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- Tebra
Tebra Acquisition, Valuation, Funding & Investors
Tebra was acquired by Hildred Capital Management, LLC, HLM Venture Partners, Toba Capital and Transformation Capital in December 2025.
Tebra acquisition price
Undisclosed
Acquired by Hildred Capital Management, LLC, HLM Venture Partners +2 · Dec 2025
Tebra revenue
$200M
Series B · Jul 2022
Cumulative funding Tebra raised
$137M
across 2 funding rounds
Key investors in Tebra
Golub Capital
Vivo Capital
StepStone Group
Toba Capital
OpenView
Transformation Capital
About Tebra
Tebra operates an all-in-one EHR+ platform serving more than 140,000 private healthcare providers and managing 125 million patient records. The platform combines clinical documentation, revenue cycle management, patient engagement, and marketing tools, using AI-driven automation to help independent practices manage claims coding and denial management. Tebra's AI Review Replies tool has been shown to boost website clicks by 45%, and its Care Connect marketplace helps independent practices compete against larger health systems.
Founded
2021
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$200M (Jul 2022)
Valuation
$1B (Jul 2022)
Tebra Acquisition
Tebra was acquired by Hildred Capital Management, LLC, HLM Venture Partners, Toba Capital and Transformation Capital for an undisclosed price on 17 December 2025.
Before the acquisition Tebra had raised $137M across 2 funding rounds.
Tebra operates an all-in-one EHR+ platform serving over 140,000 private healthcare providers and managing 125 million patient records, transitioning from a passive system of record to an active system of action through AI-driven automation in clinical documentation, revenue cycle management, patient engagement, and marketing. Hildred Capital Management, a healthcare-focused private equity firm, led a $250 million oversubscribed financing round on December 17, 2025, comprising primarily equity capital from Hildred and a debt facility from J.P. Morgan, with significant participation from existing investors Toba Capital, Transformation Capital, and HLM Venture Partners. Kirkland & Ellis advised Hildred legally, while Jefferies served as financial advisor and Fenwick & West as legal advisor to Tebra. The investment accelerates Tebra's R&D in AI across three pillars: automating clinical workflows to reduce administrative burden and provider burnout; enhancing revenue cycle operations with AI for claims coding, predictive denial management, automated claims generation, and higher clean-claim rates to shorten accounts receivable and combat revenue leakage; and scaling patient acquisition tools like AI Review Replies, which boosted website clicks by 45%, alongside the Tebra Care Connect marketplace to help independents compete against larger health systems. This positions Tebra's profitable core business to expand in a $20 billion-plus market amid rising overhead, declining reimbursements, and competitive pressures squeezing private practices. Hildred Co-Founder Andrew Goldman highlighted Tebra's unique ability to perform work on behalf of providers, restoring profitability and refocusing on patient care, while Tebra CEO Dan Rodrigues described AI as the great equalizer addressing systemic challenges. The broad investor syndicate validates Tebra's strategy to disrupt legacy EHRs with scalable AI, consolidating a fragmented market by replacing clunky tools and embedding intelligence deeply into an easy-to-use platform purpose-built for independent practices.
| Acquirer | Date | Type |
|---|---|---|
| 17 Dec 2025 | PE buyout |
Tebra Valuation
Tebra is currently valued at $1B, based on its Series B in July 2022. Read the announcement ↗
The $72M round was led by Golub Capital, with participation from OpenView, HLM Venture Partners, StepStone Group, Montreux Equity Partners, Vivo Capital and 3 other investors.
Tebra valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2022 | Series B | $1B | 5.0x |
Tebra Revenue
Tebra's latest recorded revenue is $200M, as of its Series B in July 2022. At a $1B valuation, that implies a 5.0x revenue multiple.
Tebra revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2022 | $200M | $1B | 5.0x | Series B |
* 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.
Tebra Funding History
Tebra has raised a total of $137M across 2 funding rounds.
Tebra's first fundraising round was a $65M Series A in November 2021. The most recent completed round was a $72M Series B in July 2022.
Tebra funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2022 | Series B | Golub Capital (lead); OpenView; HLM Venture Partners; StepStone Group; Montreux Equity Partners; Vivo Capital; Toba Capital; Common Fund; Transformation Capital | $72M | $1B | Tebra secured more than USD 72 million at a valuation above USD 1 billion in July 2022, in a financing led by Golub Capital that combined growth equity and debt. Existing institutional investors including Common Fund, HLM Venture Partners, OpenView Venture Partners, StepStone Group, Montreux Equity Partners, Toba Capital, Transformation Capital and Vivo Capital are on its investor roster. Golub Capital had contributed USD 65 million of growth funding for the 2021 combination of Kareo and PatientPop that created Tebra, bringing its total commitment over the prior year to more than USD 137 million. Co-founder and CEO Dan Rodrigues said the capital would let Tebra accelerate its mission to unlock better healthcare. Tebra is a software platform for independent healthcare practices covering electronic health records, medical billing, payments, telehealth, scheduling, websites and analytics. It is based in Southern California, supports more than 100,000 providers serving over 90 million US patients, and employs more than 1,000 people. |
| Nov 2021 | Series A | Golub Capital (lead) | $65M | - | Tebra was formed in November 2021 through the merger of Kareo and PatientPop, two companies providing clinical, financial, and practice growth technology for independent healthcare practices. The combined entity offers an all-in-one cloud-based platform that simplifies operations, improves patient care, and enhances financial outcomes for providers. On November 6, 2021, Tebra completed a Series A funding round raising $65 million led by Golub Capital, with participation from investors including CommonFund, HLM Venture Partners, OpenView Venture Partners, StepStone Group, Stripes Group, Montreux Equity Partners, Toba Capital, Transformation Capital, and Vivo Capital. This growth funding supported the merger integration and development of a comprehensive digital healthcare solution. The $65 million investment was described as growth funding, including elements of debt financing from Golub Capital, a private debt platform specializing in healthcare and technology. Golub Capital had been a financing partner since 2017, supporting prior growth phases, acquisitions, and product development. At the time, Tebra served over 800 providers, with plans to expand into its existing base and the broader healthcare industry. In contrast, Tebra's subsequent Series B in July 2022 raised over $72 million led by Golub Capital and StepStone Group at a valuation exceeding $1 billion, bringing total funding to more than $137 million. The company supported over 100,000 providers serving 90 million patients, with over 1,000 employees headquartered in Southern California. Later developments included a $250 million growth equity and debt round led by Hildred with J.P. Morgan debt, focusing on AI-powered tools for practice management, patient engagement, and revenue cycle management. This over-subscribed round validated Tebra's 'System of Action' model, serving 140,000+ providers and 125 million patient records in a $20 billion market. |
Who has invested in Tebra?
9 investors have backed Tebra across its funding rounds, including Golub Capital, Vivo Capital, StepStone Group, Toba Capital, OpenView and Transformation Capital.
Lead investors include Golub Capital.
Tebra Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Nov 2021 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Jul 2022 | ||
This data is available for Pro users. Sign up to see all 9 Tebra investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Tebra
Tebra has acquired 2 companies to date.
Last acquisition by Tebra was on November 2nd 2021. Tebra acquired Kareo for undisclosed valuation.
Latest Acquisitions by Tebra
| Description | Kareo is a Irvine-headquartered cloud platform offering integrated electronic health records, practice management, billing, marketing, and patient engagement tools for independent medical practices across all 50 U.S. states. Launched in 2004, the platform connects with third-party apps via Kareo Marketplace and has earned awards including the 2018 Frost & Sullivan United States Ambulatory EHR Enabling Technology Leadership Award, Deloitte Technology Fast 500, and Black Book's top ranking for integrated EHR and billing. Kareo maintains offices nationwide to support healthcare providers in administrative efficiency. | PatientPop is a digital growth platform for healthcare practices automating the patient journey from online discovery to post-visit follow-up. It handles digital booking, reputation management, and front-office tasks. Acquired by Phreesia in 2021, the Los Angeles-originated solution serves independent providers seeking to compete in online patient acquisition. |
| HQ Country | ||
| HQ City | Los Angeles, CA | Los Angeles, CA |
| Deal Date | 2 Nov 2021 | 2 Nov 2021 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Tebra acquisitions and their M&A valuation multiples. Start Free Trial | ||
Tebra Competitors
Tebra competitors include listed companies like B-Soft Co. and Phreesia, and private ones like DocPlanner, NexHealth, Heidi Health and Clarify Health Solutions.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | $50M | - | $901M | 18.0x | ||
| Publicly listed | $158M | ($37M) | $802M | 5.1x | ||
| Publicly listed | $481M | $27M | $783M | 1.5x | ||
| Private | - | - | $1.4B | - |
Tebra Public Comps
Tebra is no longer listed, but its public comps include iFLYHealth, MedicalSystem Technology, PHC Holdings, HealthStream, Lunit, B-Soft Co., Hangzhou Pinming Software, Vitec Software, Phreesia and RaySearch Labs.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $137M | ($7M) | 7.5x | 5.9x | (147.8x) | 517.8x | |||
| $45M | $12M | 22.4x | 17.8x | 83.7x | 69.6x | |||
| $2.3B | $315M | 1.0x | 1.0x | 7.1x | 6.0x | |||
| $304M | $63M | 2.6x | 2.4x | 12.3x | 10.2x | |||
| $61M | ($9M) | 13.0x | 12.4x | (91.1x) | (15.4x) | |||
| $158M | ($37M) | 5.0x | 5.1x | (20.9x) | (21.0x) | |||
| $66M | $8M | 11.4x | 10.9x | 91.4x | - | |||
| $370M | $150M | 4.1x | 4.0x | 10.2x | 10.1x | |||
This data is available for Pro users. Sign up to see all Tebra competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tebra
| When was Tebra founded? | Tebra was founded in 2021. |
| Where is Tebra headquartered? | Tebra is headquartered in United States. |
| Is Tebra publicly listed? | No, Tebra was acquired by Hildred Capital Management, LLC, HLM Venture Partners, Toba Capital and 1 other investor in December 2025. |
| Who acquired Tebra? | Tebra was acquired by Hildred Capital Management, LLC, HLM Venture Partners, Toba Capital and Transformation Capital in December 2025. |
| What is Tebra's valuation? | Tebra was last valued at $1B in its Series B in July 2022. |
| How much funding has Tebra raised? | Tebra has raised $137M across 2 funding rounds. |
| What was Tebra's last funding round? | Tebra's last funding round was a $72M Series B in July 2022, led by Golub Capital. |
| Who are Tebra's investors? | Tebra's investors include Golub Capital, OpenView, HLM Venture Partners, StepStone Group, Montreux Equity Partners, Vivo Capital, Toba Capital, Common Fund and Transformation Capital. |
| What is Tebra's revenue? | Tebra's latest recorded revenue is $200M (July 2022). |
| What is Tebra's revenue multiple? | Tebra's latest valuation implies a 5.0x revenue multiple ($1B valuation on $200M of revenue). |
| Which companies are comparable to Tebra? | Companies comparable to Tebra include DocPlanner, NexHealth, Heidi Health, B-Soft Co., Phreesia and Clarify Health Solutions. |
| How many companies has Tebra acquired? | Tebra has acquired 2 companies, including Kareo and PatientPop. |
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