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- Transcarent
Transcarent Revenue, Valuation, Funding & Investors
Transcarent is valued at $2.2B as of May 2024, a 44.0x multiple on its last reported $50M revenue.
Last Transcarent valuation
$2.2B
Series D · May 2024
Last Transcarent funding round
$481M
Series D · Apr 2025
Transcarent revenue
$50M
Series D · May 2024
Key investors in Transcarent
General Catalyst
7wire Ventures
Alta Partners
Threshold
Kinnevik
Human Capital
About Transcarent
Transcarent is a health benefits navigation platform connecting employees to primary care, mental health, and specialty services. The service integrates with self-insured employer plans to provide virtual consultations via partnerships with One Medical and Lyra Health. Users access bundled episodes of care for orthopedics, cardiology, and maternity starting at fixed copays. Backed by investors including Andreessen Horowitz, Transcarent operates nationwide from its San Francisco headquarters.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$50M (May 2024)
Valuation
$2.2B (May 2024)
Transcarent Valuation
Transcarent is currently valued at $2.2B, based on its Series D in May 2024.
The $126M round was led by 7wire Ventures and General Catalyst, with participation from Alta Partners, Geodesic Capital, Human Capital, Merck Global Health Innovation Fund, Leaps by Bayer and 4 other investors.
Transcarent's valuation has grown 4.4x from $500M at its Series A in October 2020 to $2.2B in May 2024, across 4 priced rounds.
Transcarent valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2024 | Series D | $2.2B | 44.0x |
| Jan 2022 | Series C | $1.6B | - |
| Jun 2021 | Series B | $500M | - |
| Oct 2020 | Series A | $500M | - |
Transcarent Revenue
Transcarent's latest recorded revenue is $50M, as of its Series D in May 2024. At a $2.2B valuation, that implies a 44.0x revenue multiple.
Transcarent revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2024 | $50M | $2.2B | 44.0x | Series D |
* 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.
Transcarent Funding History
Transcarent has raised a total of $905M across 5 funding rounds.
Transcarent's first fundraising round was a $40M Series A in October 2020. The most recent completed round was a $481M Series D in April 2025.
Transcarent funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2025 | Series D | 62 Ventures (lead); General Catalyst (lead) | $481M | - | Transcarent, an AI-powered healthcare navigation platform offering comprehensive care experiences in areas like cancer, surgery, weight health, behavioral health, and pharmacy benefits, announced on January 8, 2025, its acquisition of Accolade, a health advocacy and primary care provider, for approximately $621 million or $7.03 per share in cash. The transaction, which closed on April 8, 2025, was financed through fully committed equity funding led by General Catalyst and Glen Tullman's 62 Ventures, along with other investors and debt from J.P. Morgan, pending stockholder and regulatory approvals. The combined company serves over 1,400 employer and payer clients, integrating Transcarent's generative AI WayFinding tools with Accolade's personalized advocacy, expert medical opinions, and virtual primary care to deliver better outcomes and lower costs. Transcarent had previously raised $126 million in a Series D round on May 2, 2024, led by General Catalyst and 7wireVentures, bringing total funding to $450 million at a $2.2 billion valuation. That round supported AI acceleration, commercial growth, and strategic opportunities, following the 2023 acquisition of 98point6. Accolade reported $414 million in revenue for fiscal year 2024 with a $100 million net loss. Transcarent remains unprofitable, prioritizing growth via M&A, with hopes for future profitability. Industry views the deal positively for innovation in self-insured employer solutions amid cost pressures. |
| May 2024 | Series D | 7wire Ventures (lead); General Catalyst (lead); Alta Partners; Geodesic Capital; Human Capital; Merck Global Health Innovation Fund; Leaps by Bayer; Kinnevik; Memorial Hermann Health System; Threshold; Ally Bridge Group | $126M | $2.2B | Transcarent is a health tech platform targeting self-insured employers, offering a one-stop solution for health and care needs including 24/7 virtual access, health concierge services for surgery planning and care paths, AI-powered enhancements, Cancer Care, Surgery Care, Weight Health, and Pharmacy Benefit offerings that enable lowest-cost drug searches, price comparisons, prescription transfers, and support. The company announced a $126 million Series D funding round on May 2, 2024, led by General Catalyst and 7wireVentures, with participation from new investors Geodesic Capital and Memorial Hermann Health System, plus existing investors Threshold Ventures, Kinnevik, Ally Bridge Group, Human Capital, Merck Global Health Innovation Fund, Alta Partners, and Leaps by Bayer. This round brought total funding to approximately $450 million at a $2.2 billion valuation, underscoring investor confidence amid a market shift from point solutions to comprehensive platforms. Prior rounds included a $58 million Series B in June 2021 led by General Catalyst at $442 million pre-money valuation, a $200 million Series C in 2022, and earlier $40 million Series A/A2 in 2020 led by Alta Partners at $48 million pre-money. Funds from the Series D will accelerate AI capabilities like Generative AI WayFinding, support commercial growth, and enable strategic opportunities. Transcarent has expanded through partnerships such as with ViewFi for virtual orthopedic care and an acquisition of 98point6 assets (AI-enabled virtual care platform) worth up to $100 million announced the prior year. Post-Series D developments include Transcarent's announcement to acquire Accolade for $7.03 per share in cash, equating to approximately $621 million total equity value, financed by equity led by General Catalyst and Glen Tullman’s 62 Ventures. The deal, disclosed around January 2025, combines Transcarent’s AI experiences with Accolade’s advocacy, expert medical opinions, and primary care to serve over 1,400 employer and payer clients, aiming to enhance consumer empowerment and reduce healthcare costs. |
| Jan 2022 | Series C | Human Capital (lead); Kinnevik (lead) | $200M | $1.6B | Transcarent is an AI-powered employee health benefits platform that serves self-insured employers and their families. The company delivers an end-to-end health and care experience, connecting users with clinical guidance, virtual and in-person care providers, condition-specific programs, and pharmacy benefit management. On January 11, 2022, Transcarent announced a $200 million Series C funding round co-led by Kinnevik and Human Capital, valuing the company at $1.62 billion and bringing total funding raised to $298 million in just over one year. The round included participation from Ally Bridge Group and leading health systems including Northwell Health, Intermountain Healthcare, and Rush University Medical Center, alongside existing investors including General Catalyst, 7wireVentures, Alta Partners, Merck Global Health Innovation Fund, Threshold Ventures, and GreatPoint Ventures. The company operates on a fully at-risk model where employers have no up-front or per-employee monthly fees, and Transcarent pays health systems up front for surgeries. Members can access weight management, cancer care, urgent care, behavioral health, and pharmacy services 24/7, with health concierge support for care planning. The funding was designated to accelerate product development, expand the digital health benefits platform, and support strategic hiring across clinical and product divisions. |
| Jun 2021 | Series B | 7wire Ventures (lead); General Catalyst (lead); GreatPoint Ventures; Alta Partners; Kleiner Perkins; Merck Global Health Innovation Fund; Leaps by Bayer; Jove Equity Partners; Threshold | $58M | $500M | Transcarent is a San Francisco-based healthcare technology company offering a consumer-directed health and care platform for employees of self-insured employers and their families. It provides unbiased information, trusted guidance, 24/7 personalized care navigation, connections to physicians in 60 seconds on average, expert second opinions, medication management, virtual physical therapy, and bundled surgery solutions with 25-50% net savings per procedure. Launched in March 2021, the platform has achieved clinical outcomes including 21% diagnosis changes/corrections and 40% avoidance of unnecessary surgeries or procedures. On June 10, 2021, Transcarent raised $58 million in its Series B funding round led by General Catalyst and 7wireVentures, with participation from Merck Global Health Innovation Fund, Kleiner Perkins, Leaps by Bayer, GreatPoint Ventures, Threshold Ventures, and existing investors Alta Partners and Jove Equity Partners. This brought total funding to $98 million following a prior $40 million Series A/A2 round in 2020. The capital was intended to accelerate expansion of its risk-based offerings amid rising self-insured employer costs and virtual care adoption post-pandemic. Transcarent continued rapid growth post-Series B, raising $200 million in Series C in January 2022 at $1.62 billion valuation (led by Kinnevik and Human Capital), followed by $126 million Series D in 2024, reaching total funding of $424 million and $2.2 billion valuation by May 2024. The company expanded partnerships (e.g., Walmart), AI integration, virtual care, and strategic hires in clinical, product, and operations. |
| Oct 2020 | Series A | 7wire Ventures (lead); General Catalyst (lead); Alta Partners; Jove Equity Partners | $40M | $500M | Transcarent, founded in 2019 and led by former Livongo CEO Glen Tullman, merged with BridgeHealth in October 2020 and emerged from stealth to offer an app-based platform connecting employees to personalized healthcare services including personal health guides, physicians, prescriptions, second opinions, medication services, virtual physical therapy, and surgery management, bypassing traditional health plan networks. The company raised $58 million in a Series B round led by General Catalyst and 7wireVentures, with participation from Merck and Kleiner Perkins, bringing total funding to $98 million at a nearly $500 million valuation. The October 2020 timeframe aligns with the BridgeHealth merger, after which Transcarent began actively building partnerships and its comprehensive offering. This positioned Transcarent to compete with healthcare middlemen by routing patients directly to needed care, leveraging BridgeHealth's established surgery cost negotiation capabilities. Transcarent continued aggressive expansion, achieving unicorn status with a $2.2 billion valuation in a $126 million Series D in 2024, before acquiring Accolade for $621 million in 2025 to serve 20 million members across 1,700 employers with AI-driven navigation and care experiences. |
Who has invested in Transcarent?
15 investors have backed Transcarent across its funding rounds, including General Catalyst, 7wire Ventures, Alta Partners, Threshold, Kinnevik and Human Capital.
Lead investors include 62 Ventures, General Catalyst, 7wire Ventures, Human Capital and Kinnevik.
Transcarent Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Oct 2020 | ||
| 3 | Participant | Oct 2020 | ||
| 3 | Lead | Oct 2020 | ||
| 2 | Lead | Jan 2022 | ||
| 2 | Participant | Jun 2021 | ||
| 2 | Participant | Jun 2021 | ||
| 2 | Lead | Jan 2022 | ||
| 2 | Participant | Oct 2020 | ||
| 2 | Participant | Jun 2021 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | May 2024 | ||
| 1 | Lead | Apr 2025 | ||
This data is available for Pro users. Sign up to see all 15 Transcarent investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Transcarent
Transcarent has acquired 3 companies to date.
Last acquisition by Transcarent was on January 5th 2025. Transcarent acquired Accolade for $621M.
Latest Acquisitions by Transcarent
| Description | Accolade is a technology-enabled healthcare advocacy firm delivering personalized benefits navigation for employers and members. Plymouth Meeting, Pennsylvania-headquartered and founded in 2007, the company operates a 24/7 concierge service connecting users to in-network providers, cost estimators, and condition-specific experts. Accolade reduces healthcare spending by 12-20% through clinical guidance on chronic conditions like diabetes and maternity care. NASDAQ-listed as ACCD, it partners with Fortune 500 self-insured plans covering over 15 million lives across the US. | 98point6 is a Seattle-headquartered digital health company delivering asynchronous text-based primary care consultations. Founded in 2015, it pairs board-certified physicians with AI-driven triage for diagnosis, prescriptions, and chronic condition management via mobile app. The platform serves patients across multiple U.S. states with on-demand virtual visits. | BridgeHealth is a Nashville-based provider of value-based surgical care networks connecting self-insured employers to Centers of Excellence nationwide. Its bundled payment model covers procedures like joint replacements and spine surgeries, achieving average cost savings of thirty to fifty percent per case. BridgeHealth delivers concierge care coordination, preoperative planning, and postoperative support, maintaining Net Promoter Scores above ninety. |
| HQ Country | |||
| HQ City | Philadelphia, PA | - | Denver, CO |
| Deal Date | 5 Jan 2025 | 6 Mar 2023 | 22 Oct 2020 |
| Valuation | $621M | $100M | $40M |
| EV/Revenue | |||
| EV/EBITDA | |||
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Transcarent Competitors
Transcarent competitors include listed companies like GoodRx, Progyny and Pluxee, and private ones like Pomelo Care, Grand Rounds and Headway.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.7B | - | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $797M | $173M | $1.2B | 1.8x | ||
| Private | - | - | $2.3B | - | ||
| Publicly listed | $1.3B | $90M | $2.1B | 1.4x | ||
| Publicly listed | $1.5B | $500M | $2.4B | - |
Transcarent Public Comps
Transcarent is still privately-owned, but its public comps include Progyny, Pluxee, Clover Health, Ping An Healthcare, JMDC, GoodRx, Teladoc, Eurowag, Talkspace and Hapvida.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.3B | $90M | 1.4x | 1.4x | 20.6x | 8.0x | |||
| $1.5B | $500M | - | - | - | - | |||
| $1.9B | ($84M) | 1.1x | 0.8x | (25.8x) | 34.1x | |||
| $815M | $52M | 0.9x | 0.9x | 13.4x | 16.9x | |||
| $324M | $88M | 5.0x | 4.6x | 18.4x | 17.9x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $2.5B | $124M | 0.6x | 0.6x | 11.3x | 5.0x | |||
| $2.7B | $119M | 0.5x | 3.0x | 10.3x | 7.5x | |||
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Common questions about Transcarent
| When was Transcarent founded? | Transcarent was founded in 2020. |
| Where is Transcarent headquartered? | Transcarent is headquartered in San Francisco, CA, United States. |
| Is Transcarent publicly listed? | No, Transcarent is a private, VC-backed company. |
| What is Transcarent's valuation? | Transcarent was last valued at $2.2B in its Series D in May 2024. |
| How much funding has Transcarent raised? | Transcarent has raised $905M across 5 funding rounds. |
| What was Transcarent's last funding round? | Transcarent's last funding round was a $481M Series D in April 2025, led by 62 Ventures and General Catalyst. |
| Who are Transcarent's investors? | Transcarent's investors include General Catalyst, Alta Partners, 7wire Ventures, Human Capital, Merck Global Health Innovation Fund, Leaps by Bayer, Kinnevik, Jove Equity Partners, Threshold, GreatPoint Ventures and 5 others. |
| What is Transcarent's revenue? | Transcarent's latest recorded revenue is $50M (May 2024). |
| What is Transcarent's revenue multiple? | Transcarent's latest valuation implies a 44.0x revenue multiple ($2.2B valuation on $50M of revenue). |
| Which companies are comparable to Transcarent? | Companies comparable to Transcarent include Pomelo Care, Grand Rounds, GoodRx, Headway, Progyny and Pluxee. |
| How many companies has Transcarent acquired? | Transcarent has acquired 3 companies, including Accolade, 98point6 and BridgeHealth. |
| What was the largest acquisition by Transcarent? | The $621M acquisition of Accolade in January 2025 is the largest acquisition Transcarent has made to date. |
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