Aledade, a healthcare startup co-founded by CEO Farzad Mostashari, MD, in 2014, has raised $260 million in venture capital to expand its network, which has increased its valuation to $3.5 billion, according to Bloomberg.
The company, which has raised $660 million in total, helps physicians transform their practices to take advantage of new payment models as healthcare continues its shift from fee for service to value-based care.
Aledade has grown rapidly in recent years, partnering with hundreds of practices that provide care for more than 2 million patients across more than 45 states and the District of Columbia, according to its website.
The company started out as an early participant in value-based care experiments by Medicare but has since signed agreements with large commercial payers as well, including Elevance Health, Humana and Cigna, according to Bloomberg. Aledade's network covers more than 2 million patients and manages more than $20 billion in annual health spending.