Tebra Acquisition, Valuation, Funding & Investors

Tebra was acquired by Hildred Capital Management, LLC, HLM Venture Partners, Toba Capital and Transformation Capital in December 2025.

See full Tebra profile

Tebra acquisition price

Undisclosed

Acquired by Hildred Capital Management, LLC, HLM Venture Partners +2 · Dec 2025

Cumulative funding Tebra raised

$137M

across 2 funding rounds

Key investors in Tebra

  • Golub Capital
  • StepStone Group
  • Vivo Capital
  • Toba Capital
  • OpenView
  • Transformation Capital
  • HLM Venture Partners
  • Montreux Equity Partners

Tebra Overview

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

United StatesUnited States

Website

tebra.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

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.

Tebra acquisition details
AcquirerDateType
  • Hildred Capital Management, LLC
  • HLM Venture Partners
  • Toba Capital
  • Transformation Capital
17 Dec 2025PE buyout

Tebra Valuation

Tebra is currently valued at $1B, based on its Series B in July 2022.

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

Tebra valuation by funding round
DateStageValuation
Jul 2022Series B$1B

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

Tebra funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2022Series BGolub Capital (lead); OpenView; HLM Venture Partners; StepStone Group; Montreux Equity Partners; Vivo Capital; Toba Capital; Common Fund; Transformation Capital$72M$1B-
Nov 2021Series AGolub 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, StepStone Group, Vivo Capital, Toba Capital, OpenView and Transformation Capital.

Lead investors include Golub Capital.


Tebra Investors

Investors in Tebra by funding rounds participated
InvestorHQRoundsRoleFirst check
Golub CapitalUnited StatesNew York City, NY2LeadNov 2021
OpenViewUnited StatesBoston, MA1ParticipantJul 2022
HLM Venture PartnersUnited StatesBoston, MA1ParticipantJul 2022
StepStone GroupUnited StatesNew York City, NY1ParticipantJul 2022
Montreux Equity PartnersUnited StatesSan Francisco, CA1ParticipantJul 2022
Vivo CapitalUnited StatesUnited States1ParticipantJul 2022
Toba CapitalUnited StatesSan Francisco, CA1ParticipantJul 2022

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Acquisitions 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

Kareo
PatientPop
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 CountryUnited StatesUnited States
HQ City
Los Angeles, CA
Los Angeles, CA
Deal Date2 Nov 20212 Nov 2021
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Tebra Competitors

Tebra competitors include listed companies like B-Soft Co. and Phreesia, and private ones like DocPlanner, NexHealth, Clarify Health Solutions and Shanghai LinkedCare Information Technology.

Public and private companies comparable to Tebra
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DocPlannerPolandWarsawPrivate--$1B-
NexHealthUnited StatesSan Francisco, CAPrivate--$1B-
B-Soft Co.ChinaChinaPublicly listed$157M($37M)$769M4.8x
Clarify Health SolutionsUnited StatesSan Francisco, CAPrivate--$1.4B-
Shanghai LinkedCare Information TechnologyChinaShanghaiPrivate--$1.5B-
PhreesiaUnited StatesUnited StatesPublicly listed$481M$27M$638M1.3x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
iFLYHealth$136M($7M)7.7x6.2x(150.8x)(144172.5x)
Vitec Software$371M$151M3.7x3.5x9.1x9.0x
PHC Holdings$2.3B$320M1.0x1.0x7.2x6.5x
HealthStream$304M$63M2.8x2.6x13.2x11.2x
MedicalSystem Technology$45M$12M18.9x15.6x70.7x62.9x
Hangzhou Pinming Software$65M$8M12.5x11.9x100.2x-
Sphere$70M$6M14.3x6.9x156.3x103.0x
B-Soft Co.$157M($37M)4.7x4.8x(20.0x)(20.0x)

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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.
Which companies are comparable to Tebra?Companies comparable to Tebra include DocPlanner, NexHealth, B-Soft Co., Clarify Health Solutions, Shanghai LinkedCare Information Technology and Phreesia.
How many companies has Tebra acquired?Tebra has acquired 2 companies, including Kareo and PatientPop.

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