- Companies
- Theranos
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Sep 2018 | Write-down · Insolvency | $0 |
| Feb 2014 | Undisclosed stage | $9B |
Theranos Revenue
Theranos' latest recorded revenue is $100K, as of its undisclosed-stage round in March 2015.
Theranos revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| Mar 2015 | $100K | Undisclosed 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| 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 | Partner Fund Management | $199M | $9B | Theranos 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Feb 2014 | ||
| 1 | Participant | Mar 2015 | ||
| 1 | Participant | Mar 2015 | ||
| 1 | Participant | Mar 2015 | ||
| 1 | Participant | Mar 2015 | ||
| 1 | Participant | Mar 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 TrialTheranos Competitors
Theranos competitors included listed companies like electroCore, Pangaea Oncology, iNtRON Biotechnology and Identifai Genetics, and private ones like HueDx and Vistim Labs.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $32M | ($12M) | $67M | 1.7x | ||
| Publicly listed | $16M | ($1M) | $59M | 3.7x | ||
| Publicly listed | $4M | ($6M) | $57M | - | ||
| Publicly listed | - | - | $55M | - | ||
| Private | - | - | $4M | - | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($1M) | - | - | (2.4x) | - | |||
| $27K | ($396K) | 495.0x | 8.9x | (33.7x) | (2.9x) | |||
| $12K | ($5M) | - | - | - | - | |||
| - | ($478K) | - | - | (1.2x) | - | |||
| - | - | - | - | - | - | |||
| $28K | $5K | 63.3x | - | 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.




