Devoted Health raises $175 million

Devoted Health announced that it has closed a $175 million Series E funding round. The round was led by a lead syndicate composed of The Space Between (TSB), Highbury Holdings, GIC, Stardust Equity, Maverick Ventures, and Fearless Ventures. Also participating in the funding round were Socium Ventures, Emerson Collective, Andreessen Horowitz, The Private Shares Fund and affiliated funds, F-Prime Capital Partners, General Catalyst, and GreatPoint Ventures.

Founded in 2017 by brothers Todd and Ed Park, Devoted Health is a healthcare company providing all-in-one care for older Americans. Members of the company’snDevoted Health insurance plans receive tech-enabled preventive care services from Devoted Medical, the first virtual-first and in-home medical group built from the ground up to serve the specific needs of the Medicare population.

Further supporting members are Devoted’s full-service Guides, who help navigate each member through their health care journey. All of Devoted’s work is powered by its proprietary technology platform, Orinoco, a software platform that can support the entirety of payor and healthcare provider operations, end to end, in a highly integrated way. Orinoco helps choreograph members getting the right care in the right place at the right time – the right care upfront that keeps members as healthy and well as possible.

Devoted Health, which serves over 140,000 members as of December 2023 (year over year growth of more than 70 percent), expanded to serve a total of 299 counties across 13 states during this year’s Medicare Annual Enrollment Period.

Bottom Line: The series E round values the startup at $12.87 billion, according to a source close to the deal.