Insurtech Devoted Health Raises US$175 Million in Series E Round
Insurtech Devoted Health Raises US$175 Million in Series E Round
Devoted Health, the tech-enabled Medicare Advantage startup, has successfully secured US$175 million in fresh funding.
Devoted Health Raises US$175 million

The series E funding round, which closed on December 29th 2023, was led by a prominent syndicate including The Space Between (TSB), Highbury Holdings, GIC, Stardust Equity, Maverick Ventures, and Fearless Ventures, was announced in a recent press release by the company. Key participation also came from returning investors Andreessen Horowitz and General Catalyst, alongside notable contributions from GreatPoint Ventures, Socium Ventures, Emerson Collective, The Private Shares Fund, and affiliated funds, as well as F-Prime Capital Partners.

The all-equity deal is expected to play a pivotal role in supporting Devoted Health’s ambitious growth plans, as conveyed by a company spokesperson. Notably, this marks a significant milestone for the startup, which previously secured a substantial $1.15 billion in a series D funding round back in October 2021.With the series E funding, Devoted Health’s valuation has soared to an impressive $12.87 billion, according to insider sources familiar with the deal. The valuation represents a notable increase from the post-series D valuation of $12.7 billion, highlighting the sustained investor confidence in the company’s trajectory.

Founded in 2017 by brothers Todd and Ed Park, Devoted Health distinguishes itself by offering comprehensive care solutions for older Americans. The startup integrates Medicare Advantage coverage with its virtual and in-home care provider, Devoted Medical, while also fostering strategic partnerships with leading healthcare providers. Devoted Medical, in particular, operates as a virtual-first and in-home medical group, further solidifying the company’s commitment to delivering holistic healthcare solutions.

During 2023’s Medicare Annual Enrolment period, Devoted Health also broadened its service coverage to encompass a total of 299 counties spanning across 13 states.

Speaking about the sizeable capital raise, Ed Park, Devoted Health CEO, said: “In a healthcare system that isn’t always accessible or easy to navigate, we at Devoted Health are profoundly honored to provide each member with the same quality of care and service we’d want for our own families.” 

He added: “It’s deeply gratifying to have so many others believe in the promise of our model, and we’re very excited to bring the love and world-class care that is Devoted to more and more Americans.”

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