Funding profile · Clinical workforce marketplaces

CareRev

Two announced $50 million rounds, $70 million in committed debt, a reported $600 million valuation in 2022, and no Form D of its own on file. The company was acquired in December 2025 on undisclosed terms.

$100MAnnounced equity across Series A and Series B, company-reported
$70MCommitted debt financing from JPMorgan Chase, Nov 2022, company-reported
$600MValuation in 2022, reported by AI Now citing PitchBook
0Form D filings by CareRev or Care.Stat!, Inc. on SEC EDGAR

Data as of September 23, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2016 Seed Not disclosed Y Combinator named as a seed investor Database
Jul 2019 SPV: CareRev Capsule, a series of FundRx Master Fund I, LLC Not disclosed on the mention record FundRx Form D
Apr 26, 2021 Series A $50.0M Transformation Capital (lead), Industry Ventures, Gaingels, Zach Coelius, Michael Siebel Company release
2022 Series B $50.0M ShawSpring, Tribe Capital, Transformation Capital, High Sage, MBX CEO statement
Nov 2022 Committed debt facility $70.0M JPMorgan Chase CEO statement
Dec 23, 2025 Acquisition by IntelyCare Not disclosed IntelyCare, backed by LRVHealth and Transformation Capital Independent

What the filings show

CareRev Capsule, a series of FundRx Master Fund I, LLC · Form D · filed Jul 29, 2019

Type
Investment vehicle named for CareRev, not a filing by the company
Accession
0001782177-19-000001
Sponsor
FundRx
Filing
SEC EDGAR, CIK 0001782177
Note
This is the only EDGAR record tied to the company name in the pull. It evidences a 2019 financing that CareRev itself never noticed on Form D.

Care.Stat!, Inc. doing business as CareRev · no Form D on record

Offerings noticed
None found
Announced equity
$100,000,000 across two rounds, per the company
Exemption used
Unknown. An issuer raising under Section 4(a)(2) rather than Regulation D files no Form D.
Filing
No CIK located for the issuer

Reading the filings

  1. The paper trail runs through an investor, not the issuer.The only EDGAR record naming CareRev is a 2019 single company vehicle organized as a series of FundRx Master Fund I, LLC. Vehicles like that exist to pool smaller checks into one line on a cap table. Its existence dates a financing two years before the Series A that has no public notice of its own.
  2. Announced totals do not agree with each other.The company disclosed $50 million in 2021 and another $50 million in 2022, which is $100 million. Becker’s reported roughly $100 million raised during the pandemic. Nurse.org put it at more than $70 million. One commercial database shows $71.4 million across three rounds. No filing settles it, because there is no filing.
  3. Debt arrived before the layoffs.The $70 million JPMorgan Chase facility was committed in November 2022. The first layoff came about ten weeks later, in January 2023, and a second followed in June. A committed facility is capacity, not cash received, and drawing on it costs money that equity does not.
  4. The lead investor sat on both sides of the exit.Transformation Capital led the 2021 Series A and joined the 2022 round. Its managing partner Jared Kesselheim supplied the investor quote in the January 2026 acquisition release, describing continued support for IntelyCare. That is an investor consolidating two positions rather than a third party clearing the table.
  5. The price was not published.Neither IntelyCare nor CareRev disclosed terms, and Staffing Industry Analysts reported none. Against a 2022 valuation reported at $600 million, two layoff rounds, a founder departure and a facility count that fell from 770 to 650 or more, the silence is information, though not a number.
  6. The classification question is the live balance sheet item.A misclassification case against Care.Stat! settled before October 2023 per The Markup, and a second action was filed in September 2024. In September 2025 the company announced a W-2 route into the same marketplace. Category outcomes show why that matters: the Fourth Circuit in 2025 preserved a roughly $9 million award covering about 1,100 misclassified nurses and aides at a staffing company.

Commercial signals

Signal Detail Source type
Customer spend Saint Anthony Hospital, Chicago, reported more than $2.7 million in annual expenses for CareRev services in 2023 on its IRS Form 990. Public record
Named systems SSM Health, Froedtert Health, Providence, Advocate Aurora, Bergen New Bridge Medical Center, Henry Mayo Newhall Hospital. Company-stated
Volume 477,000 shifts filled across 770 facilities as of Aug 2023; 521,830 or more shifts on the partners page; 650 or more facilities on the current hospitals page. Figures disagree
Supply 11,000 professionals (2021), 22,000 (2023 and 2024), more than 35,000 (2025 and 2026). Company-stated
Litigation Care.Stat! Inc v. Litehouse Health WI LLC et al, No. 2:25-cv-00673, E.D. Wis., a trade secrets suit CareRev filed in May 2025. Motions to dismiss and to apply California law were briefed; no ruling on the docket as retrieved Jan 30, 2026. Public record
Regulatory setting New York enacted a 2025 law requiring gig nursing platforms to follow healthcare staffing agency rules. Exemption bills have been introduced in at least 17 states since 2022. Independent

What to watch

  • Any disclosure of the acquisition price, which would fix the 2022 to 2025 markdown.
  • A ruling in the Wisconsin trade secrets case, in particular on the motion to apply California law.
  • Whether IntelyCare, which markets itself as a W-2 employer, folds the CareRev marketplace into that model.
  • Any Form D from the combined company, which would be the first filed notice attached to this business.

The CareRev story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Curebase: Shared investor: Gaingels. A clinical trial company that turned drive-through testing lines into research sites, then closed its services arm and became a software vendor
  • Pair Team: Shared investor: Gaingels. A California medical group delivering Medicaid Enhanced Care Management to people living in shelters, cars and encampments
  • Loop Health: Shared investor: Tribe Capital. A Pune company that sells group health insurance as a licensed broker and employs its own doctors to deliver the everyday care those policies do not cover
  • CareLedger: Shared investor: Tribe Capital. A Y Combinator startup that promised employees free medical care by steering self-insured employers to the cheapest good doctor for a given procedure

Sources

  1. Public recordEDGAR Form D, CareRev Capsule, a series of FundRx Master Fund I, LLC, accession 0001782177-19-000001SEC · Jul 29, 2019
  2. Public recordCare.Stat! Inc v. Litehouse Health WI LLC et al, No. 2:25-cv-00673, docketU.S. District Court, E.D. Wisconsin · filed May 7, 2025
  3. Public recordFourth Circuit preserves $9 million award to nurses misclassified as independent contractorsOgletree Deakins · Jul 31, 2025
  4. IndependentIntelyCare acquires healthcare staffing platform CareRevStaffing Industry Analysts · Jan 13, 2026
  5. IndependentIntelyCare acquires CareRev to build out workforce staffing solution for health systemsFierce Healthcare · Jan 8, 2026
  6. IndependentGig nursing platform CareRev plans layoffsBecker’s Hospital Review · Jun 16, 2023
  7. IndependentUber for Nursing Part II, valuation and Form 990 citationsAI Now Institute · 2026
  8. IndependentWhat Happens When Nurses Are Hired Like UbersThe Markup and The 19th · Oct 5, 2023
  9. IndependentIntelyCare acquires CareRev, more shift options for nursesNurse.org · Jan 13, 2026
  10. CompanyHealthcare labor marketplace platform CareRev announces $50 million in Series A fundingPR Newswire · Apr 26, 2021
  11. CompanyRefocusing on our technology to deliver on our mission, with Series B and debt figuresCareRev blog · Jan 2023
  12. CompanyCareRev enables hospitals nationwide to leverage W-2 healthcare workforcePR Newswire · Sep 4, 2025

Compiled from SEC and other public records, court dockets and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Allegations described here are allegations, not findings. Healthcare Venture Capital Fund holds no position in CareRev. This page is not an offer to sell or a recommendation to buy any security.