Funding round
Devoted Health Series B
Devoted Health, which works in medicare advantage plan design and management in Eagan, raised $300M in a Series B round announced on 16 Oct 2018, led by Andreessen Horowitz. 12 firms took part. It is Devoted Health's third venture round on record; the one before was a Series A in Oct 2017.
$300M
Amount raised
Not disclosed
Post-money valuation
12
Investors
1 lead
Valuation
What this round says about the price
Devoted Health did not disclose a valuation in this round. It came 12 months after Devoted Health's Series A. It is 14% of the $2.17B Devoted Health has raised in the venture rounds on record. Devoted Health raised again 21 months later: a Series C round of $380M in Jul 2020. Its next priced round, a Series D in Oct 2021, valued it at $12.70B.
Devoted Health's funding rounds
Devoted Health has 7 venture rounds on record. This one is highlighted.
- Seed 22 Aug 2017, led by Venrock $7.0M
- Series A 6 Oct 2017, led by Andreessen Horowitz $62M
- Series B this round 16 Oct 2018, led by Andreessen Horowitz $300M
- Series C 1 Jul 2020, led by Uprising $380M
- Series D 8 Oct 2021 $1.20B$12.70B post-money
- Series E 29 Dec 2023, led by The Space Between (TSB), Highbury Group and GIC $175M$12.87B post-money
- Series F 1 Nov 2025, led by Centricus $48M$13.27B post-money
Investors
Who put money in
Andreessen Horowitz led the round with 11 other firms.
Lead investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
Also in the round
- Premji Invest backs 50 venture-backed companies new investor
- Uprising new investor
- Venrock backs 93 venture-backed companies new investor
- Maverick Ventures new investor
- backs 18 venture-backed companies new investor
- backs 77 venture-backed companies new investor
- Oak HC/FT backs 106 venture-backed companies new investor
- backs 118 venture-backed companies new investor
- Flat World Partners new investor
- Blue Cross and Blue Shield Association new investor
- backs 30 venture-backed companies new investor
Joined the board: Vijay Pande (Andreessen Horowitz).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
20 Series B rounds in Insurance - Agents, Carriers & Brokers within a year either side disclosed an amount; the median was $28M, and this round was 11 times the median. The closest in time, other companies' Series B rounds in Insurance - Agents, Carriers & Brokers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Insurance - Agents, Carriers & Brokers | 11 Jul 2018 | $83M | not disclosed | Redpoint Ventures |
| Insurance - Agents, Carriers & Brokers | 22 Jan 2019 | $43M | not disclosed | Cox Enterprises |
| Insurance - Agents, Carriers & Brokers | 16 Jan 2019 | $25M | not disclosed | Sequoia India |
| ManyPets Insurance - Agents, Carriers & Brokers | 19 Jul 2018 | $20M | not disclosed | CommerzVentures |
| Alan Insurance - Agents, Carriers & Brokers | 17 Feb 2019 | $45M | not disclosed | Index Ventures |
| Insurance - Agents, Carriers & Brokers | 25 Feb 2019 | $15M | not disclosed | Global Founders Capital |
| wefox Insurance - Agents, Carriers & Brokers | 6 Mar 2019 | $125M | not disclosed | Mubadala |
| Pie Insurance Insurance - Agents, Carriers & Brokers | 5 Mar 2019 | $45M | not disclosed | not named |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Devoted Health raise in its Series B round?
Devoted Health raised $300M in its Series B round, announced in Oct 2018.
Who led Devoted Health's Series B round?
Andreessen Horowitz led it, with Premji Invest, Uprising, Venrock, Maverick Ventures and StartUp Health and 6 more.
What was Devoted Health's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Insurance - Agents, Carriers & Brokers?
20 Series B rounds in Insurance - Agents, Carriers & Brokers within a year either side disclosed an amount; the median was $28M, and this round was 11 times the median.
Did Devoted Health raise again after this round?
Yes: a Series C round in Jul 2020 of $380M.