Bethesda’s Aledade just closed a $260M Series F

For the fourth year in a row, Bethesda, Maryland’s Aledade nabbed an eight-digit funding round (and the third that’s nine digits).

The healthtech company just closed on a $260 million Series F round. Lightspeed Venture Partners led the round with participation from Venrock, Avidity Partners, Omers Growth Equity and Fidelity Management and Research Company. Aledade is the creator of a tech platform that provides data analytics, workflows, payer relationships and other care solutions to providers.

The company is looking to grow its primary care network — it currently works with 1,500 nationwide — as well as alliances with health plans. Simultaneously, it will be polishing its technology, which the company first developed when it was founded in 2014. Nationally, the company works with 1.2 million patients in the Medicare Shared Savings Program and Medicare Advantage contracts.

“With this financing, we can be opportunistic in identifying and acquiring additional capabilities into the Aledade platform that will enable the largest network of independent primary care in the country to consistently drive the best results in value-based care,” said Farzad Mostashari, CEO and cofounder, in a statement.

This is not the first time that Aledade has raised a $100 million-plus megaround. In fact, it’s an old pro at funding raises at this point. The company raised a $64 million Series C in 2020, followed by a $100 million Series D in 2021. Last year, the company tacked on even more, raising $123 million in a Series E in June, which was one of the year’s largest raises. To date, the company has raised $678 million, according to Crunchbase, and is one of the highest-valued unicorns in the region at $2.1 billion.

According to Aledade, the company brought in over $475 million in revenue for 2022, which is an over 50% growth from 2021’s revenue.

“Aledade unlocks the unique power of independent primary care practices and health centers to improve health outcomes for patients and eliminate wasteful downstream costs — all while doing so at scale with tremendous growth ahead,” said Galym Imanbayev, partner at Lightspeed, in a statement.