Funding profile · Global health nonprofit
Noora Health
Noora Health is a 501(c)(3) nonprofit: no Form D, no cap table, no valuation. The capital record is IRS Form 990, and eleven years of filings show one enormous year and a reserve now being drawn down.
$52.3MTotal revenue, fiscal 2021, the year the large grants were booked
$42.2MTotal assets at the end of fiscal 2024
$13.7MApproximate fiscal 2024 expenses, against $8.2M of revenue
$1.07MExecutive compensation, fiscal 2024, 7.8% of expenses
Data as of September 22, 2026. Company-reported figures are labeled. Fiscal years end December 31.
Funding events at a glance
| When | Event | Amount | Source of funds | Source |
|---|---|---|---|---|
| 2014 | Y Combinator, winter 2014 batch | $120,000 | Y Combinator, as a nonprofit participant | Third party |
| May 2021 | NFT auction, Save Thousands of Lives | $4,573,957.22 in tokens | Winning bidder Paul Graham | Donor-stated |
| FY2021 | Contributions and grants on Form 990 | $46,825,703 | Donors not itemized in the public return | Form 990 |
| Apr 11, 2022 | Audacious Project and Skoll Award for Social Innovation announced | $52M catalyzed | Includes $20M from MacKenzie Scott and Dan Jewett | Announcement |
| Mar 1, 2024 | Grant for data warehousing and behavioral science | $500,000 | The Agency Fund, pooled | Funder-stated |
| All time | Grants recorded in the Candid dataset | $50,435,507 | 125 grants from 39 funders | Third party |
What the filings show
Form 990 · fiscal year ending Dec 2024 · filed Nov 17, 2025
- Revenue
- $8,247,637 · contributions $6,302,738; investment income $1,634,510; sales of assets $33,407; other $276,982
- Expenses
- About $13.7 million, derived from the reported shares: executive compensation $1,069,115 at 7.8%
- Assets and liabilities
- $42,227,427 and $459,494
- Other salaries and wages
- $737,157 · 5.4% of expenses
- Top compensation
- Shahed Alam, co-CEO, $468,107 plus $29,844 related and $46,300 other; Edith Elliott Queeny, co-CEO, $257,962 plus $51,343 other; Nira Jethani, CFO and board treasurer, $180,335 plus $54,258 other
- Filing
- IRS Form 990, EIN 46-4746592
Form 990 · fiscal year ending Dec 2023 · filed Nov 16, 2024
- Revenue
- $6,231,273 · contributions $4,563,396; investment income $1,645,669
- Expenses
- $10,818,162
- Assets and liabilities
- $47,829,815 and $607,180
- Compensation
- Executive compensation $829,862; other salaries and wages $756,772; Shahed Alam $254,152; Edith Elliott Queeny $248,102
Form 990 · fiscal year ending Dec 2022 · filed Nov 15, 2023
- Revenue
- $8,520,316 · contributions $8,079,546; investment income $440,691
- Expenses
- $8,220,854
- Assets and liabilities
- $52,383,968 and $574,444
- Compensation
- Executive compensation $762,894; other salaries and wages $639,918
Form 990 · fiscal year ending Dec 2021 · filed Nov 16, 2022
- Revenue
- $52,257,405 · contributions $46,825,703 at 89.6%; sales of assets $5,430,895 at 10.4%; investment income $807
- Expenses
- $4,503,013
- Assets and liabilities
- $51,920,130 and $433,336
- Compensation
- Executive compensation $459,347; other salaries and wages $152,736
Reading the filings
- The money was on the books a year before the press release.Fiscal 2021 contributions were $46,825,703 against $3,231,057 in fiscal 2020, a jump of 14.5 times. The Audacious Project and Skoll awards were announced on April 11, 2022. Multi year pledges are recognized when promised, so the 990 dates the commitment, not the cash.
- The reserve is now being spent down, on purpose.Fiscal 2024 revenue of about $8.25 million ran against expenses of about $13.7 million. Total assets fell from $52,383,968 at the end of 2022 to $42,227,427 at the end of 2024, a decline of $10,156,541. At that burn the remaining net assets of about $41.8 million represent roughly three years.
- A crypto auction shows up in an unusual line.Fiscal 2021 reports $5,430,895 under sales of assets, 10.4% of revenue, a line that is otherwise zero in every year except 2024. The Save Thousands of Lives NFT closed in May 2021 at $4,573,957.22 in tokens, per the buyer. The return does not itemize the sale, so this is inference, not disclosure.
- The US payroll line cannot be the program.Other salaries and wages were $737,157 in fiscal 2024 while the organization claims more than 500 teammates. Delivery runs through local entities: the 2023 PLOS paper names Aurora Health Innovations LLP as the India based client of Noora Health. The Candid dataset records $19,188,096 of grants made by Noora Health to four recipients, consistent with regranting rather than direct employment.
- Executive pay stepped up sharply in 2024.Shahed Alam’s reportable compensation went from $254,152 in fiscal 2023 to $468,107 in fiscal 2024, up 84%, with $29,844 more from related organizations and $46,300 of other compensation. Total executive compensation rose from $829,862 to $1,069,115.
- Investment income is now a real revenue line.It went from $807 in fiscal 2021 to $1,645,669 in fiscal 2023 and $1,634,510 in fiscal 2024, about a fifth of revenue. The reserve built in 2021 is earning while it is spent.
Operating signals
| Signal | Detail | Source type |
|---|---|---|
| Evidence | Peer reviewed results in PLOS Global Public Health, BMJ Open Quality, the Bulletin of the WHO and Clinical Epidemiology and Global Health, including a cluster randomized trial with 21,937 participants. | Public record |
| Counterparties | Nine Indian state governments, the national government of Bangladesh, seven Indonesian regencies, and Nepal from 2024. A three year memorandum of understanding with WHO signed May 2025. | Public record |
| Governance | Charity Navigator scores six of seven accountability checks at 100%, with tax form disclosed on website at 0%. | Independent |
| Cost per outcome | $1,235 per life saved, calculated by a donor in 2021 by dividing the whole budget by estimated lives saved. No independent evaluator has published its own figure. | Donor-stated |
| Reach | 24 million+ caregivers and patients by 2024, over 30 million cited by WHO in July 2025, 65 million+ claimed in 2026. Not independently audited. | Company-stated |
What to watch
- The fiscal 2025 Form 990, due around November 2026: whether the deficit narrowed or the spend down continued.
- Whether new large gifts replace the 2021 cohort. Contributions have run between $4.6 million and $8.1 million since 2022.
- Whether an independent evaluator publishes a cost effectiveness estimate to sit beside the donor figure.
- Schedule J detail on the 2024 executive compensation step up.
The Noora Health story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordIRS Form 990 extracted data, fiscal years 2014 to 2024, EIN 46-4746592
- Public recordWHO and Noora Health begin collaboration to strengthen support for family caregivers
- Public recordImproving neonatal health with family-centered, early postnatal care, funding statement naming Aurora Health Innovations LLP
- IndependentNoora Health profile, grant totals from the Candid dataset
- IndependentCharity Navigator rating page, Noora Health
- DonorAn NFT That Saves Lives
- CompanyNoora Health Recognized for its Impact in Transforming the Way Care is Delivered to Patients
- FunderNoora Health grantee page
- CompanyImpact page and tenth anniversary page reach figures
Compiled from IRS Form 990 filings and other public records and published reports as of September 22, 2026. Noora Health is a tax exempt 501(c)(3) organization, so it files no Form D and issues no securities; Form 990 reports revenue, expenses and compensation on a fiscal year basis and does not name individual donors. Healthcare Venture Capital Fund holds no position in Noora Health. This page is not an offer to sell or a recommendation to buy any security.