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- Theranos
Theranos Valuation, Funding & Investors
Theranos is valued at - as of May 2018.
Last Theranos valuation
-
Secondary · May 2018
Last Theranos funding round
$349M
Undisclosed stage · Mar 2015
Cumulative funding Theranos raised
$597M
across 3 funding rounds
Key investors in Theranos
The Blue Venture Fund
Puget Sound Venture Club
Partner Fund Management
Walgreens
Palmieri Family Trust
Raymond Bingham
About Theranos
Theranos was a high-profile health technology startup founded by Elizabeth Holmes in 2003. It purported to revolutionize the blood-testing industry by developing a proprietary machine (the Edison) capable of performing hundreds of medical tests from just a few drops of pinprick blood. The company achieved a $9 billion peak valuation in 2014 before investigative journalism and federal regulators exposed the technology as a massive fraud.
Founded
2003
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Services
Valuation
- (May 2018)
Theranos Valuation
Theranos is currently valued at -, based on its secondary sale in May 2018.
Theranos valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2018 | Secondary | - |
| Feb 2014 | Undisclosed stage | $9B |
Theranos Funding History
Theranos has raised a total of $597M across 3 funding rounds, plus 2 secondary share sales.
Theranos' first fundraising round was a $50M strategic investment round in September 2013. The most recent completed round was a $349M undisclosed-stage round in March 2015.
Theranos funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2018 | Secondary | - | - | - | Theranos intentionally avoided a formal corporate bankruptcy to bypass standard court-supervised liquidation proceedings. Because it ran out of cash and defaulted on a $65 million loan, the failed blood-testing startup instead chose to fully dissolve in September 2018, transferring its intellectual property to its primary creditor, Fortress Investment Group. |
| May 2017 | Secondary | Puget Sound Venture Club | $582M | - | - |
| Mar 2015 | Undisclosed stage | The Blue Venture Fund; Jupiter Partners; Raymond Bingham; Continental Properties; Partner Fund Management; Palmieri Family Trust; B.J. Cassin; Esoom Enterprise | $349M | - | Theranos was a health technology company founded in 2003 by Elizabeth Holmes, claiming to revolutionize blood testing with finger-prick technology for early disease detection, though its core Edison device was later revealed as largely non-functional with faked demonstrations. The company attracted massive investor interest, raising over $700 million total from venture capitalists and private investors by 2015, peaking at paper valuations of $9-10 billion in 2013-2014, with Holmes personally valued at $4.5 billion by Forbes in 2015. A specific private equity round of $348.5 million occurred around March 1, 2015, from investors including B.J. Cassin, Continental Properties, Esoom Enterprise, Jupiter Partners, Palmieri Family Trust, Partner Fund Management, Raymond Bingham, and The Blue Venture Fund. Prior rounds included $6.9 million in 2004 at $30 million valuation, $45 million in 2010 at $1 billion, and cumulative raises exceeding $400 million by 2014 at $9 billion implied value. Theranos faced mounting issues by mid-2015, including WSJ exposés on technological shortcomings, leading to FDA warnings, test voiding, lawsuits, and valuation revisions to $800 million by 2016 before ceasing operations in 2018. |
| Feb 2014 | Undisclosed stage | - | $199M | $9B | Theranos, a blood-testing startup founded by Elizabeth Holmes, claimed to revolutionize diagnostics with technology enabling hundreds of tests from small blood samples, positioning itself as a disruptor in healthcare through partnerships like Walgreens. The company operated discreetly until 2013, when it launched its '4s model' and gained public attention despite internal concerns over technology readiness. In early 2014, around February 1, Partner Fund Management purchased 5.6 million shares at $17 per share, implying a $9 billion valuation for Theranos, aligning with the queried timeframe. Earlier, in September 2013, Walgreens invested $50 million as part of an ongoing relationship that expanded to over 40 testing centers in stores. This period marked rapid investor interest from high-profile figures like Tim Draper, Larry Ellison, and Rupert Murdoch, who led prior rounds including a $5.8 million Series A in 2005. Theranos raised cumulatively toward $1.3 billion across its history, with additional rounds like $198.9 million in private equity in February 2014 noted in some timelines, though specifics on use of funds focused on scaling operations and technology development amid growing media hype, including a Fortune cover in June 2014. The company's trajectory shifted post-2014 with WSJ investigations revealing unreliable results and ethical issues by 2015, leading to shutdown by 2018 after debt financing attempts failed. Competitive context included skepticism from scientists, yet it attracted major pharmacy and VC backing before collapse. |
| Sep 2013 | Strategic investment | Walgreens (lead) | $50M | - | Theranos, a blood-testing startup founded by Elizabeth Holmes, raised $50 million from Walgreens in September 2013 as part of an undisclosed round, marking the start of a high-profile partnership to integrate Theranos Wellness Centers into Walgreens stores, beginning with locations in Phoenix, Arizona, and one in northern California. This investment coincided with Theranos emerging from a decade of low-profile operations focused on developing finger-stick blood testing technology, which promised to analyze hundreds of tests from small blood samples using proprietary devices. Walgreens, seeking to expand into healthcare services, planned nationwide rollout but halted expansion in 2015 amid scrutiny over the technology's accuracy. Walgreens later pursued $140 million in damages via a 2016 breach of contract lawsuit, alleging misrepresentation of technology capabilities, settling for under $30 million. The Walgreens partnership represented strategic validation, though subsequent revelations of technology shortcomings led to Theranos' shutdown in 2018 after regulatory sanctions and investor losses exceeding $1.3 billion total funding. |
Who has invested in Theranos?
10 investors have backed Theranos across its funding rounds, including The Blue Venture Fund, Puget Sound Venture Club, Partner Fund Management, Walgreens, Palmieri Family Trust and Raymond Bingham.
Lead investors include Walgreens.
Theranos Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Mar 2015 | ||
| 1 | Participant | Mar 2015 | ||
| 1 | Participant | Mar 2015 | ||
| 1 | Lead | Sep 2013 | ||
| 1 | Participant | Mar 2015 | ||
| 1 | Participant | Mar 2015 | ||
| 1 | Participant | Mar 2015 | ||
| 1 | Participant | May 2017 | ||
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Start Free TrialTheranos Competitors
Theranos competitors include listed companies like ToolGen, Korro Bio, Cibus and electroCore, and private ones like HueDx and Vistim Labs.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $951K | ($26M) | $215M | - | ||
| Publicly listed | $6M | ($112M) | $174M | 48.9x | ||
| Publicly listed | $4M | ($91M) | $125M | 28.9x | ||
| Publicly listed | $32M | ($12M) | $103M | 2.6x | ||
| Private | - | - | $4M | - | ||
| Private | - | - | $4M | - |
Theranos Public Comps
Theranos is still privately-owned, but its public comps include Integragen, Epigenomics, 2cureX, Lifeline Biotechnologies, Ludwig Enterprises, Virax Biolabs Group, Bluejay Diagnostics and NRGene.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $14M | ($229K) | - | - | - | - | |||
| $28K | ($407K) | 496.2x | 9.1x | (33.7x) | (3.0x) | |||
| - | ($478K) | - | - | (1.2x) | - | |||
| - | - | - | - | - | - | |||
| - | ($1M) | - | - | (3.8x) | - | |||
| $12K | ($5M) | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Theranos competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Theranos
| When was Theranos founded? | Theranos was founded in 2003. |
| Where is Theranos headquartered? | Theranos is headquartered in San Francisco, CA, United States. |
| Is Theranos publicly listed? | No, Theranos is a private, VC-backed company. |
| What is Theranos' valuation? | Theranos was last valued at - in its secondary sale in May 2018. |
| How much funding has Theranos raised? | Theranos has raised $597M across 3 funding rounds. |
| What was Theranos' last funding round? | Theranos' last funding round was a $349M undisclosed-stage round in March 2015. |
| Who are Theranos' investors? | Theranos' investors include The Blue Venture Fund, Jupiter Partners, Raymond Bingham, Walgreens, Continental Properties, Partner Fund Management, Palmieri Family Trust, Puget Sound Venture Club, B.J. Cassin and Esoom Enterprise. |
| Which companies are comparable to Theranos? | Companies comparable to Theranos include ToolGen, Korro Bio, Cibus, electroCore, HueDx and Vistim Labs. |
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