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

Waltz Health Overview

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

United StatesChicago, IL

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.

Waltz Health acquisition details
AcquirerDateTypePrice
  • EVERSANA
26 Aug 2025PE 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

Waltz Health funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2024Undisclosed stage-$18MWaltz 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 2022Series AGV (lead); The Blue Venture Fund; Byers Capital; Define Ventures; Twine Ventures; Echo Health Ventures$35MWaltz 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 2021Seed-$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

Investors in Waltz Health by funding rounds participated
InvestorHQRoundsRoleFirst check
The Blue Venture FundUnited StatesChicago, IL1ParticipantApr 2022
GVUnited StatesSan Francisco, CA1LeadApr 2022
Byers CapitalUnited StatesSan Francisco, CA1ParticipantApr 2022
Define VenturesUnited StatesSan Francisco, CA1ParticipantApr 2022

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Waltz 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.

Public and private companies comparable to Waltz Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
WEXUnited StatesUnited StatesPublicly listed$2.7B$992M$6.7B2.1x
HealthEquityUnited StatesUnited StatesPublicly listed$1.3B$478M$7.8B6.2x
Benefit SystemsPolandPolandPublicly listed$1.2B$370M$4.4B3.6x
Molina HealthcareUnited StatesUnited StatesPublicly listed$45B$976M$11B0.1x
Spring HealthUnited StatesNew York City, NYPrivate$125M-$3.3B26.4x
Judi HealthUnited StatesNew York City, NYPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
WEX$2.7B$992M2.2x2.1x6.0x4.8x
Benefit Systems$1.2B$370M4.3x3.6x13.9x12.1x
HealthEquity$1.3B$478M6.5x6.2x17.9x14.0x
Clover Health$1.9B($84M)1.1x0.8x(25.8x)34.1x
Pluxee$1.5B$500M----
Progyny$1.3B$90M1.4x1.4x20.6x8.0x
Molina Healthcare$45B$976M0.1x0.1x5.9x7.2x
GoodRx$797M$173M1.8x1.8x8.1x5.5x

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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.

See companies similar to Waltz Health

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