- Companies
- Tendo
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Jun 2021 | Series B | $550M |
| Mar 2021 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2025 | Undisclosed stage | Vistara 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 2023 | Undisclosed 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 2021 | Series B | Lux Capital (lead); General Catalyst | $50M | $550M | - |
| Mar 2021 | Series A | General Catalyst (lead); Jefferson Health System | $15M | $550M | Tendo 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 2020 | Seed | - | $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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Mar 2021 | ||
| 1 | Lead | Oct 2025 | ||
This data is available for Pro users. Sign up to see all 4 Tendo investors. Start Free Trial | ||||
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Start Free TrialAcquisitions 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
| 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 Country | |
| HQ City | - |
| Deal Date | 27 Sep 2023 |
| Valuation | $150M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Tendo acquisitions and their M&A valuation multiples. Start Free Trial | |
Tendo Competitors
Tendo competitors include listed companies like Shang Gong Group, Heren Health, Equasens and Claritev, and private ones like Rad AI and Nursa.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $649M | $27M | $547M | - | ||
| Publicly listed | $65M | $11M | $543M | - | ||
| Publicly listed | $272M | $75M | $541M | 1.8x | ||
| Publicly listed | $965M | $466M | $538M | 5.2x | ||
| Private | - | - | $525M | - | ||
| Private | $20M | - | $521M | 26.1x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $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 | |||
| $588M | $54M | 0.9x | 0.9x | 9.8x | 6.8x | |||
| $137M | $59M | 4.4x | 4.2x | 10.1x | 9.3x | |||
| $239M | ($13M) | 2.3x | 2.1x | (44.4x) | 35.9x | |||
| $206M | $59M | 2.8x | 2.7x | 9.7x | 8.7x | |||
This data is available for Pro users. Sign up to see all Tendo competitors and their valuation data. Start Free Trial | ||||||||
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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