Meet 10 of the Largest Value-Based Care Startups
Value-based care has been one of the most important shifts in healthcare over the past decade. Rather than paying providers based on the volume of services delivered, value-based care aligns incentives around keeping patients healthy, improving outcomes, and lowering total costs.
While value-based care has existed in some form for years, the past decade has seen a new generation of startups build technology-enabled care models specifically designed to succeed under these arrangements. These companies are taking on financial risk, partnering closely with providers and payers, and using data, care teams, and technology to deliver better outcomes for patients while reducing unnecessary spending.
Today, value-based care is no longer a niche corner. It has become one of the largest and most important categories in digital health, attracting billions of dollars in investment and serving millions of patients across Medicare, Medicaid, commercial insurance, and specialty care. Below are some of the largest and most influential value-based care startups building the future of healthcare.
If you’re new to the space, you might want to read What Is Value-Based Care (VBC) and Why Does It Matter to Digital Health Startups?
Devoted Health
Devoted Health is a “payvider” combining Medicare Advantage plans with in-person and virtual care.
Raised: $2.26 billion
Backers: GreatPoint Ventures, Socium Ventures, Emerson Collective, The Private Shares Fund, F-Prime Capital Partners, Maverick Ventures, Andreessen Horowitz, General Catalyst
Valuation: $12.9 billion
Founded: 2017
Founders: Brothers Ed & Todd Park
Cityblock Health
Cityblock provides value-based primary care, behavioral care, and social services focused on the Medicaid and dually eligible population.
Raised: $900 million
Backers: SoftBank, Tiger Global, Maverick Ventures, General Catalyst, Wellington Management, Thrive Capital, Redpoint Ventures, Echo Health Ventures, 8VC (Disclosure: I am an angel investor in Cityblock)
Valuation: $6.3 billion
Founded: 2017
Founders: Toyin Ajayi, MD, MPhil, Iyah Romm, and Bay Gross
Aledade
Aledade is the largest network of independent primary care in the country. With more than 1,500 practices, Aledade shares in the risk and reward across more than 150 value-based contracts representing more than two million patient lives under management.
Raised: $429 million
Backers: Venrock, Lightspeed Venture Partners, Avidity Partners, OMERS Growth Equity, Fidelity Management & Research Company, Meritech Capital, Tiger Global
Valuation: $3.5 billion
Founded: 2014
Founders: Farzad Mostashari, MD, Mat Kendall
Main Street Health
Main Street Health is a value-based healthcare company focused exclusively on serving rural America.
Raised: $505 million
Backers: UnitedHealthcare, Humana, CVS Health, Elevance, Echo ealth Ventures, Oak HC/FT
Valuation: $1.5 billion
Founded: 2021
Founder: Brad Smith
Strive Health
Strive Health is a value-based kidney care solution for innovative healthcare payors and providers. Strive develops integrated kidney care systems that support the entire patient journey from chronic kidney disease (CKD) to end stage renal disease (ESRD).
Raised: ~$700 million
Backers: NEA, Town Hall Ventures, Ascension Ventures, Redpoint, Echo Ventures, CVS Health Ventures
Valuation: ~$1.8 billion
Founded: 2018
Founder: Chris Riopelle
Crossover Health
Crossover Health delivers value-based hybrid care via Primary Health, a care model driven by an interdisciplinary team inclusive of primary care, physical medicine, mental health, health coaching and care navigation. Crossover Health merged with Premise Health in 2026.
Raised: $292.76 million
Backers: Deerfield Management Company, OrbiMed Advisors, Foresite Capital, Avidity Partners
Valuation: $1 billion+
Founded: 2010
Founder: Scott Shreeve, MD
Wellvana
Wellvana serves independent physicians, specialists, health systems, and payors in 25 states and for more than 1,000 partner physicians.
Raised: ~$155 million
Backers: Heritage Group, Valtruis, Memorial Hermann Foundation
Founded: 2018
Founders: Charlie Martin and Devin Carty
Pearl Health
Pearl Health is a provider enablement and value-based care technology company serving independent primary care providers. Starting with Medicare's ACO REACH Model, Pearl Health supports independent primary care providers on their transition to value.
Raised: $100 million
Backers: Andreessen Horowitz's Growth Fund, Viking Global, AlleyCorp
Founded: 2020
Founder: Michael Kopko
Interwell Health
Interwell Health is a value-based kidney care management company. It’s the result of a three-way merger with Fresenius Health Partners and Cricket Health in 2022. Through its nephrology network of more than 1,600 physicians, InterWell Health manages kidney patients under at-risk arrangements with public and private payors across the full continuum of chronic kidney disease, transplant, end stage kidney disease, and conservative care.
Raised: n/a
Backers: Valtruis, Oak HC/FT, Cigna Ventures, and 1,100 physician investors (I am also an investor)
Valuation: $2.4 billion
Founded: 2022 (year of merger)
Founder: Robert Sepucha (CEO)
Somatus
Somatus is a value-based kidney care company that partners with health plans, health systems, and nephrologists to improve outcomes for patients with chronic kidney disease (CKD), end-stage kidney disease (ESKD), and related cardiovascular conditions. Through a combination of technology, care management, and risk-based contracts, Somatus helps patients access earlier interventions, home dialysis, and transplantation while reducing avoidable hospitalizations.
Raised: $465 million+
Backers: Wellington Management, Deerfield Management, Fidelity, RA Capital Management, GIC, Optum Ventures, Longitude Capital, Flare Capital Partners, Blue Venture Fund, Inova Health System
Valuation: $2.5 billion (last reported financing valuation)
Founded: 2016
Founders: Ikenna Okezie, MD, MBA and Anthony Welters
agilon health
agilon health (yes, the a and h are lowercase) provides value-based care tools for primary-care physicians serving seniors.
Raised: n/a
Backers: Publicly traded
Valuation: $1.5B (as of June 2026)
Founded: 2016
Founder: Ron Williams
The Future of Value-Based Care
What makes value-based care particularly exciting is that it aligns incentives across the healthcare ecosystem. When providers are rewarded for outcomes rather than volume, everyone benefits: patients receive better care, providers are empowered to practice more proactively, and payers spend less on avoidable complications and hospitalizations.
The companies on this list represent a wide range of approaches—from primary care and Medicare Advantage to kidney care, rural health, and provider enablement—but they share a common goal: improving health outcomes while lowering costs.
As healthcare spending continues to rise and provider shortages persist, I expect value-based care to remain one of the most important areas of innovation in healthcare. The next generation of healthcare winners won't simply build software for providers; they'll help redesign how care is delivered and paid for.
For entrepreneurs, investors, and healthcare leaders alike, value-based care remains one of the largest opportunities to improve the healthcare system at scale.
