Funding profile · ACA marketplace enrollment technology

HealthSherpa

Two priced rounds totaling $9.37 million, a last valuation set in September 2018, and nothing filed with the SEC. For a company that says it has enrolled more than 10 million people, the capital record is unusually thin.

$9.37MTotal equity on record across two priced rounds
$54.27MPost-money valuation at the last priced round, Sep 2018
0Form D filings found in SEC EDGAR
8 yrsSince the last priced round on record

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

Rounds at a glance

When Round Amount Investors Source
Summer 2012 Y Combinator batch Not disclosed Y Combinator YC profile
Before 2017 Seed Not disclosed Kapor Capital, Innovation Endeavors, Group 11 named as backers Secondary source
Jan 30, 2017 Series A $6.75M at $3.07 per share Core Innovation Capital, Y Combinator Forge Global
Sep 17, 2018 Series A-1 $2.62M at $3.94 per share Undisclosed Forge Global
Reported total All rounds $9.37M (Forge) vs $10M across 3 rounds (Wellfound) Investor lists differ between sources Sources differ

What the filings show

SEC EDGAR · company search and full text search · run Sep 23, 2026

Company search
No matching companies for healthsherpa or health sherpa
Full text search
One hit for the exact phrase HealthSherpa, in a Benefitfocus 10-K for fiscal 2020
Form D
None found by or naming the company
Reading
Capital was raised outside Regulation D, or under exemptions that require no Form D notice

Forge Global company profile · share class data · updated Sep 12, 2026

Series A
Jan 30, 2017 · $6,750,000 raised · $3.07 per share · 2,200,170 shares outstanding · post-money $44.98M
Series A-1
Sep 17, 2018 · $2,620,000 raised · $3.94 per share · 665,129 shares outstanding · post-money $54.27M
Preferences
Both series: 1.0x liquidation preference, non-participating, 6.0 percent non-cumulative dividend
Total funding
$9.37M
Investors listed
Andreessen Horowitz, Brighter Capital, Core Innovation Capital, Correlation Ventures, Founders Fund, GVA Capital, Innovation Endeavors, Kapor Capital, Redpoint Ventures, Valley Capital Partners, Y Combinator
Basis
Forge states post-money valuations come from company-submitted certificates of incorporation

Reading the filings

  1. The last price was set eight years ago.The September 2018 Series A-1 raised $2.62M at $3.94 a share against a $54.27M post-money. Nothing priced has been recorded since. Eight years is a long silence for a company whose claimed enrollment went from about 1.8 million people to more than 10 million over the same period.
  2. The step up between rounds was modest.Price per share moved from $3.07 to $3.94, up about 28 percent, over roughly 19 months. Post-money moved from $44.98M to $54.27M, up about 21 percent. Those are the marks of a small insider extension, not a competitive round.
  3. The rounds are tiny relative to the claimed output.$9.37M of equity against a company-stated figure of more than 10 million people enrolled since 2014 is roughly 94 cents of equity per person enrolled. The 2019 explanation fits: the CEO said the company was not looking to raise.
  4. No Form D is not the same as no money.An issuer that raises under Section 4(a)(2) rather than Regulation D files no Form D at all. So the Forge data, drawn from charter filings rather than SEC notices, is the only structured record of the cap table. Treat the investor list as incomplete.
  5. Two data providers do not agree.Forge puts total funding at $9.37M across two priced rounds, the last in September 2018. Wellfound reports $10M across three rounds with the most recent raised February 1, 2017, and lists a $7M A, a $3M seed and an undisclosed seed. Both cannot be right. Neither is a filing.
  6. Revenue, not equity, is the number that matters, and it is not public.The only figure on record is mid seven figures for 2019. ASPE put broker pay at $5 to $30 per member per month in 2026. No later revenue disclosure was found.

Commercial signals

Signal Detail Source type
Regulatory Listed by CMS as a web-broker hosting its own approved Enhanced Direct Enrollment platform, list dated Sep 27, 2023. First approved for EDE in December 2018. Public record
Carrier leasing BlueCross BlueShield of South Carolina, Kaiser Foundation Health Plan and Sanford Health Plan appear on the CMS list with healthsherpa.com subdomains. Public record
New carrier work A Blue Cross Blue Shield of Michigan agent enrollment tool powered by HealthSherpa went live in August 2026. Trade press
Volume Company-stated: more than 10 million enrolled since 2014. Independently, Andrew Sprung put 2024 open enrollment volume at about 7 million, or 52 percent of active HealthCare.gov enrollments. Company-stated
Market direction 2026 marketplace sign-ups fell more than a million to 23.1 million after enhanced subsidies expired. KFF projects effectuated enrollment down 21.5 percent for 2026. Independent
Regulatory drag CMS canceled about 315,000 enrollments on Aug 31, 2026 and is adding consumer authorization, identity proofing and SSN requirements to agent-assisted applications. Public record

What to watch

  • A first Form D, or any disclosed financing, which would be the first priced mark since 2018.
  • Secondary market activity on Forge, currently marked limited with no available price.
  • Whether the shorter federal open enrollment window for plan year 2027, November 1 to December 15, compresses seasonal revenue.

The HealthSherpa story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Current Foods: Shared investor: Andreessen Horowitz. A San Francisco startup that built raw, sushi grade plant based tuna and salmon, won a spot on TIME's 2021 Best Inventions list, and was sold to Wicked Kitchen in an all
  • Pair Team: Shared investor: Kapor Capital. A California medical group delivering Medicaid Enhanced Care Management to people living in shelters, cars and encampments
  • Science Exchange: Shared investor: Andreessen Horowitz. A marketplace for ordering experiments that became procurement software for big pharma, and that sourced the laboratories for the largest public test of whether
  • Medmonk: Shared investor: Andreessen Horowitz. It began as a pharmacist’s spreadsheet for finding money for patients who could not pay for their drugs

Sources

  1. Public recordSEC EDGAR company search and full text search for HealthSherpaSEC · run Sep 23, 2026
  2. Public recordEntities Approved to Use Enhanced Direct EnrollmentCMS CCIIO · Sep 27, 2023
  3. Public recordFederal Marketplace (FFE and SBE-FP) Anti-Fraud ActionsCMS · Sep 22, 2026
  4. Public recordACA Exchange Enrollment in 2026, issue briefHHS ASPE · Jun 26, 2026
  5. IndependentHealthSherpa IPO timeline and financing detailsForge Global · updated Sep 12, 2026
  6. IndependentHealthSherpa funding informationWellfound · accessed via archive
  7. IndependentStartup of the Month: HealthSherpaComstock’s magazine, Russell Nichols · Apr 3, 2019
  8. IndependentLawsuit alleges large-scale broker fraud in ACA marketplaceXpostfactoid, Andrew Sprung · Apr 18, 2024
  9. IndependentACA Marketplace Deductibles Surge $1000 in 2026 as Enhanced Tax Credits ExpireAJMC, Giuliana Grossi · May 20, 2026
  10. IndependentThe BCBSM ACA enrollment tool, powered by HealthSherpa, is now availableAgility blog · Aug 26, 2026
  11. CompanyHealthSherpa company profile, founders and team sizeY Combinator · accessed Sep 23, 2026

Compiled from SEC, CMS and other public records and published reports as of September 22, 2026. No Form D notice was found for this company; figures shown for priced rounds come from a secondary market data provider that cites company-submitted certificates of incorporation, not from SEC filings. Healthcare Venture Capital Fund holds no position in HealthSherpa. This page is not an offer to sell or a recommendation to buy any security.