Total amount raised
$55.3 Millions
Latest funding date
01/01/2024
Location
Turquoise Health has successfully raised $55.3 million in a Series B funding round, with backing from notable investors such as Andreessen Horowitz and Bessemer Venture Partners. The platform is dedicated to simplifying healthcare pricing and enhancing transparency, offering a range of solutions like Clear Rates Data and Compliance+.
Keep reading to explore the intricacies of Turquoise Health's fundraising journey and the investors backing this innovative platform.
What Is Turquoise Health?
Turquoise Health, founded in 2020 by Adam Geitgey and Chris Severn, is headquartered in San Diego, California. The company focuses on simplifying healthcare pricing and administration to reduce costs and complexity.
With a team of 101-250 employees, Turquoise Health offers a platform that provides healthcare pricing data, contracting solutions, and compliance tools. Their services help users search for care, compare prices, and estimate costs.
Turquoise Health aims to make healthcare prices transparent and easy to understand, benefiting patients, providers, and payers alike.
How Much Funding Has Turquoise Health Raised?
- Pre-Seed Round
- Amount Raised: $300K
- Date: December 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the initial development of the platform and validate the business model.
- Seed Round
- Amount Raised: $5M
- Date: July 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A
- Amount Raised: $20M
- Date: May 2022
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance market reach.
- Series B
- Amount Raised: $30M
- Date: January 2024
- Lead Investors: Adams Street Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand platform offerings and support compliance with price transparency regulations.
Total Amount Raised: $55.3M
Current Valuation: Not publicly disclosed
Key Investors
- Adams Street Partners
- Details: Adams Street Partners is a global private markets investment manager with investments in over 30 countries. The firm manages $58 billion in assets and is 100% employee-owned.
- Investment Focus Areas: Private markets across various sectors and geographies.
- Notable Investments: Not specified in the sources.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a prominent venture capital firm that invests in both early-stage startups and established growth companies. They are known for their significant influence in the tech industry.
- Investment Focus Areas: Technology startups, healthcare, biotech.
- Notable Investments: Facebook, Airbnb, Slack.
- BoxGroup
- Details: BoxGroup is an early-stage investment fund that focuses on technology startups. They have a reputation for backing innovative and disruptive companies.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Warby Parker, Flatiron Health, Blue Apron.
- Yosemite
- Details: Yosemite partners with researchers and entrepreneurs to make cancer non-lethal. They fund advancements across the oncology ecosystem, from early non-profit grantees to late-stage companies.
- Investment Focus Areas: Oncology ecosystem, cancer treatment, patient experience.
- Notable Investments: Not specified in the sources.
What's Next for Turquoise Health?
Turquoise Health is poised to capitalize on the growing demand for price transparency in healthcare. With a customer base of over 160 healthcare organizations, the company is expanding its platform to include advanced analytics, payer and provider contract management, and consumer transparency compliance. The recent $30 million Series B funding will enable Turquoise Health to enhance its AI capabilities, making healthcare pricing more accessible and transparent.
As the company continues to grow, future fundraising opportunities are likely. The successful Series B round indicates strong investor confidence, suggesting potential for additional investment rounds to support further expansion and product development. However, Turquoise Health may face challenges such as ensuring compliance with evolving regulations, managing the complexity of healthcare pricing, and integrating AI solutions with existing systems.
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