Market Metrics
Valuation
$13B
Aug 2024 Series E; held through 2025-2026 rounds
Total Raised
~$2.5B
Across 7 priced rounds
Members
466K+
+121% YoY (Jan 2026), across 29 states
STAR Ratings
4.5+
Holds despite industry compression
Updated at 2026-Q1
Funding History
Total raised: ~$2.5B · Latest valuation: $13B
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Series A | Oct 2017 | $62M | - | Andreessen Horowitz (lead)Frist Cressey Ventures |
| Series B | Mar 2018 | $237M | - | Andreessen HorowitzPremji Invest |
| Series C | Oct 2020 | $300M | $1.8B | Andreessen HorowitzUprising Ventures |
| Series D | Oct 2021 | $1.2B | $11.5B | SoftBank Vision Fund 2 (lead)Uprising VenturesAndreessen Horowitz |
| Series E | Aug 2024 | $287M (two tranches) | $13B | Premji Invest (lead)GICMaverick Capital |
| Series F | Nov 2025 | $48M | - | existing investors |
| Series F-Prime | Jan 2026 | $317M | - | existing investors |
Updated at 2026-Q1
Product Specifications
| System | Type | Status |
|---|---|---|
| Medicare Advantage Plans | HMO + PPO across 14 states | Production (200K+ members) |
| Devoted Medical | Owned primary-care clinics + telehealth | Production |
| Devoted Pharmacy | Mail-order pharmacy for members | Production |
| Devoted Studio | Internal care navigation app | Production |
Updated at 2026-Q1
Partnerships & Investors
Andreessen HorowitzInvestor
Lead Series A + repeat participant through Series D
SoftBank Vision Fund 2Investor
Lead Series D Oct 2021; largest US healthcare bet in fund
Premji InvestInvestor
Lead Series E Apr 2024 + Series B participant; long-horizon healthcare specialist
CMSRegulator + Counterparty
Medicare Advantage program; 4.5+ STAR ratings enable bonus payments
Updated at 2026-Q1
Key Milestones
2017
Company Founded
Twin brothers Ed Park (ex-Athenahealth COO) and Todd Park (ex-Athenahealth founder + Obama administration CTO) launch Devoted Health to build a fully integrated Medicare Advantage insurer + care delivery org
Mar 2018
Massive Series B Pre-Revenue
$237M raised before issuing first policy: a16z thesis: serve seniors with full-stack model (insurance + clinics + telehealth + pharmacy) to capture both insurance economics and care-delivery economics
Jan 2019
First Florida Plans Launch
Devoted Medical Group opens first clinics in Florida; first Medicare Advantage plans approved by CMS for Jan 2019 effective
Oct 2020
Series C at $1.8B
~20,000 members across Florida; expanding to Texas + Arizona; growth driven by 4.5+ STAR ratings on launched plans
Oct 2021
Series D at $11.5B
SoftBank Vision Fund 2 leads $1.2B at $11.5B post: 6x in 12 months; ~80,000 members; expansion across 9 states
Apr 2023
Devoted Medical Care Delivery
Builds out in-house primary care groups in FL, TX, AZ, OH: clinics generate 30%+ of total cost of care, internalizing PCP economics
Jan 2024
Membership Crosses 200K
Active member count crosses 200,000 (3x in 2 years): fastest-growing US Medicare Advantage insurtech
Apr 2024
Series E at $12.9B
Premji Invest leads $300M; rare insurtech to raise at higher valuation than prior round; positions for possible 2026 IPO
2025
MLR + Profitability Trajectory
Reportedly first full year of operating profit on insurance segment; MLR ~85%: comparable to UNH; care delivery acts as cost-of-claims moat
Nov 2025 - Jan 2026
Series F + F-Prime ($365M)
$48M Series F (Nov 2025) and $317M Series F-Prime (Jan 2026), keeping the valuation near $13B
Jan 2026
Membership Crosses 466K
Serves 466,000+ members across 29 states, up ~121% year over year
Updated at 2026-Q1