Devoted Health has raised a total of $2.3 billion across multiple funding rounds, with its largest being a $1.2 billion Series D round in October 2021. The Waltham-based healthcare company offers comprehensive Medicare Advantage plans designed to provide extensive benefits and support to its members. Devoted Health focuses on providing integrated healthcare solutions, advanced technology, and exceptional member support to enhance the lives of seniors.
Keep reading to explore Devoted Health's funding journey, key investors, and what's next for this innovative healthcare platform.
What Is Devoted Health and What Does It Do?
Founded in March 2017 by Edward Park and Todd Park, Devoted Health is headquartered in Waltham, Massachusetts, United States. The company specializes in Medicare Advantage plans that offer comprehensive benefits, including dental and eyewear coverage, prescription drug coverage, and gym membership options.
With a workforce of 1001–5000 employees, Devoted Health ensures robust member support. Its 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
- Motivation: To establish the company and develop initial offerings.
- Series A
- Amount Raised: $62M
- Date: October 2017
- Motivation: To expand operations and enhance service offerings.
- Series B
- Amount Raised: $300M
- Date: October 2018
- Lead Investors: Andreessen Horowitz
- Motivation: To scale the business and enter new markets.
- Series C
- Amount Raised: $450M
- Date: April 2020
- Motivation: To support growth and technological advancements.
- Series D
- Amount Raised: $1.2B
- Date: October 2021
- Lead Investors: SoftBank Vision Fund, Uprising Ventures
- Motivation: 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
- Motivation: 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: To support expansion into new states and counties.
Total Funding Raised: $2.3B
Current Valuation: $13B
Latest Funding Date: August 2024
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
- GIC
- Details: GIC is a sovereign wealth fund established by the Government of Singapore. It manages Singapore's foreign reserves and invests globally across various 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 world's largest technology-focused venture capital funds, recognized for its investments in high-growth companies.
- Investment Focus Areas: Artificial Intelligence, Robotics, Telecommunications
- Notable Investments: Uber, WeWork, Arm Holdings
- Andreessen Horowitz
- Details: Andreessen Horowitz (a16z) is a private venture capital firm based in Silicon Valley, investing 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 established initially as the Rockefeller family's venture arm, with a long history of investing in technology and healthcare startups.
- Investment Focus Areas: Healthcare, Technology, Energy
- Notable Investments: Apple, Intel, Illumina
Where Is Devoted Health's Headquarters?
Devoted Health is headquartered in Waltham, Massachusetts, United States, providing access to leading healthcare networks, technology talent, and operational infrastructure. Its location enables collaboration with top providers and integration of innovative healthcare solutions.
What's Next for Devoted Health?
Devoted Health plans to expand into seven new states and 307 additional counties by 2025. With a recent $112 million Series E funding round, the company is well-positioned to scale its Medicare Advantage plans and technology-enabled member support.
Future fundraising is likely, given investor confidence. Devoted Health must navigate challenges such as maintaining profitability while scaling operations and competing with larger insurers. Its ability to manage these hurdles will be crucial to sustaining growth and delivering high-quality healthcare services.
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