Total amount raised
$2.3 Billions
Latest funding date
Location
Devoted Health has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers comprehensive Medicare Advantage plans designed to provide extensive benefits and support to its members.
Keep reading to explore the intricacies of Devoted Health's fundraising journey and the investors backing this innovative healthcare platform.
What Is Devoted Health?
Devoted Health, founded in March 2017 by Edward Park and Todd Park, is headquartered in Waltham, Massachusetts. The company specializes in providing Medicare Advantage plans that offer comprehensive benefits, including dental and eyewear coverage, prescription drugs, and gym memberships.
With a focus on delivering exceptional member support and advanced technology, Devoted Health aims to help seniors live healthier lives. The company employs between 1001 and 5000 people, ensuring a robust support system for its members.
Devoted Health's integrated healthcare solutions include access to top local providers, virtual and in-home care, and full-service guides, making it a standout in the healthcare industry.
How Much Funding Has Devoted Health Raised?
- Seed Round
- Amount Raised: $7M
- Date: March 2017
- Lead Investors: Venrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial offerings.
- Series A
- Amount Raised: $62M
- Date: October 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance service offerings.
- Series B
- Amount Raised: $300M
- Date: October 2018
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enter new markets.
- Series C
- Amount Raised: $450M
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and technological advancements.
- Series D
- Amount Raised: $1.2B
- Date: October 2021
- Lead Investors: SoftBank Vision Fund, Uprising Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service offerings and improve infrastructure.
- Series E
- Amount Raised: $175M
- Date: December 2023
- Lead Investors: Fearless Ventures, GIC, Highbury Group, Maverick Ventures, Stardust Equity, The Space Between
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Medicare Advantage plans and enhance member services.
- Series E (Additional)
- Amount Raised: $112M
- Date: August 2024
- Lead Investors: The Space Between, Cox Enterprises, White Road Capital
- Valuation at Round: $13B
- Motivation Behind the Round: To support expansion into new states and counties.
Total Amount Raised: $2.3B. Current Valuation: $13B.
Key Investors
- Fearless Ventures
- Details: Fearless Ventures is a venture capital firm known for backing innovative startups. They focus on early-stage investments and have a reputation for supporting disruptive technologies.
- Investment Focus Areas: Technology, Healthcare, Fintech
- Notable Investments: Not publicly disclosed
- GIC
- Details: GIC is a sovereign wealth fund established by the Government of Singapore. It manages Singapore's foreign reserves and invests globally across a range of asset classes.
- Investment Focus Areas: Real Estate, Private Equity, Infrastructure
- Notable Investments: Ant Financial, Airbnb, Blackstone
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is one of the largest technology-focused venture capital funds in the world. It is known for making substantial investments in high-growth tech companies.
- Investment Focus Areas: Artificial Intelligence, Robotics, Telecommunications
- Notable Investments: Uber, WeWork, Arm Holdings
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a private venture capital firm based in Silicon Valley. It is renowned for its investments in both early-stage and established technology companies.
- Investment Focus Areas: Software, Biotech, Consumer
- Notable Investments: Facebook, Twitter, Airbnb
- Venrock
- Details: Venrock is a venture capital firm originally established as the venture arm of the Rockefeller family. It has a long history of investing in technology and healthcare startups.
- Investment Focus Areas: Healthcare, Technology, Energy
- Notable Investments: Apple, Intel, Illumina
What's Next for Devoted Health?
Devoted Health is poised for significant growth as it plans to expand into seven new states and 307 additional counties by 2025. This expansion is backed by a recent $112 million funding round, bringing their total Series E funding to $287 million. The company’s proprietary technology and integrated healthcare solutions position it well to capitalize on the growing demand for comprehensive Medicare Advantage plans.
Future fundraising opportunities appear promising, given the substantial investor confidence demonstrated in recent rounds. However, Devoted Health will need to navigate challenges such as maintaining profitability while scaling operations and competing with larger insurers who are reducing their market presence due to rising medical costs. The company’s ability to manage these hurdles will be crucial in sustaining its growth trajectory.
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