Glen Tullman does it again
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Health tech veteran Glen Tullman keeps spawning unicorns. đŸ¦„ Transcarent, a consumer-directed health care navigation company launched and led by Tullman, raised $200 million in a Series C round.
Why it matters: The funding brings Transcarent’s total capital raised to $298 million in just over one year, placing its valuation at $1.62 billion, Forbes reports.
- Transcarent has now surpassed pre-IPO funding levels of his first endeavor, Livongo — whose $18.5 billion union with Teladoc last year marked the largest digital health merger in history.
- Kinnevik and Human Capital led the round, joined by Ally Bridge Group, General Catalyst, 7wireVentures and existing investors.
That tops the $237 million raised by Livongo ahead of its 2019 public debut before it collected another $355 million in its $2.55 billion IPO.
Our thought bubble: That's a lot of $$ for Tullman. Again.
- Tullman since 2013 has single-handedly raked in some $890 million via the two ventures. This time around, the speed of fundraising is considerably faster.
- The former longtime CEO of Allscripts and founder of 7wireVentures already made a lot of money for Kinnevik and General Catalyst — investors in Livongo.
- Hence, with more dry powder available and Tullman's reputation and track record growing bigger, it's no surprise past (and new) investors ran quickly to work with him again.
The bottom line: Keep this unicorn on your 2022 watchlist.
Sarah and Erin will co-author the upcoming Axios Pro newsletter on health tech deals. Subscribe at AxiosPro.com.
