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Kaiser may steer $250 million funding in SaaS firm Innovaccer at flat valuation

Economic Times

Economic Times · 1y ago

Kaiser may steer $250 million funding in SaaS firm Innovaccer at flat valuation

US health and insurance company Kaiser Permanente is in talks to lead a $200-250 million investment in healthcare SaaS firm Innovaccer, with a mix of primary and secondary funding. The secondary transaction is expected to be at a lower valuation than the company's peak valuation of $3.2 billion in December 2021. This reflects a trend in lower valuation multiples for SaaS companies globally, with valuations now trending at 10-15x revenue multiples. Innovaccer works with leading healthcare firms in the US to digitize patient data records and improve care quality at lower costs.

Related News

Healthtech Unicorn Innovaccer In Talks To Raise $250 Mn From Kaiser Permanente

Inc42 · 1y ago

Healthtech Unicorn Innovaccer In Talks To Raise $250 Mn From Kaiser Permanente

Healthtech unicorn Innovaccer is reportedly in talks with US-based health and insurance major Kaiser Permanente to raise a funding round of $200 million to $250 million. Innovaccer last raised $150 million in December 2021 at a valuation of $3.2 billion. If the latest funding talks materialize, the valuation could be lower, ranging between $2.5 billion and $3 billion. The fresh capital will be raised through a mix of primary and secondary funding. Innovaccer, founded in 2014, provides healthcare data analysis to healthcare providers, hospitals, insurance companies, and other organizations.

Saas firm Innovaccer closes $275 million funding to build more on AI, cloud

Economic Times

Economic Times · 7m ago

Saas firm Innovaccer closes $275 million funding to build more on AI, cloud

Innovaccer Inc., a healthcare SaaS firm, secured $275 million in funding to enhance AI and cloud capabilities and expand its platform. Major investors, including B Capital Group and Kaiser Permanente, participated in this round, valuing the company at $3.2 billion. Innovaccer aims to introduce new solutions like clinical decision support and care management. Founded in 2014, the firm has achieved 50% annual revenue growth and works with over 130 healthcare organizations, including top US health systems.

US-based Kaiser may join Innovaccer’s new funding round

The Arc Web

The Arc Web · 1y ago

US-based Kaiser may join Innovaccer’s new funding round

Software company Innovaccer is reportedly in discussions to raise a new funding round, with strategic investor Kaiser Permanente and existing backers expressing interest. Innovaccer, which focuses on the US healthcare market, is aiming to raise up to $200 million through a combination of primary and secondary share sales. Kaiser has proposed an investment of around $50 million. Innovaccer was valued at $3.2 billion in December 2021 and is now being valued at around $2.5-3 billion. The company operates at an annualized revenue run rate of $130 million and aims to reach $200 million in revenue by the end of 2024.

Lightspeed India makes profitable exit from Innovaccer with 30% IRR

Livemint

Livemint · 6d ago

Lightspeed India makes profitable exit from Innovaccer with 30% IRR

Lightspeed India has exited its investment in Innovaccer, a healthcare artificial intelligence firm, achieving an internal rate of return (IRR) of over 30%. Innovaccer, originally from India and predominantly functioning in the US, has achieved unicorn status through significant venture funding. The company's investors include Kaiser Permanente and other global entities. This exit marks a profitable venture for Lightspeed, which has been an early institutional backer of Innovaccer.

Goldman Sachs nears $30-50 million MoEngage deal in signs of SaaS deals comeback

Economic Times

Economic Times · 1y ago

Goldman Sachs nears $30-50 million MoEngage deal in signs of SaaS deals comeback

Goldman Sachs is reportedly planning to invest $35-50 million in MoEngage through a secondary transaction, doubling down on the enterprise SaaS company. This investment comes amidst increased deal activity in late-stage SaaS startups. The funding round may include a discount on MoEngage's last valuation. The Bengaluru-based company was last valued at $700 million. The deal reflects the ongoing adjustment in SaaS valuations, which have seen a decline from the record highs of 2021. Other SaaS companies, such as Innovaccer, Whatfix, Icertis, and Atlan, have also recently raised funds or are finalizing funding rounds.

ETtech Deals Digest: Startups raise $398.4 million in week ending January 10, up threefold on-year

Economic Times

Economic Times · 7m ago

ETtech Deals Digest: Startups raise $398.4 million in week ending January 10, up threefold on-year

Startups raised $398.4 million between January 4 and 10, showcasing a significant increase compared to the same period last year. This week's 19 deals across seed, early, and late stages included major funding for Innovaccer ($275 million), Botanic Healthcare ($29 million), Harsoria Healthcare ($20 million), Infinity Fincorp ($15 million), and GrayQuest ($9.3 million). Innovaccer gained investment from prominent investors such as B Capital Group and Kaiser Permanente, highlighting strong interest in healthcare-focused software.

Early-stage VC Z21 Ventures planning $40 million second fund

Economic Times

Economic Times · 1y ago

Early-stage VC Z21 Ventures planning $40 million second fund

Early-stage investment firm Z21 Ventures has fully deployed its first $5 million fund and plans to launch a second fund of $40 million. The California-based firm was set up in 2022 by Abhinav Shashank, co-founder and CEO of healthcare-focused software-as-a-service (SaaS) unicorn Innovaccer, and Raj Shekhar Singh, a former senior executive at Innovaccer. Z21 Ventures focuses on investing in enterprise software and hardware startups, with a particular interest in the India-US corridor. The second fund aims to increase the check size to $0.5-1 million and attract institutional investors alongside individual limited partners.

World Bank arm IFC to invest $20-mn in Innovaccer

The Arc Web

The Arc Web · 1y ago

World Bank arm IFC to invest $20-mn in Innovaccer

The International Finance Corporation (IFC) is in talks to invest $20 million in Innovaccer, a healthcare data software company. Innovaccer is also seeking up to $200 million in new funding, involving primary and secondary share sales. Innovaccer, valued at $3.2 billion in December 2021, operates mainly in the US, India, and the Middle East. The company aggregates medical data to improve access and cost savings for hospitals and insurers, claiming to have unified 50 million patient records and generated $1.5 billion in cost savings. Innovaccer's annualized revenue run rate is $130 million as of early 2024.

Udaan in talks to raise new round, valuation may drop significantly

Entrackr

Entrackr · 2y ago

Udaan in talks to raise new round, valuation may drop significantly

Udaan, a B2B e-commerce firm, is reportedly in discussions to raise $200-250 million in an internal funding round led by Lightspeed and other internal investors. This equity round follows a 30-month gap, during which Udaan mainly raised funds through debt and convertible notes. The Bengaluru-based company, previously valued at over $3 billion, may undergo a valuation haircut and could be valued between $1 billion to $1.5 billion. Udaan saw significant growth in revenue but also incurred substantial losses in FY22. Both Udaan and Lightspeed denied the details reported.

Singapore's GIC gets CCI approval to buy stake in IPO-bound Groww - The Economic Times

Economic Times

Economic Times · 1m ago

Singapore's GIC gets CCI approval to buy stake in IPO-bound Groww - The Economic Times

Viggo Investment, a subsidiary of Singapore's GIC, received Competition Commission of India (CCI) approval to acquire a 2.14% stake in Billionbrains Garage Ventures, owner of Groww. This investment is part of a larger funding round of $250-300 million, with GIC expected to contribute $150 million. Groww recently concluded a $250 million funding round led by GIC, at a valuation of $6.5 billion. The company plans to file for an IPO estimated between $700 million and $1 billion.

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