Theranos Revenue, Valuation, Funding & Investors

Theranos is not operational anymore. Its last reported valuation was $9B as of February 2014.

Last Theranos valuation

$9B

Undisclosed stage · Feb 2014

Last Theranos funding round

$349M

Undisclosed stage · Mar 2015

Theranos revenue

$100K

Undisclosed stage · Mar 2015

Key investors in Theranos

  • Partner Fund Management
  • The Blue Venture Fund
  • Palmieri Family Trust
  • Raymond Bingham
  • B.J. Cassin
  • Continental Properties

Theranos Overview

About Theranos

Theranos was a health technology company founded in 2003 by Elizabeth Holmes that claimed to run hundreds of blood tests from a few drops of blood drawn by finger prick. It developed proprietary testing devices and operated blood-testing centres inside Walgreens and Safeway stores in partnership with those retailers. The company raised private funding from venture capitalists, family offices and wealthy individuals and was valued at about USD 9 billion at its peak. Reporting in 2015 revealed that its technology did not work as claimed, regulators sanctioned its laboratory and it shut its operations. Holmes and her chief operating officer Ramesh Balwani were later convicted of fraud. Theranos was based in Palo Alto and later Newark, California, and it dissolved in 2018.


Founded

2003

HQ

United StatesSan Francisco, CA

Status

Closed

Customer focus

B2C

Revenue model

Services

Revenue

$100K (Mar 2015)

Valuation

$9B (Feb 2014)

Theranos Valuation

Theranos is insolvent and not operational anymore. Read the announcement ↗

Theranos was last valued at $9B, based on its undisclosed-stage round in February 2014. Read the announcement ↗

The $199M round included Partner Fund Management.

Theranos valuation by funding round

Theranos valuation by funding round
DateStageValuation
Sep 2018Write-down · Insolvency$0
Feb 2014Undisclosed stage$9B

Theranos Revenue

Theranos' latest recorded revenue is $100K, as of its undisclosed-stage round in March 2015.

Theranos revenue by funding round

Theranos revenue and valuation multiple by funding round
DateRevenue *Stage
Mar 2015$100KUndisclosed stage

* 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.

Theranos Funding History

Before winding down, Theranos has raised a total of $547M across 2 funding rounds.

Theranos' first fundraising round was a $199M undisclosed-stage round in February 2014. The most recent completed round was a $349M undisclosed-stage round in March 2015.

Theranos funding rounds

Theranos funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2015Undisclosed stageThe 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 2014Undisclosed stagePartner Fund Management$199M$9BTheranos sold Series C-2 preferred stock at USD 17 per share in February 2014, a round that valued the blood-testing company at about USD 9 billion. The hedge fund Partner Fund Management invested USD 96.1 million in the round, according to later reporting on its lawsuit against Theranos. Theranos filed for authorization to sell 11.7 million Series C-2 shares in February 2014 and raised the authorization to 58.8 million shares at the same price in January 2015. The company had previously partnered with Walgreens to offer its finger-stick tests in pharmacies. Theranos was founded in 2003 by Elizabeth Holmes. Investors later alleged they were misled about the technology, and Partner Fund Management settled its claims against the company in 2017.

Who has invested in Theranos?

8 investors have backed Theranos across its funding rounds, including Partner Fund Management, The Blue Venture Fund, Palmieri Family Trust, Raymond Bingham, B.J. Cassin and Continental Properties.


Theranos Investors

Investors in Theranos by funding rounds participated
InvestorHQRoundsRoleFirst check
Partner Fund ManagementUnited StatesUnited States2ParticipantFeb 2014
The Blue Venture FundUnited StatesChicago, IL1ParticipantMar 2015
Jupiter PartnersUnited StatesNew York City, NY1ParticipantMar 2015
Raymond BinghamUnited StatesUnited States1ParticipantMar 2015
Continental PropertiesUnited StatesMilwaukee, WI1ParticipantMar 2015
Palmieri Family TrustUnited StatesLos Angeles1ParticipantMar 2015

This data is available for Pro users. Sign up to see all 8 Theranos investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Theranos Competitors

Theranos competitors included listed companies like electroCore, Pangaea Oncology, iNtRON Biotechnology and Identifai Genetics, and private ones like HueDx and Vistim Labs.

Public and private companies comparable to Theranos
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
electroCoreUnited StatesUnited StatesPublicly listed$32M($12M)$67M1.7x
Pangaea OncologySpainSpainPublicly listed$16M($1M)$59M3.7x
iNtRON BiotechnologySouth KoreaSouth KoreaPublicly listed$4M($6M)$57M-
Identifai GeneticsAustraliaAustraliaPublicly listed--$55M-
HueDxUnited StatesPhiladelphia, PAPrivate--$4M-
Vistim LabsUnited StatesSalt Lake City, UTPrivate--$4M-

Theranos Public Comps

Theranos is defunct now, but its public comps included Ludwig Enterprises, Epigenomics, Virax Biolabs Group, 2cureX, Lifeline Biotechnologies, Genomic Valley Biotech, Bio View and Bluejay Diagnostics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Ludwig Enterprises-($1M)--(2.4x)-
Epigenomics$27K($396K)495.0x8.9x(33.7x)(2.9x)
Virax Biolabs Group$12K($5M)----
2cureX-($478K)--(1.2x)-
Lifeline Biotechnologies------
Genomic Valley Biotech$28K$5K63.3x-387.1x-

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

What happened to Theranos?Theranos is not operational anymore and insolvent as of 5 September 2018.
When was Theranos founded?Theranos was founded in 2003.
Where was Theranos headquartered?Theranos was headquartered in San Francisco, CA, United States.
Was Theranos publicly listed?No, Theranos was a private, VC-backed company.
What was Theranos' valuation?Theranos was last valued at $9B in its undisclosed-stage round in February 2014.
How much did Theranos raise?Theranos raised $547M across 2 funding rounds.
What was Theranos' last funding round?Theranos' last funding round was a $349M undisclosed-stage round in March 2015.
Who were Theranos' investors?Theranos' investors included Partner Fund Management, The Blue Venture Fund, Jupiter Partners, Raymond Bingham, Continental Properties, Palmieri Family Trust, B.J. Cassin and Esoom Enterprise.
What was Theranos' revenue?Theranos' last recorded revenue was $100K (March 2015).
Who were Theranos' competitors?Theranos' competitors included electroCore, Pangaea Oncology, iNtRON Biotechnology, Identifai Genetics, HueDx and Vistim Labs.

See companies similar to Theranos

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial