Total amount raised
$70.9 Millions
Latest funding date
Location
Even has successfully raised significant funds over multiple rounds, including a $30 million Series A round. The company offers comprehensive healthcare plans with unlimited diagnostics, consultations, and hospitalization coverage.
Keep reading to explore the intricacies of Even's fundraising journey and the investors backing this innovative platform.
What Is Even?
Even, founded in 2020, is a health-tech company based in Bangalore, Karnataka, India. The company was established by Alessandro Davide Ialongo, Matilde Giglio, and Mayank Banerjee.
Even offers a range of healthcare services, including unlimited diagnostics, consultations, and hospitalization coverage, all under one monthly subscription. They partner directly with top hospitals to provide comprehensive care.
With a team of 251-500 employees, Even is dedicated to keeping its members healthy and out of hospitals through personalized care and optional insurance plans.
How Much Funding Has Even Raised?
- Funding Round: Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Typically used for initial setup, product development, and early operations.
- Funding Round: Seed Round
- Amount Raised: $5M
- Date: July 2021
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and expand initial operations.
- Funding Round: Series A
- Amount Raised: Not publicly disclosed
- Date: December 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Not publicly disclosed
- Funding Round: Series A
- Amount Raised: Not publicly disclosed
- Date: August 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Not publicly disclosed
- Funding Round: Convertible Note
- Amount Raised: ₹1.2B
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely to support ongoing operations and expansion.
- Funding Round: Grant
- Amount Raised: $500K
- Date: February 2023
- Lead Investors: Mission Daybreak
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support specific projects or initiatives within the company.
- Funding Round: Venture Round
- Amount Raised: ₹1.7B
- Date: August 2024
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand services.
- Funding Round: Series A
- Amount Raised: $30M
- Date: October 2024
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To start hospital operations and enhance patient care and resource processes.
Total Amount Raised: $35.5M + ₹2.9B
Current Valuation: Not publicly disclosed
Key Investors
- Khosla Ventures
- Details: Khosla Ventures is a venture capital firm founded by Vinod Khosla. The firm is known for investing in innovative and transformative companies.
- Investment Focus Areas: Modernized healthcare, high-quality affordable care, transformative and innovative companies.
- Notable Investments: Not publicly disclosed.
- Mission Daybreak
- Details: Mission Daybreak invested $500,000 in Even during a grant funding round on February 16, 2023. The organization focuses on supporting innovative healthcare solutions.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Even.
- Founders Fund
- Details: Founders Fund is a prominent US-based venture capital firm. They participated in the Series A funding round for Even.
- Investment Focus Areas: Transformative and high-impact companies.
- Notable Investments: Not publicly disclosed.
- 8VC
- Details: 8VC is a US-based venture capital firm. They participated in multiple funding rounds for Even, including the Series A round.
- Investment Focus Areas: Building and investing in the next generation of companies.
- Notable Investments: Not publicly disclosed.
- Lachy Groom
- Details: Lachy Groom is an individual investor. He participated in the Series A funding round for Even.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Not publicly disclosed.
What's Next for Even?
Even is poised to capitalize on the burgeoning Indian healthcare market, valued at USD 372 billion in 2022 and growing at a CAGR of 22 percent. With plans to launch hospitals in Bengaluru and expand into metro and tier-2 cities, the company aims to enhance patient care and resource processes. This expansion presents a significant opportunity for growth, especially given the low penetration of private insurance in India.
Future fundraising seems likely as Even continues its rapid growth. The company has already raised $50 million, and its ambitious plans suggest that additional funding rounds may be on the horizon. This financial support will be crucial for scaling operations and maintaining high-quality patient care.
However, challenges such as competition from traditional medical insurance providers and managing rapid expansion could pose hurdles. Navigating regulatory environments and ensuring consistent quality of care will be essential for Even's sustained success. Despite these challenges, the company's innovative approach and strong investor backing position it well for future growth.
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