Tendo Valuation, Funding & Investors

Tendo is valued at $550M as of June 2021.

See full Tendo profile

Last Tendo valuation

$550M

Series B · Jun 2021

Last Tendo funding round

$20M

Undisclosed stage · Oct 2025

Cumulative funding Tendo raised

$208M

across 5 funding rounds

Key investors in Tendo

  • General Catalyst
  • Lux Capital
  • Vistara Growth
  • Jefferson Health System

Tendo Overview

About Tendo

Tendo is a Mountain View-headquartered healthcare technology company founded in 2020. It builds a platform that unifies surgical care delivery by connecting ambulatory surgery centers, health systems, surgeons, and patients. Core offerings include scheduling tools, pricing transparency modules, and care coordination features integrated with electronic health records from Epic and Cerner. The platform streamlines procedures from patient intake through payments and follow-up, serving over 100 surgery centers across the United States. Tendo partners with major providers like HCA Healthcare and United Surgical Partners International to reduce administrative burdens and improve outcomes in high-volume specialties such as orthopedics and gastroenterology.


Founded

2020

HQ

United StatesPhiladelphia, PA

Website

tendo.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$550M (Jun 2021)

Tendo Valuation

Tendo is currently valued at $550M, based on its Series B in June 2021.

The $50M round was led by Lux Capital, with participation from General Catalyst.

Tendo's valuation has moved from $550M at its Series A in March 2021 to $550M in June 2021, across 2 priced rounds.

Tendo valuation by funding round

Tendo valuation by funding round
DateStageValuation
Jun 2021Series B$550M
Mar 2021Series A$550M

Tendo Funding History

Tendo has raised a total of $208M across 5 funding rounds.

Tendo's first fundraising round was a $4M seed round in September 2020. The most recent completed round was a $20M undisclosed-stage round in October 2025.

Tendo funding rounds

Tendo funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2025Undisclosed stageVistara Growth (lead)$20M-Tendo is a Philadelphia-based healthcare software company that received growth capital from Vistara Growth. The company was among eight portfolio companies backed by Vistara Growth during the fundraising period for Fund V, which closed at $321 million USD ($450 million CAD) in November 2025. Vistara Growth targets mid- and later-stage private technology companies across North America with $10 million to $100 million CAD in annual recurring revenue, focusing on businesses in healthcare, fintech, artificial intelligence, and other software verticals. The firm provides customized investment structures combining debt and equity, including term debt, convertible instruments, and structured preferred equity designed to minimize dilution while supporting growth. Vistara expects Fund V to complete 15 to 18 total investments with a planned portfolio split of approximately 70% US and 30% Canada. While Tendo's specific valuation, revenue, round size, and investment terms have not been disclosed publicly, the company fits Vistara's investment thesis for later-stage software businesses seeking non-dilutive financing alternatives.
Oct 2023Undisclosed stage-$119M-Tendo Systems, based in Philadelphia, Pennsylvania (with headquarters also noted in Suwanee, GA), develops a digital engagement platform and suite of applications to connect patients, clinicians, and caregivers throughout the care cycle, aiming to transform healthcare through software for frictionless care seeking, delivery, and management. The company collaborates with forward-thinking healthcare organizations and has raised funding across multiple rounds from investors including Jefferson Health, Lux Capital, and General Catalyst. The company operates in the healthcare providers and services subsector, founded in 2020. On October 23, 2023, Tendo Systems announced a $119 million funding round in an initial filing. Earlier rounds include a Series B with $50 million raised (post-money valuation of $550 million per some sources, dated June 2021) and a Series A with $15 million. Total funding to date across prior rounds is reported as $68.48 million before the 2023 round, with the latest pre-2023 round being Series B.
Jun 2021Series BLux Capital (lead); General Catalyst$50M$550M-
Mar 2021Series AGeneral Catalyst (lead); Jefferson Health System$15M$550MTendo Systems is a cloud-based digital engagement platform designed to transform the patient experience in healthcare by connecting patients, clinicians, and caregivers through a consumer-friendly interface. Founded by software industry veterans and led by CEO Dan Goldsmith, the company aims to create an "OpenTable of healthcare" where patients can search for care, schedule appointments, provide medical history through a virtual waiting room, and manage follow-up visits with the ease of a consumer app. In March 2021, Tendo emerged from stealth mode with strategic backing from General Catalyst and Jefferson Health System, announcing a collaborative partnership to co-develop the platform. The July 2021 Series B round, led by existing investor Lux Capital with participation from General Catalyst, raised $50 million and valued the company at $550 million post-money. At the time, Tendo was approximately eight months old and working in 12- to 14-week sprints with a small group of foundational customers, including Jefferson Health, which served as the company's first major user. The funding was earmarked for research and development to advance the platform's capabilities, with both Tendo and Jefferson emphasizing their shared vision of making healthcare more accessible, streamlined, and equitable across different healthcare settings and geographies.
Sep 2020Seed-$4M--

Who has invested in Tendo?

4 investors have backed Tendo across its funding rounds, including General Catalyst, Lux Capital, Vistara Growth and Jefferson Health System.

Lead investors include Vistara Growth, Lux Capital and General Catalyst.


Tendo Investors

Investors in Tendo by funding rounds participated
InvestorHQRoundsRoleFirst check
General CatalystUnited StatesSan Francisco, CA2LeadMar 2021
Vistara GrowthCanadaVancouver1LeadOct 2025

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Acquisitions by Tendo

Tendo has acquired 1 company to date.

Last acquisition by Tendo was on September 27th 2023. Tendo acquired MDsave for $150M.


Latest Acquisitions by Tendo

MDsave
Description
MDsave is a Dallas-headquartered online marketplace where consumers research, compare prices, and purchase elective medical procedures with complete cost transparency. It partners with over 500 hospitals and providers across 35 states to offer cash-pay bundled pricing on services like MRIs, colonoscopies, and joint replacements.
HQ CountryUnited States
HQ City
-
Deal Date27 Sep 2023
Valuation$150M
EV/Revenue
EV/EBITDA

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Tendo Competitors

Tendo competitors include listed companies like Shang Gong Group, Heren Health, Equasens and Claritev, and private ones like Rad AI and Nursa.

Public and private companies comparable to Tendo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Shang Gong GroupChinaChinaPublicly listed$649M$27M$547M-
Heren HealthChinaChinaPublicly listed$65M$11M$543M-
EquasensFranceFrancePublicly listed$272M$75M$541M1.8x
ClaritevUnited StatesUnited StatesPublicly listed$965M$466M$538M5.2x
Rad AIUnited StatesSan Francisco, CAPrivate--$525M-
NursaUnited StatesSalt Lake City, UTPrivate$20M-$521M26.1x

Tendo Public Comps

Tendo is still privately-owned, but its public comps include Shang Gong Group, Heren Health, Equasens, Claritev, Veradigm, RaySearch Labs, Weave Communications, Craneware, Guiyang Longmaster and GPI Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Shang Gong Group$649M$27M1.0x-23.7x-
Heren Health$65M$11M7.4x-42.4x-
Equasens$272M$75M1.9x1.8x7.0x6.7x
Claritev$965M$466M5.4x5.2x11.2x8.5x
Veradigm$588M$54M0.9x0.9x9.8x6.8x
RaySearch Labs$137M$59M4.4x4.2x10.1x9.3x
Weave Communications$239M($13M)2.3x2.1x(44.4x)35.9x
Craneware$206M$59M2.8x2.7x9.7x8.7x

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Common questions about Tendo

When was Tendo founded?Tendo was founded in 2020.
Where is Tendo headquartered?Tendo is headquartered in Philadelphia, PA, United States.
Is Tendo publicly listed?No, Tendo is a private, VC-backed company.
What is Tendo's valuation?Tendo was last valued at $550M in its Series B in June 2021.
How much funding has Tendo raised?Tendo has raised $208M across 5 funding rounds.
What was Tendo's last funding round?Tendo's last funding round was a $20M undisclosed-stage round in October 2025, led by Vistara Growth.
Who are Tendo's investors?Tendo's investors include General Catalyst, Vistara Growth, Jefferson Health System and Lux Capital.
Which companies are comparable to Tendo?Companies comparable to Tendo include Shang Gong Group, Heren Health, Equasens, Claritev, Rad AI and Nursa.
How many companies has Tendo acquired?Tendo has acquired 1 company, including MDsave.
What was the largest acquisition by Tendo?The $150M acquisition of MDsave in September 2023 is the largest acquisition Tendo has made to date.

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