Funding round
Devoted Health Series D
Devoted Health, which works in medicare advantage plan design and management in Eagan, raised $1.20B in a Series D round announced on 8 Oct 2021, at a $12.70B post-money valuation. 14 firms took part. It is Devoted Health's fifth venture round on record; the one before was a Series C in Jul 2020.
$1.20B
Amount raised
$12.70B
Post-money valuation
$11.50B pre-money
14
Investors
no lead named
9.4%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Devoted Health at $12.70B after the new money. The $1.20B bought investors about 9.4% of the company. It came 15 months after Devoted Health's Series C. It is 55% of the $2.17B Devoted Health has raised in the venture rounds on record. Devoted Health raised again 26 months later: a Series E round of $175M in Dec 2023, at $12.87B post-money.
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 16 Oct 2018, led by Andreessen Horowitz $300M
- Series C 1 Jul 2020, led by Uprising $380M
- Series D this round 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
14 firms took part; no lead investor was named.
Investors
- Andreessen Horowitz backs 722 venture-backed companies new investor
- backs 108 venture-backed companies new investor
- Emerson Collective backs 76 venture-backed companies new investor
- backs 24 venture-backed companies new investor
- General Catalyst backs 574 venture-backed companies new investor
- GIC backs 98 venture-backed companies new investor
- Iconiq Capital new investor
- Maverick Ventures new investor
- backs 91 venture-backed companies new investor
- Premji Invest backs 50 venture-backed companies new investor
- Uprising new investor
- Venrock backs 93 venture-backed companies new investor
- backs 58 venture-backed companies new investor
- backs 3 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion and scaling operations.
- Product development
- Geographic expansion
- Scaling operations
Comparable rounds
How it compares
14 Series D rounds in Insurance - Agents, Carriers & Brokers within a year either side disclosed an amount; the median was $188M, and this round was 6.4 times the median. The closest in time, other companies' Series D rounds in Insurance - Agents, Carriers & Brokers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Insurance - Agents, Carriers & Brokers | 27 Oct 2021 | $255M | $1.10B | General Atlantic and Multiples |
| Insurance - Agents, Carriers & Brokers | 4 Oct 2021 | $100M | $900M | Thomvest Ventures and OMERS Private Equity |
| Insurance - Agents, Carriers & Brokers | 14 Oct 2021 | $20M | $1.35B | not named |
| ManyPets Insurance - Agents, Carriers & Brokers | 1 Jun 2021 | $350M | $2.00B | EQT |
| Kin Insurance Insurance - Agents, Carriers & Brokers | 1 Mar 2022 | $82M | not disclosed | QED Investors |
| Alan Insurance - Agents, Carriers & Brokers | 19 Apr 2021 | $222M | $1.68B | Coatue |
| Insurance - Agents, Carriers & Brokers | 13 Apr 2021 | $200M | not disclosed | Eldridge |
| Insurance - Agents, Carriers & Brokers | 12 Apr 2022 | $200M | $2.20B | Goldman Sachs Asset Management and B Capital |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Devoted Health raise in its Series D round?
Devoted Health raised $1.20B in its Series D round, announced in Oct 2021.
Which investors took part in Devoted Health's Series D round?
Andreessen Horowitz, Base10 Partners, Emerson Collective, Frist Cressey Ventures, General Catalyst and GIC and 8 more.
What was Devoted Health's valuation at the Series D round?
$12.70B post-money ($11.50B pre-money).
How does it compare with other Series D rounds in Insurance - Agents, Carriers & Brokers?
14 Series D rounds in Insurance - Agents, Carriers & Brokers within a year either side disclosed an amount; the median was $188M, and this round was 6.4 times the median.
Did Devoted Health raise again after this round?
Yes: a Series E round in Dec 2023 of $175M at $12.87B post-money.