Carbon Health valuation, funding and investors

Carbon Health works in primary and urgent care services, based in San Francisco, United States. Founded in 2015, it has about 1,080 employees.

Health Care Services San Francisco Series D

VALUATION · TODAY

$1.07B −14% after Series D

Range $139M – $2.25B · Grade D

TODAY

+12 MO

$2.00B

$4.00B

$6.00B

$8.00B

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Series B $30.0M

Series C $100M

Growth $350M

Series D $100M

ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then

HEADCOUNT · TODAY1,078 employees

+1%6m growth

+1%1y growth

−2%2y growth

500

1,000

1,500

Data from Jan 2021

TODAY

Predicted in 1 yr $914M −14% vs today

Predicted next raise $172M if a round comes

Winding-down probability 22%

Last round: Series D · $100M · Jan 2023
Valuation at last round: $1.25B · implied
Headcount: 1,078 · flat
Grade: D
Founded: 2015

How VCMC values companies →

Carbon Health valuation today

VCMC values Carbon Health at $1.1B today, with a range of $139M to $2.3B and a grade of D. The valuation starts from its last funding round, a Series D round in Jan 2023.

Valuation by date (147 rows)

Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.

Carbon Health: valuation by date, as the model would have shown it on each date
Date	Valuation	Range	Predicted in 1 yr	Phase	Headcount	Trend	Grade	Winding-down probability
1 Jan 2015	$5.25M	$1.91M – $14.4M	$5.51M (+5%)	before first round	–	unknown	D	0%
1 Feb 2015	$5.28M	$1.92M – $14.5M	$5.53M (+5%)	before first round	–	unknown	D	0%
1 Mar 2015	$5.29M	$1.93M – $14.5M	$5.55M (+5%)	before first round	–	unknown	D	0%
1 Apr 2015	$5.32M	$1.93M – $14.6M	$5.57M (+5%)	before first round	–	unknown	D	0%
1 May 2015	$5.34M	$1.94M – $14.7M	$5.59M (+5%)	before first round	–	unknown	D	0%
1 Jun 2015	$5.36M	$1.95M – $14.7M	$5.61M (+5%)	before first round	–	unknown	D	0%
1 Jul 2015	$5.38M	$1.96M – $14.8M	$5.64M (+5%)	before first round	–	unknown	D	0%
1 Aug 2015	$5.40M	$1.97M – $14.8M	$5.78M (+7%)	before first round	–	unknown	D	0%
1 Sep 2015	$5.42M	$1.97M – $14.9M	$5.94M (+10%)	before first round	–	unknown	D	0%
1 Oct 2015	$5.44M	$1.98M – $14.9M	$6.09M (+12%)	before first round	–	unknown	D	0%
1 Nov 2015	$5.46M	$1.99M – $15.0M	$6.26M (+15%)	before first round	–	unknown	D	0%
1 Dec 2015	$5.48M	$2.00M – $15.1M	$6.42M (+17%)	before first round	–	unknown	D	0%
1 Jan 2016	$5.51M	$2.00M – $15.1M	$6.60M (+20%)	before first round	–	unknown	D	0%
1 Feb 2016	$5.53M	$2.01M – $15.2M	$6.78M (+23%)	before first round	–	unknown	D	0%
1 Mar 2016	$5.55M	$2.02M – $15.2M	$6.95M (+25%)	before first round	–	unknown	D	0%
1 Apr 2016	$5.57M	$2.03M – $15.3M	$7.14M (+28%)	before first round	–	unknown	D	0%
1 May 2016	$5.59M	$2.04M – $15.4M	$7.33M (+31%)	before first round	–	unknown	D	0%
1 Jun 2016	$5.61M	$2.04M – $15.4M	$7.53M (+34%)	before first round	–	unknown	D	0%
1 Jul 2016	$5.64M	$2.05M – $15.5M	$7.72M (+37%)	before first round	–	unknown	D	0%
1 Aug 2016	$5.79M	$2.11M – $15.9M	$7.93M (+37%)	before first round	–	unknown	D	0%
1 Sep 2016	$5.94M	$2.16M – $16.3M	$8.15M (+37%)	before first round	–	unknown	D	0%
1 Oct 2016	$6.10M	$2.22M – $16.8M	$8.36M (+37%)	before first round	–	unknown	D	0%
1 Nov 2016	$6.26M	$2.28M – $17.2M	$8.59M (+37%)	before first round	–	unknown	D	0%
1 Dec 2016	$6.43M	$2.34M – $17.7M	$8.81M (+37%)	before first round	–	unknown	D	0%
1 Jan 2017	$6.60M	$2.40M – $18.1M	$9.05M (+37%)	before first round	–	unknown	D	0%
1 Feb 2017	$6.78M	$2.47M – $18.6M	$9.29M (+37%)	before first round	–	unknown	D	0%
1 Mar 2017	$6.94M	$2.53M – $19.1M	$9.52M (+37%)	before first round	–	unknown	D	0%
1 Apr 2017	$7.13M	$2.60M – $19.6M	$9.78M (+37%)	before first round	–	unknown	D	0%
1 May 2017	$7.32M	$2.67M – $20.1M	$10.0M (+37%)	before first round	–	unknown	D	0%
1 Jun 2017	$7.52M	$2.74M – $20.7M	$10.3M (+37%)	before first round	–	unknown	D	0%
1 Jul 2017	$7.72M	$2.81M – $21.2M	$10.6M (+37%)	before first round	–	unknown	D	0%
1 Aug 2017	$7.93M	$2.89M – $21.8M	$10.9M (+37%)	before first round	–	unknown	D	0%
1 Sep 2017	$8.14M	$2.96M – $22.4M	$11.2M (+37%)	before first round	–	unknown	D	0%
1 Oct 2017	$8.36M	$3.04M – $23.0M	$11.5M (+37%)	before first round	–	unknown	D	0%
1 Nov 2017	$8.58M	$3.12M – $23.6M	$11.8M (+37%)	before first round	–	unknown	D	0%
1 Dec 2017	$8.81M	$3.21M – $24.2M	$12.1M (+37%)	before first round	–	unknown	D	0%
1 Jan 2018	$9.05M	$3.29M – $24.9M	$12.4M (+37%)	before first round	–	unknown	D	0%
1 Feb 2018	$9.29M	$3.38M – $25.5M	$12.7M (+37%)	before first round	–	unknown	D	0%
1 Mar 2018	$9.52M	$3.47M – $26.2M	$13.1M (+37%)	before first round	–	unknown	D	0%
1 Apr 2018	$9.78M	$3.56M – $26.9M	$13.4M (+37%)	before first round	–	unknown	D	0%
1 May 2018	$10.0M	$3.65M – $27.6M	$13.8M (+37%)	before first round	–	unknown	D	0%
1 Jun 2018	$10.3M	$3.75M – $28.3M	$14.1M (+37%)	before first round	–	unknown	D	0%
1 Jul 2018	$10.6M	$3.85M – $29.1M	$14.5M (+37%)	before first round	–	unknown	D	0%
1 Aug 2018	$10.9M	$3.96M – $29.9M	$14.7M (+35%)	before first round	–	unknown	D	0%
1 Sep 2018	$11.2M	$4.06M – $30.7M	$14.8M (+32%)	before first round	–	unknown	D	0%
1 Oct 2018	$11.5M	$4.17M – $31.5M	$14.9M (+30%)	before first round	–	unknown	D	0%
1 Nov 2018	$11.8M	$4.28M – $32.3M	$15.1M (+28%)	before first round	–	unknown	D	0%
1 Dec 2018	$12.1M	$4.40M – $33.2M	$15.2M (+26%)	before first round	–	unknown	D	0%
1 Jan 2019	$12.4M	$4.52M – $34.1M	$15.3M (+24%)	before first round	–	unknown	D	0%
1 Feb 2019	$12.7M	$4.64M – $35.0M	$15.5M (+21%)	before first round	–	unknown	D	0%
1 Mar 2019	$13.1M	$4.75M – $35.9M	$15.6M (+19%)	before first round	–	unknown	D	0%
1 Apr 2019	$13.4M	$4.88M – $36.8M	$15.7M (+17%)	before first round	–	unknown	D	0%
1 May 2019	$13.8M	$5.01M – $37.8M	$15.9M (+15%)	before first round	–	unknown	D	0%
1 Jun 2019	$14.1M	$5.15M – $38.8M	$16.0M (+13%)	before first round	–	unknown	D	0%
6 Jun 2019	$215M	$141M – $489M	$321M (+50%)	after a round	–	unknown	C	0%
1 Jul 2019	$221M	$141M – $489M	$321M (+46%)	after a round	–	unknown	C	0%
1 Aug 2019	$228M	$141M – $489M	$321M (+41%)	after a round	–	unknown	C	0%
1 Sep 2019	$236M	$141M – $489M	$321M (+36%)	after a round	–	unknown	C	0%
1 Oct 2019	$244M	$141M – $489M	$321M (+32%)	after a round	–	unknown	C	0%
1 Nov 2019	$253M	$141M – $489M	$321M (+27%)	after a round	–	unknown	C	0%
1 Dec 2019	$261M	$141M – $489M	$321M (+23%)	after a round	–	unknown	C	0%
1 Jan 2020	$271M	$141M – $489M	$321M (+19%)	after a round	–	unknown	C	0%
1 Feb 2020	$280M	$141M – $489M	$321M (+15%)	after a round	–	unknown	C	0%
1 Mar 2020	$289M	$141M – $489M	$321M (+11%)	after a round	–	unknown	C	0%
1 Apr 2020	$299M	$141M – $489M	$321M (+7%)	after a round	–	unknown	C	0%
1 May 2020	$309M	$141M – $489M	$321M (+4%)	after a round	–	unknown	C	0%
1 Jun 2020	$320M	$141M – $489M	$321M (0%)	after a round	–	unknown	C	0%
1 Jul 2020	$321M	$136M – $489M	$321M (0%)	after a round	–	unknown	C	0%
1 Aug 2020	$321M	$130M – $489M	$321M (0%)	after a round	–	unknown	C	0%
1 Sep 2020	$321M	$124M – $489M	$321M (0%)	after a round	–	unknown	C	0%
1 Oct 2020	$321M	$119M – $489M	$321M (0%)	after a round	–	unknown	C	0%
1 Nov 2020	$321M	$114M – $489M	$321M (0%)	after a round	–	unknown	C	0%
11 Nov 2020	$694M	$488M – $1.3B	$901M (+30%)	after a round	–	unknown	B	0%
1 Dec 2020	$704M	$488M – $1.3B	$901M (+28%)	after a round	–	unknown	B	0%
1 Jan 2021	$719M	$488M – $1.3B	$901M (+25%)	after a round	260	unknown	B	0%
1 Feb 2021	$736M	$488M – $1.3B	$901M (+22%)	after a round	260	unknown	B	0%
1 Mar 2021	$751M	$488M – $1.3B	$901M (+20%)	after a round	260	unknown	B	0%
1 Apr 2021	$768M	$488M – $1.3B	$901M (+17%)	after a round	260	flat	B	0%
1 May 2021	$784M	$488M – $1.3B	$901M (+15%)	after a round	260	flat	B	0%
1 Jun 2021	$802M	$488M – $1.3B	$901M (+12%)	after a round	260	flat	B	0%
1 Jul 2021	$819M	$488M – $1.3B	$901M (+10%)	after a round	260	flat	B	0%
22 Jul 2021	$3.3B	$2.9B – $4.2B	$3.6B (+10%)	after a round	260	flat	A	0%
1 Aug 2021	$3.3B	$2.9B – $4.2B	$3.6B (+10%)	after a round	260	flat	A	0%
1 Sep 2021	$3.3B	$2.9B – $4.2B	$3.6B (+9%)	after a round	260	flat	A	0%
1 Oct 2021	$3.4B	$2.9B – $4.2B	$3.6B (+8%)	after a round	260	flat	A	0%
1 Nov 2021	$3.4B	$2.9B – $4.2B	$3.6B (+7%)	after a round	260	flat	A	0%
1 Dec 2021	$3.4B	$2.9B – $4.2B	$3.6B (+6%)	after a round	260	flat	A	0%
1 Jan 2022	$3.4B	$2.9B – $4.2B	$3.6B (+5%)	after a round	260	flat	A	0%
1 Feb 2022	$3.5B	$2.9B – $4.2B	$3.6B (+5%)	after a round	260	flat	A	0%
1 Mar 2022	$4.3B	$2.9B – $5.8B	$5.1B (+18%)	after a round	1,200	growing	B	0%
1 Apr 2022	$4.5B	$2.9B – $5.8B	$5.1B (+14%)	after a round	1,200	growing	B	0%
1 May 2022	$4.6B	$2.9B – $5.8B	$5.1B (+10%)	after a round	1,200	growing	B	0%
1 Jun 2022	$4.8B	$2.9B – $5.8B	$5.1B (+6%)	after a round	1,200	growing	B	0%
1 Jul 2022	$5.0B	$2.9B – $5.8B	$5.1B (+2%)	after a round	1,200	growing	B	0%
1 Aug 2022	$5.1B	$2.9B – $5.8B	$5.1B (0%)	after a round	1,200	growing	B	0%
1 Sep 2022	$5.1B	$3.0B – $5.8B	$5.1B (0%)	after a round	1,200	growing	B	0%
1 Oct 2022	$5.1B	$3.0B – $5.8B	$5.1B (0%)	after a round	1,200	growing	B	0%
1 Nov 2022	$5.1B	$2.7B – $5.8B	$5.1B (0%)	after a round	1,200	unknown	B	0%
1 Dec 2022	$5.1B	$2.6B – $5.8B	$5.1B (0%)	after a round	1,200	unknown	B	0%
1 Jan 2023	$1.2B	$821M – $2.5B	$1.6B (+30%)	after a round	1,300	flat	B	0%
2 Jan 2023	$1.3B	$821M – $2.5B	$1.6B (+30%)	after a round	1,300	flat	B	0%
1 Feb 2023	$1.3B	$821M – $2.5B	$1.6B (+27%)	after a round	1,300	flat	B	0%
1 Mar 2023	$1.3B	$821M – $2.5B	$1.6B (+25%)	after a round	1,300	flat	B	0%
1 Apr 2023	$1.3B	$821M – $2.5B	$1.6B (+22%)	after a round	1,300	flat	B	0%
1 May 2023	$1.4B	$821M – $2.5B	$1.6B (+19%)	after a round	1,300	flat	B	0%
1 Jun 2023	$1.4B	$821M – $2.5B	$1.6B (+17%)	after a round	1,300	flat	B	0%
1 Jul 2023	$1.4B	$821M – $2.5B	$1.6B (+14%)	after a round	1,300	flat	B	0%
1 Aug 2023	$1.5B	$821M – $2.5B	$1.6B (+12%)	after a round	1,300	flat	B	0%
1 Sep 2023	$1.5B	$821M – $2.5B	$1.6B (+9%)	after a round	1,300	flat	B	0%
1 Oct 2023	$1.4B	$807M – $2.2B	$1.3B (-4%)	after a round	1,200	flat	B	40%
1 Nov 2023	$1.4B	$807M – $2.2B	$1.3B (-6%)	after a round	1,200	flat	B	40%
1 Dec 2023	$1.4B	$807M – $2.2B	$1.3B (-8%)	after a round	1,200	flat	B	40%
1 Jan 2024	$1.4B	$807M – $2.2B	$1.3B (-10%)	after a round	1,200	flat	B	40%
1 Feb 2024	$1.4B	$769M – $2.2B	$1.3B (-11%)	after a round	1,200	flat	B	40%
1 Mar 2024	$1.4B	$735M – $2.2B	$1.2B (-12%)	after a round	1,200	flat	B	43%
1 Apr 2024	$1.4B	$701M – $2.2B	$1.2B (-12%)	after a round	1,200	flat	B	43%
1 May 2024	$1.4B	$669M – $2.2B	$1.2B (-12%)	after a round	1,200	flat	B	43%
1 Jun 2024	$1.4B	$637M – $2.2B	$1.2B (-13%)	after a round	1,200	flat	C	43%
1 Jul 2024	$1.4B	$608M – $2.2B	$1.2B (-13%)	after a round	1,200	flat	C	43%
1 Aug 2024	$1.3B	$568M – $2.2B	$1.1B (-13%)	after a round	1,100	flat	C	44%
1 Sep 2024	$1.3B	$541M – $2.2B	$1.1B (-13%)	after a round	1,100	flat	C	44%
1 Oct 2024	$1.3B	$516M – $2.2B	$1.1B (-13%)	after a round	1,100	flat	C	44%
1 Nov 2024	$1.2B	$490M – $2.2B	$1.0B (-16%)	after a round	1,100	flat	C	52%
1 Dec 2024	$1.2B	$468M – $2.2B	$1.0B (-16%)	after a round	1,100	flat	C	52%
1 Jan 2025	$1.2B	$434M – $2.2B	$947M (-19%)	after a round	1,100	flat	C	52%
1 Feb 2025	$1.2B	$413M – $2.2B	$927M (-20%)	after a round	1,100	flat	C	52%
1 Mar 2025	$1.1B	$394M – $2.3B	$909M (-20%)	after a round	1,100	flat	C	52%
1 Apr 2025	$1.1B	$374M – $2.3B	$890M (-21%)	after a round	1,100	flat	C	52%
1 May 2025	$1.1B	$356M – $2.3B	$911M (-20%)	after a round	1,100	flat	C	48%
1 Jun 2025	$1.1B	$339M – $2.3B	$908M (-20%)	after a round	1,100	flat	C	46%
1 Jul 2025	$936M	$318M – $2.2B	$669M (-29%)	after a round	1,032	down	C	71%
1 Aug 2025	$930M	$302M – $2.3B	$664M (-29%)	after a round	1,035	down	D	69%
1 Sep 2025	$914M	$287M – $2.3B	$647M (-29%)	after a round	1,035	down	D	69%
1 Oct 2025	$945M	$275M – $2.3B	$678M (-28%)	after a round	1,066	flat	D	64%
1 Nov 2025	$969M	$262M – $2.3B	$704M (-27%)	after a round	1,066	flat	D	58%
1 Dec 2025	$993M	$249M – $2.4B	$729M (-27%)	after a round	1,066	flat	D	54%
1 Jan 2026	$964M	$237M – $2.4B	$725M (-25%)	after a round	1,066	flat	D	49%
1 Feb 2026	$982M	$225M – $2.4B	$748M (-24%)	after a round	1,066	flat	D	46%
1 Mar 2026	$1.0B	$215M – $2.3B	$773M (-23%)	after a round	1,066	flat	D	42%
1 Apr 2026	$1.0B	$204M – $2.3B	$794M (-22%)	after a round	1,066	flat	D	39%
1 May 2026	$1.0B	$196M – $2.3B	$820M (-21%)	after a round	1,095	flat	D	35%
1 Jun 2026	$1.1B	$186M – $2.3B	$856M (-19%)	after a round	1,095	flat	D	33%
1 Jul 2026	$1.1B	$177M – $2.3B	$877M (-18%)	after a round	1,095	flat	D	30%
1 Aug 2026	$1.1B	$168M – $2.3B	$896M (-18%)	after a round	1,093	flat	D	28%
1 Sep 2026	$1.1B	$160M – $2.3B	$915M (-17%)	after a round	1,093	flat	D	25%
1 Oct 2026	$1.1B	$152M – $2.3B	$927M (-16%)	after a round	1,078	flat	D	23%
24 Oct 2026	$1.1B	$139M – $2.3B	$914M (-14%)	after a round	1,078	flat	D	21%

Key facts about Carbon Health

Founded: 2015
Headquarters: San Francisco, United States
Employees: about 1,080 +1% in a year
Total raised: $580M
Funding rounds: 4
Last round: Series D Jan 2023

Carbon Health was founded in 2015 by Caesar Djavaherian, Eren Bali, Greg Burell and Tom Berry.

Carbon Health funding history

Carbon Health has 4 funding rounds on record, from Jun 2019 to Jan 2023, $580M in total. The latest disclosed valuation is $3.30B post-money (Growth Equity, Jul 2021).

Series D 1 Jan 2023
Led by CVS Health Ventures.
Sources: fiercehealthcare.com, mobihealthnews.com, haverin.substack.com
$100M
Growth Equity 21 Jul 2021
With Atreides Management, Homebrew, Hudson Bay Capital, Intersect Capital, Fifth Wall, Lux Capital, Silver Lake Waterman, Dragoneer Investment Group, Brookfield Technology Partners.
Sources: mobihealthnews.com, fiercehealthcare.com, carbonhealth.com and 2 more
$350M
$3.30B post-money
Series C 10 Nov 2020
Led by Dragoneer Investment Group; with Brookfield Technology Partners, DCVC, Builders VC.
Sources: finsmes.com, pulse2.com
$100M
Series B 5 Jun 2019
Led by Brookfield; with DCVC, Builders VC, Bullpen Capital, Javelin Venture Partners, Two Sigma Ventures.
Sources: finsmes.com, mobihealthnews.com, medcitynews.com
$30M

Carbon Health investors

16 investors have backed Carbon Health; Dragoneer Investment Group, Brookfield and CVS Health Ventures led at least one round.

Dragoneer Investment Group lead, 2 rounds
Brookfield lead
CVS Health Ventures lead
Brookfield Technology Partners 2 rounds
DCVC 2 rounds
Atreides Management
Fifth Wall
Intersect Capital
Lux Capital
Silver Lake Waterman
Two Sigma Ventures

What Carbon Health does

Carbon Health works in health care services, with 16 recorded offerings and customers in healthcare.

Carbon Health Technologies, Inc. is an American healthcare company that operates a network of urgent and primary care clinics, provides telemedicine services, and offers virtual care. The company delivers healthcare services such as urgent and primary care, workplace health, and mental health care, and also provides laboratory testing and diagnostic services. Carbon Health serves both adults and children, with locations in multiple states, and collaborates with enterprises to deliver technology-driven healthcare solutions, including occupational health services and employer programs. The company utilizes technology platforms, including a mobile app and electronic health record system, to support its operations.

Description from Veridion's company data.

Products and services

Primary and Urgent Care Services
Pediatric Urgent Care Services
Workplace Health Services
Virtual Care Services
Telemedicine Services
Diagnostic Testing Services
Laboratory Testing Services
Mental Health Care Services
Women’s Health Services
LGBTQ+ Health Services
Diabetes Care Services
COVID-19 Testing Services
Occupational Health Services
Employer Health Program Services
Electronic Health Record Platform Services
Health Management App Services

Markets

Healthcare

Technology

Telemedicine
Artificial Intelligence for Patient Care
Machine Learning for Patient Care
Interoperability

Certifications

HIPAA compliant
CCPA compliant

Business model

Business-to-Business
Business-to-Consumer
Service Provider
Healthcare

Industry codes (NAICS)

621498 All Other Outpatient Care Centers 75% match
621511 Medical Laboratories 25% match

Questions about Carbon Health

What is Carbon Health worth?

Valuation $1.1B (range $139M to $2.3B), as of 24 Oct 2026. The last disclosed valuation was $3.30B (Growth Equity, Jul 2021).

Has Carbon Health raised money?

Carbon Health has 4 funding rounds on record, from Jun 2019 to Jan 2023, $580M in total. The latest disclosed valuation is $3.30B post-money (Growth Equity, Jul 2021).

Who has invested in Carbon Health?

Dragoneer Investment Group, Brookfield, CVS Health Ventures, Brookfield Technology Partners, Builders VC and DCVC, and 10 more. Lead investors include Dragoneer Investment Group, Brookfield and CVS Health Ventures.

How many people work at Carbon Health?

About 1,080, up 1% over the last year. Headcount rose from 260 in Jan 2021 to 1,300 in Jan 2023, then fell to 1,078 in Sep 2026.

What does Carbon Health do?

Carbon Health works in health care services, with 16 recorded offerings and customers in healthcare. Its main offerings are primary and urgent care services, pediatric urgent care services and workplace health services.

When was Carbon Health founded, and where is it based?

Carbon Health was founded in 2015 and is based in San Francisco, United States. It has about 1,080 employees, up 1% over the last year.

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