Devoted Health is a technology-driven healthcare company offering Medicare Advantage plans designed to simplify care for seniors. Its benefits include dental, vision, prescription drug coverage, fitness perks, and personalized care coordination. The company also provides full-service guides, virtual care, in-home support, and a comparison system to help members choose the right plan.
Serving members nationwide, Devoted Health integrates advanced technology with provider networks to improve outcomes and patient experience.
What Is Devoted Health and What Does It Do?
Devoted Health, founded in 2017 by Ed Park and Todd Park, is headquartered in Eagan, United States. The company provides Medicare Advantage plans with comprehensive benefits, including dental, vision, prescription drugs, hospital care, and virtual services.
Devoted Health employs 1,841 Employees, offering seniors access to curated provider networks and full-service care guides.
With an integrated technology platform and a member-first design, Devoted Health delivers virtual, in-home, and coordinated care solutions to ensure seniors receive high-quality healthcare while reducing administrative burdens.
How Much Funding Has Devoted Health Raised?
1. Seed Round
- Amount Raised: $7M
- Date: March 2017
- Lead Investors: Venrock
- Motivation: To establish the company and develop its initial Medicare offerings.
2. Series A
- Amount Raised: $62M
- Date: October 2017
- Motivation: To expand operations and build early marketplace infrastructure.
3. Series B
- Amount Raised: $300M
- Date: October 2018
- Lead Investors: Andreessen Horowitz
- Motivation: To scale operations, staffing, and provider partnerships.
4. Series C
- Amount Raised: $450M
- Date: April 2020
- Motivation: To grow nationwide operations and enhance platform capabilities.
5. Series D
- Amount Raised: $1.2B
- Date: October 2021
- Lead Investors: SoftBank Vision Fund, Uprising Ventures
- Motivation: To expand service offerings, improve technical infrastructure, and accelerate national presence.
6. 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 strengthen member service operations.
7. Series E (Additional)
- Amount Raised: $112M
- Date: August 2024
- Lead Investors: The Space Between, Cox Enterprises, White Road Capital
- Valuation: $13B
- Motivation: To support expansion into new states and counties.
Total Funding Raised: $2.26 Billion
Current Valuation: $12.6 Billion (as of Oct 2021)
Latest Funding Date: August 2024
Key Investors
1. GIC
- Details: Singapore’s sovereign wealth fund is investing globally across multiple asset classes.
- Investment Focus Areas: Private equity, real estate, and infrastructure.
- Notable Investments: Airbnb, Ant Financial, Blackstone.
2. SoftBank Vision Fund
- Details: One of the world’s largest tech-focused investment funds.
- Investment Focus Areas: Telecom, AI, robotics, mobility.
- Notable Investments: Uber, WeWork, Arm Holdings.
3. Andreessen Horowitz
- Details: Silicon Valley VC backing category-defining technology companies.
- Investment Focus Areas: Software, biotech, consumer tech.
- Notable Investments: Facebook, Twitter, Airbnb.
4. Venrock
- Details: Longstanding venture firm originally founded as the Rockefeller family’s investment arm.
- Investment Focus Areas: Healthcare, tech, energy.
- Notable Investments: Apple, Intel, Illumina.
Where Is Devoted Health’s Headquarters?
Devoted Health is headquartered in Eagan, United States, a strategic location that places the company close to healthcare systems, payer networks, and operational hubs, enabling efficient service delivery across states.
What’s Next for Devoted Health?
Devoted Health plans to expand into seven new states and 307 additional counties by 2025, backed by its recent Series E funding. The company aims to scale its care-delivery model, enhance its in-home and virtual care services, and strengthen its proprietary technology platform. With strong investor backing and increasing Medicare enrollment, Devoted Health is positioned to become one of the fastest-growing Medicare Advantage providers in the U.S.
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