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- UpStream Care
UpStream Care Valuation, Funding & Investors
UpStream Care is valued at $1B as of November 2021.
Last UpStream Care valuation
$1B
Series A · Nov 2021
Last UpStream Care funding round
$140M
Series B · Dec 2022
Cumulative funding UpStream Care raised
$185M
across 2 funding rounds
Key investors in UpStream Care
Dragoneer
Coatue
Mubadala
Define Ventures
Avidity Partners
About UpStream Care
UpStream Care is a Denver-based company supplying primary care physicians with technology and operational support. Its platform integrates with EMR systems like Epic and Cerner to automate care coordination, prior authorizations, and patient follow-up workflows. The service covers value-based care contracts with Medicare Advantage plans in Colorado.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services, Subscription
Valuation
$1B (Nov 2021)
UpStream Care Valuation
UpStream Care is currently valued at $1B, based on its Series A in November 2021.
The $45M round was led by Dragoneer.
UpStream Care valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2021 | Series A | $1B |
UpStream Care Funding History
UpStream Care has raised a total of $185M across 2 funding rounds.
UpStream Care's first fundraising round was a $45M Series A in November 2021. The most recent completed round was a $140M Series B in December 2022.
UpStream Care funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2022 | Series B | Coatue (lead); Dragoneer (lead); Avidity Partners; Define Ventures; Mubadala | $140M | - | UpStream Healthcare (UpStream), based in Greensboro, NC, is a value-based primary care services and technology company founded in 2018 that supports physicians providing care to Medicare seniors under full-risk arrangements. The company embeds pharmacists and clinical staff into primary care practices and uses proprietary technology to anticipate patient needs, coordinate care for chronic conditions, improve quality measures, and reduce total cost of care. At the time of its $140 million Series B funding announced on December 1, 2022—which brought total funding to nearly $185 million—the platform was leveraged by more than 2,900 physicians caring for 175,000 senior patients, helping mature cohorts decrease inpatient and post-acute spend by 20% while maintaining 4.5-star quality ratings. The Series B round was co-led by Coatue and Dragoneer Investment Group, with participation from Avidity Partners, Define Ventures, and Mubadala. UpStream plans to use the proceeds to scale its model nationwide amid growing adoption of value-based care, addressing physician burnout and resource shortages in primary care for seniors. The company emphasizes care quality, health equity, and financial stability through its value-based payment model, positioning it to transform senior patient outcomes and practice economics. UpStream operates in the competitive value-based care space, betting on technology and clinical support to enable primary care providers to thrive financially while improving patient health. |
| Nov 2021 | Series A | Dragoneer (lead) | $45M | $1B | UpStream Care is a healthcare company focused on transforming care for seniors through value-based care models, providing technology platforms, embedded clinical support teams like pharmacists and care coordination nurses, and off-site assistance for Medicare and Medicare Advantage patients. The company supports primary care practices and physicians by managing risk responsibility, offering advanced analytics, management infrastructure, and Guaranteed Advanced Payments for Quality (GAP-Q™), enabling practices to focus on patient care while improving outcomes for medically complex seniors in their homes. On November 17, 2021, UpStream Care closed a $45 million Series A funding round led by Dragoneer Investment Group, with the company described as a $1B+ healthcare entity chaired by pharmacist and entrepreneur Fergus Hoban. The investment aims to triple the company's size within a year, accelerating growth from a regional to national market leader in value-based care. At the time, UpStream had over 270 physicians contracted and supported over 100,000 seniors. Crosstree Capital advised UpStream in selecting Dragoneer as the financial partner to capture market demand for risk-bearing support to independent physicians and ACOs. Dragoneer, a growth-oriented firm with over $21 billion in capital, focuses on companies with sustainable differentiation. This round precedes a later $140 million Series B in 2023 co-led by Coatue and Dragoneer, bringing total funding to nearly $185 million, but no specific post-money valuation, revenue, ARR, EBITDA, or multiples are detailed for the 2021 round beyond the $1B+ description. |
Who has invested in UpStream Care?
5 investors have backed UpStream Care across its funding rounds, including Dragoneer, Coatue, Mubadala, Define Ventures and Avidity Partners.
Lead investors include Coatue and Dragoneer.
UpStream Care Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Nov 2021 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Participant | Dec 2022 | ||
This data is available for Pro users. Sign up to see all 5 UpStream Care investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialUpStream Care Competitors
UpStream Care competitors include listed companies like Guiyang Longmaster and Medley Inc., and private ones like DocPlanner, NexHealth, Helian Health and Elemy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $900M | - | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | $44M | $5M | $482M | - | ||
| Publicly listed | $236M | $32M | $459M | 1.8x |
UpStream Care Public Comps
UpStream Care is still privately-owned, but its public comps include iFLYHealth, Vitec Software, PHC Holdings, HealthStream, MedicalSystem Technology, Talkspace, Teladoc, Hangzhou Pinming Software, GoodRx and Sphere.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $136M | ($7M) | 7.7x | 6.2x | (150.8x) | (144172.5x) | |||
| $371M | $151M | 3.7x | 3.5x | 9.1x | 9.0x | |||
| $2.3B | $320M | 1.0x | 1.0x | 7.2x | 6.5x | |||
| $304M | $63M | 2.8x | 2.6x | 13.2x | 11.2x | |||
| $45M | $12M | 18.9x | 15.6x | 70.7x | 62.9x | |||
| $229M | $6M | 3.4x | 3.4x | 129.3x | 49.4x | |||
| $2.5B | $124M | 0.6x | 0.6x | 11.3x | 5.0x | |||
| $65M | $8M | 12.5x | 11.9x | 100.2x | - | |||
This data is available for Pro users. Sign up to see all UpStream Care competitors and their valuation data. Start Free Trial | ||||||||
Common questions about UpStream Care
| When was UpStream Care founded? | UpStream Care was founded in 2019. |
| Where is UpStream Care headquartered? | UpStream Care is headquartered in Greensboro, NC, United States. |
| Is UpStream Care publicly listed? | No, UpStream Care is a private, VC-backed company. |
| What is UpStream Care's valuation? | UpStream Care was last valued at $1B in its Series A in November 2021. |
| How much funding has UpStream Care raised? | UpStream Care has raised $185M across 2 funding rounds. |
| What was UpStream Care's last funding round? | UpStream Care's last funding round was a $140M Series B in December 2022, led by Coatue and Dragoneer. |
| Who are UpStream Care's investors? | UpStream Care's investors include Dragoneer, Avidity Partners, Define Ventures, Mubadala and Coatue. |
| Which companies are comparable to UpStream Care? | Companies comparable to UpStream Care include DocPlanner, NexHealth, Helian Health, Elemy, Guiyang Longmaster and Medley Inc.. |
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