Devoted Health is a healthcare company focused on Medicare Advantage plans for older Americans. It combines health insurance with virtual-first medical care and member support. The company was founded in 2017 by brothers Todd and Ed Park.
Access to pre-IPO shares is available to accredited investors through UpMarket.
Latest Price
$1.0B
Series E, Apr 2022, Perplexity
UpMarket Estimate
$892M
Based on UpMarket valuation model
Previous Price
$1.0B
Series D Apr 2021
How to Invest in Devoted Health Through UpMarket
Devoted Health shares are not on public exchanges. UpMarket provides accredited investors access through secondary market transactions.
Step 01
Verify accredited investor status
Confirm eligibility under SEC Rule 501 of Regulation D. Income or net worth threshold applies.
Step 02
Create an UpMarket account
Complete KYC/AML onboarding. Typically 1–2 business days. Licensed rep assigned on signup.
Step 03
Review available Devoted Health offerings
Full offering memoranda and risk disclosures provided before any commitment is required.
Step 04
Complete subscription documents
Review and sign subscription agreement. All documents handled digitally through the platform.
Step 05
Fund your investment
Wire transfer or ACH. $50K minimum. Funds held in custodial account until close.
Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.
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Valuation Growth Over Time
Post-money valuation by round
Previous roundsMost recent
Date
Round
PPS (split-adj.)
Valuation
Apr 2022
Series E
$1.0B
Apr 2021
Series D
$1.0B
Mar 2020
Series C
$1.0B
Mar 2019
Series B
$1.0B
Why Investors Are Watching Devoted Health
Growth Signal
Devoted Health grew members 60% in seven months
Devoted Health said membership rose from 142,124 in December 2023 to 227,141 in July 2024, a 60% increase in seven months. The company also closed a $287 million Series E round in 2024, including $112 million funded that year and $175 million closed in December 2023.
Market Opportunity
Medicare Advantage scale could expand Devoted’s addressable pool
Stanford’s case study said Medicare Advantage covered one-third of Medicare beneficiaries in 2019 and was projected to reach 42% by 2028. Devoted targets Medicare beneficiaries, so that enrollment shift expands its core market as the program gains share.
Competitive Moat
Devoted’s capitation model ties revenue to enrolled members
Sacra describes Devoted as a B2C Medicare Advantage business that receives monthly capitation payments from CMS for each enrolled member. That structure rewards retention and scale, and Sacra estimates 2024 revenue at $3.27 billion, up 69% from 2023.
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No. As of March 2026, Devoted Health is a private company and does not trade on any public stock exchange. Accredited investors can access Devoted Health shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.
Devoted Health does not have a public stock price because it is privately held. The most recent known share price comes from its last funding round. Pre-IPO share prices on the secondary market may differ from the last round price depending on supply, demand, and market conditions.
Yes. Accredited investors can indicate interest in Devoted Health shares through UpMarket by filling out the form on this page or creating an account at upmarket.co. All pre-IPO offerings are subject to availability and require a $50,000 minimum investment. UpMarket is a FINRA-registered broker-dealer and has brokered alternative investments since 2019.
Pre-IPO investments carry significant risks. Devoted Health shares are illiquid, meaning there is no public market to sell them quickly. There is no guaranteed exit timeline or return. The investment is speculative in nature, and investors should be prepared for the possibility of total loss. Valuations of private companies can fluctuate substantially between funding rounds. Investors should consult their financial advisor and review all offering documents before investing.
In a pre-IPO transaction, accredited investors purchase shares from existing shareholders (such as employees, early investors, or other holders) through secondary market platforms. The company itself does not issue new shares in these transactions. UpMarket facilitates these trades as a FINRA-registered broker-dealer, handling compliance, documentation, and settlement on behalf of both parties.
There are two primary exit paths for pre-IPO holdings: selling your shares on the secondary market to another buyer, or holding until the company completes an IPO or is acquired. Both paths are subject to transfer restrictions, company approval (right of first refusal), and market conditions. The timing of any exit is unpredictable, and investors should plan for a multi-year holding period.
The minimum investment for most pre-IPO offerings on UpMarket is $50,000. This amount may vary depending on the specific offering and share availability. There are no fees to create an UpMarket account or browse available investments. Investors only pay transaction-related fees when they complete an investment.
UpMarket's valuation estimate of is derived from a proprietary model that incorporates multiple data sources: funding round data (Caplight), revenue estimates (Sacra), secondary market pricing, and public company comparables. The model applies a private company discount to the public comp multiple to account for illiquidity and information asymmetry. This estimate is not investment advice and may differ substantially from the price at which shares actually trade.
Devoted Health serves over 466,000 Medicare Advantage members with virtual-first care and member support, growing membership 60% in seven months as it scaled into a $892M private health tech company — accredited investors can access Devoted Health stock through UpMarket.