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- Waltz Health
Waltz Health Acquisition, Valuation, Funding & Investors
Waltz Health was acquired by EVERSANA for $6B in August 2025.
Waltz Health acquisition price
$6B
Acquired by EVERSANA · Aug 2025
Cumulative funding Waltz Health raised
$56M
across 3 funding rounds
Key investors in Waltz Health
GV
The Blue Venture Fund
Define Ventures
Echo Health Ventures
Twine Ventures
Byers Capital
About Waltz Health
Waltz Health optimizes pharmaceutical pricing and distribution by partnering with pharmacies, payers, and manufacturers. The New York-based platform uses technology for rebate management and prior authorization in Medicare Part D plans.
Founded
2021
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Services
Valuation
$6B (acquired Aug 2025)
Waltz Health Acquisition
Waltz Health was acquired by EVERSANA for $6B on 26 August 2025.
Before the acquisition Waltz Health had raised $56M across 3 funding rounds.
Waltz Health, a digital health company, develops software-powered drug-price marketplaces, AI-powered prescription routing, and affordability solutions that connect patients, health insurers, self-insured employers, governments, and pharmacy benefit managers to streamline prescription care decisions and lower costs for specialty medications and high-cost drugs like GLP-1s. EVERSANA, a leading provider of end-to-end commercialization services to the top 50 global pharma and biotech companies, merged with Waltz Health on August 26, 2025, to create a unified platform redefining pharmaceutical commercialization and patient access in the U.S. healthcare system. The strategic rationale addresses industry pressures on drug pricing, patient affordability, channel inefficiencies, and fragmented experiences by integrating Waltz's direct-to-payer model and payer connectivity into EVERSANA's global services, enabling net-price models, copay optimization, reduced patient abandonment, and improved therapeutic persistence. Deal terms include the appointment of Waltz Health co-founder Mark Thierer as CEO of the combined EVERSANA, with the transaction valued at $6 billion according to industry reports. Sidley Austin advised Waltz Health on the merger, covering M&A, tax, employee benefits, healthcare, labor, and antitrust matters. The merger enhances EVERSANA's commercialization infrastructure, providing manufacturers turnkey channels to millions of covered lives and positioning the new entity to balance innovation, transparency, and access amid rising scrutiny over pharmaceutical costs.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 26 Aug 2025 | PE buyout | $6B |
Waltz Health Funding History
Waltz Health has raised a total of $56M across 3 funding rounds.
Waltz Health's first fundraising round was a $3M seed round in August 2021. The most recent completed round was a $18M undisclosed-stage round in November 2024.
Waltz Health funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2024 | Undisclosed stage | - | $18M | Waltz Health raised $17.5 million in a Series A - II funding round on November 27, 2024, led by Define Ventures with participation from other investors including Google Ventures, The Blue Venture Fund, and Echo Health Ventures. The company develops AI-driven marketplaces to lower medication costs and improve consumer experiences in the pharmaceutical supply chain for payers, pharmacies, and consumers. The funding supports refining AI tools, expanding market presence, and enhancing pricing options and decision-making resources. Previously, Waltz Health launched with $35.4 million in Series A funding led by GV (Google Ventures), along with Define Ventures, Echo Health Ventures, Blue Venture Fund, Byers Capital, Twine Ventures, and individual investors. Its initial product, Marketplace Search, is a search engine for pharmacies that uses data from drug discount programs to identify lower-cost medications. The company has raised a total of $55.9 million over multiple rounds. |
| Apr 2022 | Series A | GV (lead); The Blue Venture Fund; Byers Capital; Define Ventures; Twine Ventures; Echo Health Ventures | $35M | Waltz Health is a prescription-focused startup that launched in April 2022 with $35.4 million in Series A funding led by GV, with participation from Define Ventures, Echo Health Ventures, Blue Venture Fund, Byers Capital, Twine Ventures, and individual healthcare executives. The company's initial product, Marketplace Search, is a search engine for pharmacies that uses data from drug discount programs to help consumers find lower-cost medications, aiming to realign incentives in the drug supply chain, lower prices, and empower consumers. Co-founded by Mark Thierer, former CEO of OptumRx, Waltz Health plans to use the capital to scale operations, hire team members, and develop products, with upcoming partnerships with major pharmacy chains. The startup leverages insider knowledge of the pharmacy benefit manager (PBM) market and a technology team to deliver savings through software solutions addressing pharmaceutical challenges for consumers and payers. GV's Ben Robbins highlighted the company's transparent, patient-centric approach and leadership's understanding of the sector's complexities, positioning it to impact the prescription care market. Subsequently, Waltz Health raised additional funding, including a Series A - II of $17.5M in November 2024, bringing total raised to $55.9M over multiple rounds, before merging with EVERSANA in August 2025 to enhance pharma commercialization and drug access. |
| Aug 2021 | Seed | - | $3M | - |
Who has invested in Waltz Health?
6 investors have backed Waltz Health across its funding rounds, including GV, The Blue Venture Fund, Define Ventures, Echo Health Ventures, Twine Ventures and Byers Capital.
Lead investors include GV.
Waltz Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Apr 2022 | ||
| 1 | Lead | Apr 2022 | ||
| 1 | Participant | Apr 2022 | ||
| 1 | Participant | Apr 2022 | ||
This data is available for Pro users. Sign up to see all 6 Waltz Health investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialWaltz Health Competitors
Waltz Health competitors include listed companies like WEX, HealthEquity, Benefit Systems and Molina Healthcare, and private ones like Spring Health and Judi Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.7B | $992M | $6.7B | 2.1x | ||
| Publicly listed | $1.3B | $478M | $7.8B | 6.2x | ||
| Publicly listed | $1.2B | $370M | $4.4B | 3.6x | ||
| Publicly listed | $45B | $976M | $11B | 0.1x | ||
| Private | $125M | - | $3.3B | 26.4x | ||
| Private | - | - | $3.3B | - |
Waltz Health Public Comps
Waltz Health is no longer listed, but its public comps include WEX, Benefit Systems, HealthEquity, Clover Health, Pluxee, Progyny, Molina Healthcare, GoodRx, Eurowag and Hapvida.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.7B | $992M | 2.2x | 2.1x | 6.0x | 4.8x | |||
| $1.2B | $370M | 4.3x | 3.6x | 13.9x | 12.1x | |||
| $1.3B | $478M | 6.5x | 6.2x | 17.9x | 14.0x | |||
| $1.9B | ($84M) | 1.1x | 0.8x | (25.8x) | 34.1x | |||
| $1.5B | $500M | - | - | - | - | |||
| $1.3B | $90M | 1.4x | 1.4x | 20.6x | 8.0x | |||
| $45B | $976M | 0.1x | 0.1x | 5.9x | 7.2x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
This data is available for Pro users. Sign up to see all Waltz Health competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Waltz Health
| When was Waltz Health founded? | Waltz Health was founded in 2021. |
| Where is Waltz Health headquartered? | Waltz Health is headquartered in Chicago, IL, United States. |
| Is Waltz Health publicly listed? | No, Waltz Health was acquired by EVERSANA in August 2025. |
| Who acquired Waltz Health? | Waltz Health was acquired by EVERSANA in August 2025. |
| How much was Waltz Health acquired for? | Waltz Health was acquired for $6B in August 2025. |
| How much funding has Waltz Health raised? | Waltz Health has raised $56M across 3 funding rounds. |
| What was Waltz Health's last funding round? | Waltz Health's last funding round was a $18M undisclosed-stage round in November 2024. |
| Who are Waltz Health's investors? | Waltz Health's investors include The Blue Venture Fund, GV, Byers Capital, Define Ventures, Twine Ventures and Echo Health Ventures. |
| Which companies are comparable to Waltz Health? | Companies comparable to Waltz Health include WEX, HealthEquity, Benefit Systems, Molina Healthcare, Spring Health and Judi Health. |
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