MSK) care platform founded in 2015, providing AI-powered digital therapy solutions that enable patients to recover at home for conditions like lower back, shoulder, neck, and knee issues, aiming to reduce reliance on imaging, surgery, or opioids. In June 2021, the company closed an $85 million Series C funding round led by General Catalyst, with participation from BOND, Highmark Ventures, BPEA, Khosla Ventures, Founders Fund, Transformation Capital, and Green Innovations. This followed a $25 million Series B in January 2021, bringing total funding in six months to $110 million and overall to $135 million at that point. The round was driven by accelerated adoption of digital MSK solutions amid rapid growth, with plans to fuel global expansion and build value-based care models. CEO Virgílio Bento noted the company had not planned to raise until late 2021 or early 2022 but proceeded due to strong demand. General Catalyst's Chris Bischoff highlighted Sword Health's innovative combination of hardware, software, and physician-directed care to improve outcomes and cut costs for payers, employers, and providers in MSK care. The platform competes in a booming MSK digital health space with peers like Hinge Health (valued at $3B in prior rounds) and Kaia Health. Subsequent rounds provide context: a Series D in November 2021 raised $163 million at $1.8 billion valuation, followed by $26 million secondary pushing to $2 billion; later a 2025 $40 million round at $4 billion valuation led by General Catalyst.
Jan 2021Series BTransformation Capital (lead); Green Innovations; Khosla Ventures; Founders Fund; Vesalius Biocapital Partners; Faber$25M-Sword Health, a virtual musculoskeletal (MSK) care provider, raised $25 million in a Series B funding round announced around February 1, 2021, led by Transformation Capital with participation from existing investors Khosla Ventures, Founders Fund, Green Innovations, Vesalius Biocapital, and Faber. This brought the company's total funding to $50 million after a prior round, aimed at accelerating global expansion and enhancing its AI Care Platform to reach more members. The company reported rapid growth, expanding its client footprint and revenue dramatically, and being selected in 75 percent of employer evaluations for MSK care. Sword Health positions itself as the fastest-growing provider of virtual MSK care, offering a clinically comprehensive digital health solution addressing musculoskeletal pain, a leading global health issue. The funding supports its mission to provide high-quality, accessible care to over two billion people worldwide through its AI-powered platform, including Doctors of Physical Therapy and digital therapists. Transformation Capital highlighted Sword's market leadership based on research with employers, payers, and partners confirming its standard-of-care status for broad MSK conditions. Sword continued aggressive expansion in later years, achieving unicorn status and focusing on AI-driven care across physical pain, mental health, and beyond.
Feb 2020Series AKhosla Ventures (lead); Green Innovations; Founders Fund; Vesalius Biocapital Partners; Lachy Groom; Faber$9M-Sword Health, the Portuguese digital physical therapy company, raised EUR 8.6 million in a Series A round announced on 28 February 2020. The financing was led by two Silicon Valley investors, Founders Fund and Khosla Ventures, with Green Innovations, Lachy Groom, Vesalius Biocapital and the Portuguese firm Faber Ventures also taking part. It was added to the investment the company had attracted in April 2019, bringing total Series A financing to EUR 15.6 million. The valuation was not announced. The company had earlier raised a USD 4.6 million seed round in April 2018, backed by Green Innovations and Vesalius Biocapital. Sword Health was founded in 2015 and builds a remote rehabilitation service in which patients carry out physical therapy exercises at home with motion sensors, guided by software and monitored by licensed physical therapists. The proceeds were intended to support the company's entry into the US market.
Apr 2019Series AKhosla Ventures (lead)$8M-Sword Health raised $8 million in its Series A funding round in April 2019, led by Khosla Ventures. The funding supported expansion of market reach and enhancement of its AI-powered physical therapy technology. This followed a $4.6 million seed round in April 2018 led by Vesalius Biocapital Partners to develop and launch its solutions. Sword Health provides AI-powered digital physical therapy for musculoskeletal care, including prevention, acute conditions, chronic pain, and post-operative recovery. The company launched in the U.S. in January 2020 and secured its first U.S. customer, Concordia Plans, later that year. Subsequent rounds included a $9 million Series A extension in February 2020 from Khosla Ventures and Founders Fund, followed by larger financings such as $25 million Series B in 2021, $85 million Series C, $163 million Series D at $2 billion valuation, $130 million Series E at $3 billion in 2024, and $40 million at $4 billion in 2025.
Apr 2018SeedVesalius Biocapital Partners (lead); Green Innovations; SBS StartupBraga; Iberis Capital$5M-Sword Health raised a $4.6 million seed round on April 16, 2018, led by Vesalius Biocapital Partners with participation from Green Innovations, Iberis Capital, and Startup Braga. This seed funding supported the early development of its tech-enabled musculoskeletal care platform, founded in 2015 to provide digital physical therapy solutions. The company focused on rigorously testing its therapeutic intervention clinically, proving it outperformed human therapists by 30% in trials for preventive, chronic, and post-surgical pain. Following the seed, Sword Health extended its Series A to $17 million by February 2020, with the first Series A closing led by Khosla Ventures in April 2019 and an additional $9 million from Khosla Ventures, Founders Fund, Green Innovations, Lachy Groom, Vesalius Biocapital, and Faber Ventures, bringing total funding to $22 million. The funds expanded market footprint, distribution, partnerships, sales, marketing, and product improvements.

Who has invested in Sword Health?

27 investors have backed Sword Health across its funding rounds, including Khosla Ventures, Green Innovations, Founders Fund, General Catalyst, Transformation Capital and Vesalius Biocapital Partners.

Lead investors include General Catalyst, Sapphire Ventures, Transformation Capital, Khosla Ventures and Vesalius Biocapital Partners.


Sword Health Investors

Investors in Sword Health by funding rounds participated
InvestorHQRoundsRoleFirst check
Khosla VenturesUnited StatesSan Francisco, CA7LeadApr 2019
Green InnovationsUnited StatesItaly, TX5ParticipantApr 2018
Founders FundUnited StatesSan Francisco, CA4ParticipantFeb 2020
General CatalystUnited StatesCambridge, MA3LeadJun 2021
Vesalius Biocapital PartnersLuxembourgLuxembourg City3LeadApr 2018
Transformation CapitalUnited StatesBoston, MA3LeadJan 2021
Nancy XiaoUnited StatesSan Francisco, CA2ParticipantJun 2021
FaberPortugalLisbon2ParticipantFeb 2020
BondUnited StatesSan Francisco, CA2ParticipantJun 2021
Sozo VenturesUnited StatesRedwood City, CA1ParticipantNov 2021
ADQUAEAbu Dhabi1ParticipantNov 2021
LocalGlobeUnited KingdomLondon1ParticipantNov 2021
Lince CapitalPortugalLisbon1ParticipantJun 2025

This data is available for Pro users. Sign up to see all 27 Sword Health investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Acquisitions by Sword Health

Sword Health has acquired 4 companies to date.

Last acquisition by Sword Health was on September 16th 2026. Sword Health acquired Headspace for $300M.


Latest Acquisitions by Sword Health

Headspace
Kaia Health
Surgery Hero
Vigilant Technologies
Description
Headspace is a Los Angeles digital mental-health company founded in 2010. Its consumer application provides guided meditation, mindfulness, sleep and stress-management content through paid subscriptions. The company has expanded beyond self-guided content into coaching, therapy, psychiatry and other clinical or navigation services. Employers, health plans and public organizations also purchase Headspace programs for members and workforces, creating business-to-business healthcare and benefits revenue alongside consumer subscriptions. The platform combines digital content, software, care professionals and a recognized wellness brand. Headspace was formed into its current broader offering through the combination of the original meditation business and Ginger's clinical services. In September 2026 Sword Health signed an agreement to acquire Headspace, subject to customary closing conditions.
Kaia Health is a digital-therapeutics company founded in 2016 with operations in the United States and Europe. It develops app-based programs for musculoskeletal conditions and other chronic health needs. Patients use guided movement, education, behavioral support and coaching through smartphones or tablets, with computer-vision technology helping assess exercise. Employers and health plans purchase access for covered populations, while clinical and regulatory work supports use within healthcare pathways. The company earns software-enabled healthcare and service revenue from institutional contracts. Kaia's programs are intended to expand access to care outside traditional clinics while maintaining individualized support. Sword Health announced in January 2026 that it would acquire Kaia Health in a transaction valued at USD 285 million and integrate its reach and capabilities.
Surgery Hero is a United Kingdom digital-health company founded in 2020. It developed a virtual clinic that helps patients prepare for surgery and recover afterward through structured prehabilitation and support. Programs combine education, behavior change, exercise and remote guidance intended to improve readiness and outcomes around a surgical episode. The company worked with National Health Service organizations and patients who needed support outside hospital appointments. Healthcare providers and institutional partners used the service as part of care delivery rather than a general consumer fitness product. Surgery Hero generated healthcare-service and platform revenue through those relationships. Sword Health acquired the company in January 2025, integrated its team and product and used the transaction to expand its presence with UK health systems.
Vigilant Technologies was a Pittsburgh workplace-health technology company also known as VIT. It developed a wearable device worn near the shirt collar that monitored movement and gave haptic feedback intended to improve posture and reduce unsafe behavior. Educational content could be tailored to job types, allowing employers to use the product in workplace injury-prevention programs. The company served business and institutional customers with physically demanding workforces, including industrial and public-sector organizations. Its business combined wearable hardware, software and program services. Vigilant was founded by Andy Chan and Connor Young and developed its product before 2021. Sword Health acquired the company in October 2021 and integrated its preventative technology and team into Sword's broader musculoskeletal care offering.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
Los Angeles, CA
New York City, NY
-
Pittsburgh, PA
Deal Date16 Sep 202628 Jan 202623 Jan 20255 Oct 2021
Valuation$300M$285Mundisclosedundisclosed
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all Sword Health acquisitions and their M&A valuation multiples.

Start Free Trial

Sword Health Competitors

Sword Health competitors include listed companies like Tempus AI and XtalPi, and private ones like EliseAI, Hippocratic AI, Abridge and Commure.

Public and private companies comparable to Sword Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EliseAIUnited StatesNew York City, NYPrivate$200M-$4B20.0x
Hippocratic AIUnited StatesSan Francisco, CAPrivate$78M-$3.5B44.9x
AbridgeUnited StatesPittsburgh, PAPrivate$117M-$5.3B45.3x
CommureUnited StatesSan Francisco, CAPrivate$200M-$7B35.0x
Tempus AIUnited StatesUnited StatesPublicly listed$1.3B($131M)$13B8.9x
XtalPiChinaChinaPublicly listed$121M$22M$3.3B17.9x

Sword Health Public Comps

Sword Health is still privately-owned, but its public comps include UBtech Robotics, CorVel, XtalPi, Intsig Information, Tenable, Presight AI, InSilico Medicine Cayman, Ncino, Shenzhen Intellifusion and SenseTime Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
UBtech Robotics$301M($109M)13.2x8.0x(36.3x)(59.4x)
CorVel$959M$175M4.1x-22.4x-
XtalPi$121M$22M21.1x17.9x113.9x(151.6x)
Intsig Information$272M$84M8.0x6.6x26.0x23.9x
Tenable$999M$31M5.7x5.3x180.0x20.0x
Presight AI$825M$214M6.0x4.9x23.0x19.1x
InSilico Medicine Cayman$56M($353M)37.2x-(5.9x)-
Ncino$595M$65M4.5x4.2x41.1x16.1x

This data is available for Pro users. Sign up to see all Sword Health competitors and their valuation data.

Start Free Trial

Common questions about Sword Health

When was Sword Health founded?Sword Health was founded in 2015.
Where is Sword Health headquartered?Sword Health is headquartered in Lisbon, Portugal.
Is Sword Health publicly listed?No, Sword Health is a private, VC-backed company.
What is Sword Health's valuation?Sword Health was last valued at $4B in its undisclosed-stage round in June 2025.
How much funding has Sword Health raised?Sword Health has raised $365M across 8 funding rounds.
What was Sword Health's last funding round?Sword Health's last funding round was a $40M undisclosed-stage round in June 2025, led by General Catalyst.
Who are Sword Health's investors?Sword Health's investors include Khosla Ventures, Green Innovations, Founders Fund, General Catalyst, Vesalius Biocapital Partners, Transformation Capital, Nancy Xiao, Faber, Bond, Sozo Ventures and 17 others.
What is Sword Health's revenue?Sword Health's latest recorded revenue is $240M (June 2025).
What is Sword Health's revenue multiple?Sword Health's latest valuation implies a 16.7x revenue multiple ($4B valuation on $240M of revenue).
Which companies are comparable to Sword Health?Companies comparable to Sword Health include EliseAI, Hippocratic AI, Abridge, Commure, Tempus AI and XtalPi.
How many companies has Sword Health acquired?Sword Health has acquired 4 companies, including Headspace, Kaia Health, Surgery Hero and Vigilant Technologies.
What was the largest acquisition by Sword Health?The $300M acquisition of Headspace in September 2026 is the largest acquisition Sword Health has made to date.

See companies similar to Sword Health

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial