Startups
The World’s 5 Most Valuable Healthtech Unicorns 1. Devoted Health
exercise therapy, and health coaching. The startup raised $400 million in a Series E in October 2021, on top of the $300 million it secured in January 2021. New investors Alkeon Capital and Whale Rock took a $200 million stake in the firm through a secondary investment. The latest funding round valued the company at $6.2 billion up from $3 billion in January 2021.
Zachariah Reitano
Valuation: $12.6 billion Total funding raised: $1.99 billion Country: U.S. Established: 2017 Devoted Health, a health insurance company targeting seniors, was co-founded by brothers Todd and Ed Park in 2017. It had around 40,000 members as of June 30, 2021, more than double the 18,000 it had in the first half of 2020. It raised $1.15 billion in a Series D funding round in October 2021, which was co-led by Uprising and SoftBank Vision Fund 2 and attracted other investors including GIC, Andreessen Horowitz, ICONIQ Growth, Maverick, and General Catalyst. The startup reported revenues of $247.3 million in the first half of 2021, a 128% compared to the same period in 2020.
2. Tempus Valuation: $8.1 billion Total funding raised: $1.05 billion Country: U.S. Established: 2015 Oncology-focused startup Tempus was founded by billionaire Eric Lefkofsky in 2015. The AI-powered personalized medicine company raised $200 million in a Series G-2 equity financing round and $250 million in convertible debt in December 2020. Investors include Baillie Gifford, Google, Franklin Templeton, Novo F O R B E S M I D D L E E A S T.C O M
Holdings and funds managed by T. Rowe Price Group. Tempus offers a library of clinical and molecular data and other precision medicine services such as cardiology, mental health, neurology, and cardiology. In February 2022, it acquired Highline Sciences, a clinical contract research organization for an undisclosed amount. Lefkofsky’s net worth stood at $4.1 billion as of March 11, 2022, according to Forbes.
3. Ro Valuation: $7 billion Total funding raised: $1.03 billion Country: U.S. Established: 2017 Ro was co-founded by its CEO Zachariah Reitano, chief product officer Saman Rahmanian, and chief growth officer Rob Schutz in 2017. The digital healthcare firm raised $150 million in a funding round led by ShawSpring Partners in February 2022
on top of the $500 million it had already raised in March 2021. Ro, which started primarily as a telehealth business, has expanded its portfolio to include in-home care, diagnostics and pharmaceutical services, weight management, and smoking cessation. In 2021, it facilitated more than 150,000 in-home care appointments and expanded its network to 10 pharmacy fulfillment centers.
4. Hinge Health Valuation: $6.2 billion Total funding raised: $853.85 million Country: U.S. Established: 2015 Hinge Health was co-founded by its CEO Daniel Perez and Executive Chairman Gabriel Mecklenburg in 2015. The company offers digital solutions aimed at reducing chronic musculoskeletal (MSK) pain, surgeries, and opioid use through the use of advanced wearable sensors,
5. Lyra Health Valuation: $5.85 billion Total funding raised: $906 million Country: U.S. Established: 2015 Lyra Health was founded in 2015 by David Ebersman, a former Facebook executive. The mental health company raised $235 million in new funding round in January 2022, which was led by Dragoneer and saw the participation of new investor Salesforce Ventures as well as existing investor Coatue. Oprah Winfrey is among its backers after the billionaire invested in the company as part of its $187 million Series E in January 2021. Following its acquisition of ICAS World earlier this year, Lyra Health has more than 10 million members and provides in-person and virtual behavioral health services to more than 75 companies including Uber Technologies, Morgan Stanley, eBay, Meta, Pinterest, and Starbucks. APRIL 2022
BY KUDAKWASHE MUZORIWA, COURTESY OF ZACHARIAH REITANO
LEADERBOARD
14
The global boom in unicorns doesn’t seem to be slowing down. There were 1,050 private companies with a valuation of over $1 billion as of March 2022. Here are the five most valuable healthtech unicorns in the world, according to CB Insights. None are more than seven years old. Figures are as of March 11, 2022.
