Funding profile · Safety net digital health

CareMessage

A 501(c)(3) nonprofit with no equity, no cap table and no SEC filings. The capital record here is the IRS Form 990, filed every year since 2013, and it shows a near failure in 2019 and a philanthropic surge in 2024.

$13.41MTotal revenue, fiscal 2024 Form 990
$45.60MContributions and grants on the 990 record, 2013 to 2024
$2.23MReported executive compensation, 2024 · 18.6% of expenses
$1.01MNet assets at the end of 2019, the low point · about 37 days of spending

Data as of September 23, 2026. All figures are from IRS Form 990 filings unless labeled otherwise. Company-reported figures are labeled.

What a nonprofit changes

CareMessage takes grants and gifts, not investment. Donors get a charitable deduction and nothing else. There is no priced round, no preferred stock and no exit. A search of EDGAR returns no Form D for CareMessage and no pooled vehicle formed to invest in it. The 2015 coverage of its second raise put it plainly: “The investments are grants, and the investors do not get equity in the company.”

What replaces the filings is annual rather than event driven, with a lag of ten to eleven months after each fiscal year closes. In exchange it discloses more than any private company would: revenue, expense detail, officer pay by name, assets and related party transactions, twelve years running.

Funding at a glance

When Event Amount Funders Source
Winter 2014 Y Combinator batch, demo day March 2014 Not disclosed Y Combinator YC data
Nov 2014 First fundraising campaign $3.7M committed · $4.2M since inception Pershing Square Foundation ($1.5M lead), Draper Richards Kaplan, Ralph M. Parsons Foundation, William K. Bowes Jr. Foundation, plus two dozen individuals Company release
Jan 2015 Campaign total reported $6M since demo day Google.org Impact Award $2.3M; Pershing Square Foundation $1.5M VentureBeat
Jan 2023 Direct Relief grant, passed through to clinics $500,000 allocated to 30 health centers Direct Relief Company-stated
Apr 2024 2024 CareMessage Impact Fund $2.2M Johnson & Johnson ($1.25M lead), Dovetail Impact Foundation, Sanofi Company release
2013 to 2024 Contributions and grants, as filed $45,595,475 All donors, aggregate Form 990

What the filings show

CareMessage · IRS Form 990, fiscal year ending Dec 2024 · filed Nov 6, 2025

Total revenue
$13,410,145
Contributions
$7,084,596 · 52.8%
Program services
$6,241,510 · 46.5%, down from 67.4% in 2023
Total expenses
$12,016,710 · surplus $1,393,435
Officer pay
$2,229,100 · 18.6% of expenses
Named officers
Cecilia Corral, CSO, $301,177; Vineet Singal, CEO, $297,904; Jeremy Wight, VP engineering, $296,900
Net assets
$4,567,634 at year end
Schedule L
Reported transactions with interested parties

CareMessage · IRS Form 990, fiscal year ending Dec 2019 · filed Oct 15, 2020

Total revenue
$6,202,650
Contributions
$2,357,712 · 38.0%
Program services
$3,652,760 · 58.9%
Total expenses
$9,868,567 · deficit $3,665,917, the largest on record
Officer pay
$432,000 · 4.4% of expenses
Highest paid
Michael Haylon, VP of sales and marketing, $320,535, above every officer
Net assets
$1,009,003 at year end, down from $4,670,700

Reading the filings

  1. The organization nearly spent itself out of existence.Deficits ran three years straight: $2,159,731 in 2017, $2,504,803 in 2018 and $3,665,917 in 2019, a combined $8,330,451. Net assets fell from $9,293,932 to $1,009,003, down 89 percent. Against the 2019 expense rate of $9,868,567 that balance covered about 37 days. Every year since has been within $1 million of break even.
  2. Earned revenue saved it, then gave ground.Fees were 8.4 percent of revenue in 2013 and 67.4 percent by 2023. In 2024 that share fell to 46.5 percent, but not because fees shrank: program service revenue rose from $6,081,556 to $6,241,510. Contributions rose $4,211,573, or 147 percent, and swamped it. The mix flipped back to philanthropy on new grants, not on weak sales.
  3. Officer pay grew far faster than the organization.The officer compensation line went from $145,609 in 2015 to $2,229,100 in 2024, a factor of 15.3, while total expenses grew by a factor of 5.6. As a share of expenses it moved from 3.7 percent in 2016 to 18.6 percent in 2024. The three officers named for 2024 account for only $895,981 of that line.
  4. The company total and the tax record agree.CareMessage says it has raised over $43 million in philanthropic capital since 2012. Contributions reported on the 990s from 2013 through 2024 total $45,595,475. The two agree, and the record is the larger of the pair.
  5. One cost recovery claim does not survive the filings.A 2020 independent profile stated that “fees paid by health centers and free clinics cover 72% of their yearly expenses.” Program service revenue over total expenses has never hit 72 percent in any filed year. The peak is 69.5 percent in 2021; 2024 was 51.9 percent.

Commercial signals

Signal Detail Source type
Pricing “Health centers pay market rates ($10,000-$250,000 per year depending on the size of the clinic), while free clinics pay a nominal fee of $250.” Independent, 2020
Customers Close to 400 safety net organizations; 1 in 6 FQHCs and look-alikes (2026), 1 in 7 community health centers (2024). Company-stated
Named accounts Mississippi Health Safe Net (a HRSA funded network of 16 health centers across 161 sites), Community of Hope, Maple City, Bay Area Community Health, Alliance Medical Center, Community Care Clinic of Rowan County. Company-stated

What to watch

  • The fiscal 2025 Form 990, expected late in 2026, and whether the 2024 contribution level repeats.
  • Program service revenue, which grew 2.6 percent in 2024, the slowest rate on the twelve year record, after years of double digit gains.
  • The Schedule L disclosure in the December 2024 filing.
  • The officer compensation share, at 18.6 percent of expenses in 2024 and rising since 2020.
  • Whether the AI products launched in 2024 and 2025 show up as fee revenue or stay grant funded.

The CareMessage story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Pine Park Health: Shared investor: First Round. A primary care practice that puts clinicians inside senior living communities instead of asking residents to travel out
  • Hive Health: Shared investor: First Round. A Y Combinator startup that did not partner with a health maintenance organization
  • Modern Fertility: Shared investor: First Round. A finger prick hormone panel sold to women who were not trying to conceive
  • Candid Health: Shared investor: First Round. Billing software built to get a medical claim right before it ever leaves the clinic, now sold to more than 200 provider organizations

Sources

  1. Public recordIRS Form 990, CareMessage, EIN 27-3252911, fiscal year ending Dec 2024IRS · filed Nov 6, 2025
  2. Public recordIRS Form 990 series, fiscal years 2013 through 2023IRS · filed 2014 to 2024
  3. Public recordNonprofit Explorer organization record, extracted financial data and summary series, CaremessageProPublica · accessed Sep 23, 2026
  4. IndependentCareMessage raises $6M for text-based patient outreach platformVentureBeat, Mark Sullivan · Jan 22, 2015
  5. IndependentCareMessage profile, telehealth care management by text, with pricing detailCenter for High Impact Philanthropy, University of Pennsylvania · Dec 2020
  6. Company2024 CareMessage $2.2M Impact Fund EstablishedCareMessage · Apr 3, 2024
  7. CompanyCareMessage Introduces AI Assistant, with Ballmer Group and Patrick J. McGovern Foundation supportCareMessage · Nov 19, 2024
  8. CompanyAbout Us donor list, FQHC partners page and 2025 Impact ReportCareMessage · accessed Sep 23, 2026

Compiled from IRS Form 990 filings and published reports as of September 23, 2026. CareMessage is a 501(c)(3) tax exempt organization, so there are no Regulation D offerings and no equity holders; Form 990 figures are annual and filed roughly ten to eleven months after each fiscal year closes. Healthcare Venture Capital Fund holds no position in CareMessage and none is possible. This page is not an offer to sell or a recommendation to buy any security.