Funding profile · Medicaid care delivery

Pair Team

Two Form D filings, $20.2 million sold, and a reported total the filings do not reach. The capital picture matters less here than usual: the business is funded by Medicaid contracts, not by rounds.

$19.68MSold of $20.68M offered, Form D filed Oct 19, 2023
$20.18MTotal sold across both Form D filings
$30MTotal raised, company-reported to TechCrunch, May 2026
$0Federal grant funding found on the record

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2019 Y Combinator, Summer 2019 Not disclosed Y Combinator YC data
Dec 2021 Announced round $7.3M; “nearly $10 million total” to date NTTVC, Newark Venture Partners, 8VC; more than 60 healthcare angels Company release
Oct 2023 Series A $9M announced; $19,678,037 sold at filing NEXT VENTURES lead; PTX Capital, Create Health Ventures, OCA Ventures, CHCF Innovation Fund, Kapor Capital, Augment Ventures, Newark Venture Partners, Y Combinator, Kleiner Perkins, Gaingels, angels Form D and release
May 2024 Follow on equity $500,000 of $500,000 3 investors, unnamed Form D
May 2026 Total to date “about $30 million” Kleiner Perkins, Kraft Ventures, Next Ventures named Reported, company-sourced
2019 to 2026 Federal grants None found No NIH or NSF award on record Not found

What the filings show

Pair Team, Inc. · Form D · filed Oct 19, 2023

First sale
Oct 6, 2023
Offered
$20,678,036 equity
Sold
$19,678,037 · $999,999 remaining
Investors
40 · average about $491,951
Exemption
Rule 506(b)
Related persons
Neil Batlivala (executive officer, director); Cassandra Choi (executive officer, director); Julian Eison (director)
Issuer
Delaware corporation, incorporated 2019, San Francisco. Revenue range: decline to disclose
Filing
SEC EDGAR, CIK 0001995663

Pair Team, Inc. · Form D · filed Jun 10, 2024

First sale
May 29, 2024
Offered
$500,000 equity
Sold
$500,000 · nothing remaining
Investors
3 · average about $166,667
Exemption
Rule 506(b)
Related persons
Neil Batlivala (executive officer, director); Julian Eison (director)
Filing
SEC EDGAR, CIK 0001995663

Reading the filings

  1. The announcement and the filing disagree by more than twice the announced number.On October 19, 2023 the company announced a $9 million Series A. The Form D filed the same day reports $19,678,037 already sold. The difference is $10,678,037. In December 2021 the company said it had raised “nearly $10 million total” to date. A priced round that sweeps roughly that much earlier convertible paper into preferred stock would produce a Form D of about this size against a $9 million press number. The filing does not say so, and no amendment settles it.
  2. The checks are institutional.Forty investors for $19,678,037 averages $491,951 each. That is a venture syndicate, not an angel crowd, which fits the named lead and the nine firms listed alongside it.
  3. The offering was sized to leave exactly one dollar under a million open.$20,678,036 offered against $19,678,037 sold leaves $999,999. A remainder that precise is an allocation held back, not money that failed to close.
  4. The 2024 filing is small and the board changed.$500,000 from three investors in May 2024 is an extension, not a round. Cassandra Choi appears as an executive officer and director on the 2023 filing and not on the 2024 one. Form D lists only those the issuer names, so this is a change in the filing, not proof of a change in the company.
  5. The reported total is about $9.8 million ahead of the filings.Filed sales total $20,178,037. TechCrunch reported in May 2026 that the company had raised about $30 million. No Form D has been filed since June 2024. Issuers that raise under Section 4(a)(2) rather than Regulation D file no Form D, so the gap is not evidence that nothing moved. It is evidence that nothing was filed.
  6. The venture total is small relative to the reported revenue.The company told TechCrunch its revenue is above nine figures. Against roughly $20 million of filed equity, that ratio is unusual for a healthcare startup and consistent with a services business funded by Medicaid contracts rather than by rounds. The figure is company-stated and unaudited.

Commercial signals

Signal Detail Source type
Medicare Pair Team Medical Group of CA P.C. and Pair Team Medical Group P.A. on the CMS ACCESS Model participant roster of Sep 15, 2026, in the eCKM, CKM and BH tracks. The model began Jul 5, 2026 and runs ten years. Public record
Clinical evidence Peer-reviewed cohort studies in the Journal of General Internal Medicine (Sep 2025) and JMIR Pediatrics and Parenting (Apr 2026). Both single arm, no control group. Public record
Payers Contracts with Medi-Cal managed care plans. Named: Health Net, Molina Healthcare, Central California Alliance for Health. Company-stated
Geography Nine California counties as of Dec 2023. Contracts said to cover almost 80 percent of the state. Company-stated
Corporate form Converted from C corporation to public benefit corporation, announced Jan 16, 2025. Company-stated
Network payments More than $10M facilitated to community partners through 2024, with a stated 2025 target of $30M. No independent confirmation. Company-stated
Savings claim Website cites the JGIM study for over $20,000 in annual savings per patient; the Jan 2025 release said more than $25,000. The paper reports no dollar figure. Differs from the paper

What to watch

  • A Form D covering the capital between the $20.18 million filed and the $30 million reported.
  • An amended Form D for the 2023 offering, which would settle the $9 million versus $19.7 million question.
  • ACCESS revenue. Payment is tied to measured outcomes, so the first performance year is the real test of the reported revenue base.
  • Medicaid eligibility policy. The California business depends on a state benefit and on members staying enrolled.
  • A controlled study. Both published papers say one is needed.

The Pair Team story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Sepsis Scout: Shared investor: Gaingels. A Y Combinator company that put a deep learning sepsis risk score on an off-the-shelf wearable and aimed it at cancer patients recovering at home
  • HealthSherpa: Shared investor: Kapor Capital. A Sacramento company that rebuilt the front end of HealthCare.gov for agents and carriers
  • CareRev: Shared investor: Gaingels. A per diem shift marketplace that let hospitals book local nurses by the day
  • Vitable Health: Shared investor: Newark Venture Partners. A Philadelphia company that began by sending nurse practitioners into the homes of hourly workers, and now sells small employers a federal health reimbursement

Sources

  1. Public recordForm D, Pair Team, Inc., CIK 0001995663SEC · Oct 19, 2023
  2. Public recordForm D, Pair Team, Inc., CIK 0001995663SEC · Jun 10, 2024
  3. Public recordEDGAR filing index for CIK 0001995663SEC · accessed Sep 22, 2026
  4. Public recordACCESS Model Participants rosterCMS · Sep 15, 2026
  5. Public recordA Novel Intervention for Medicaid Beneficiaries with Complex NeedsJ Gen Intern Med · Sep 25, 2025
  6. IndependentMedicare’s new payment model is built for AITechCrunch, Connie Loizos · May 12, 2026
  7. IndependentStartup Pair Team Bolsters Work of Community Health CentersHealthcare Innovation · Dec 21, 2021
  8. CompanyPair Team Secures $7.3 Million in FundingBusiness Wire · Dec 7, 2021
  9. CompanyPair Team Raises $9 Million Series APR Newswire · Oct 19, 2023
  10. CompanyPair Team Expands Into New California MarketsPR Newswire · Dec 14, 2023
  11. CompanyPair Team Transitions to Public Benefit CorporationPR Newswire · Jan 16, 2025
  12. CompanyPair Team website, home pageAccessed Sep 22, 2026

Compiled from SEC, CMS and other public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in Pair Team. This page is not an offer to sell or a recommendation to buy any security.