Funding profile · Employer health benefits

Vitable Health

Three announced venture rounds totaling $24.8 million, a company-stated total of $25 million that has not moved since July 2024, one acquisition, and no Form D on file with the SEC.

$24.8MSum of the three announced rounds, 2020 to 2024
$16.0MSeries A led by Cherryrock Capital, July 2024
$25MCompany-stated total, unchanged in releases since July 2024
0Form D filings on EDGAR, searched Sep 23, 2026

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

Rounds at a glance

When Round Amount Investors Source
2019 Inc.U competition prize $10,000 Penn State Interview
2020 Thiel Fellowship $100,000 over two years Thiel Foundation Independent
Summer 2020 Y Combinator, S20 batch Not disclosed Y Combinator YC listing
Oct 2020 First institutional round $1.6M Led by SoftBank Opportunity Fund; Y Combinator, DNA Capital, Commerce Ventures, MSA Capital, Coughdrop Capital, angels Independent
Oct 2021 Seed $7.2M Led by First Round Capital, which the Inquirer reported as more than 80 percent of the round Independent
Jul 2024 Series A $16.0M Led by Cherryrock Capital; Newark Venture Partners, Citi Impact Fund, First Round Capital, Commerce Ventures, Y Combinator Company release
May 2025 Acquisition of Liferaft HRA platform Price not disclosed Liferaft had raised $11M from XYZ Venture Capital, Costanoa Ventures and Oceans Company release

What the filings show

Vitable Health · no Form D · searched Sep 23, 2026

Full text search
EDGAR returns zero documents for the exact phrase Vitable Health
Company search
No matching companies for Vitable in EDGAR company search
Offerings on record
None
Likely exemption
Section 4(a)(2), which requires no Form D, rather than Regulation D
Filing
SEC EDGAR, no CIK assigned

Federal provider registry · NPPES · searched Sep 23, 2026

Organization NPI
None for Vitable Health or any Vitable entity in Pennsylvania
Only match
Vitable Care LLC, Houston, Texas, NPI 1760217681, a durable medical equipment supplier enumerated Sep 3, 2024, no evident connection
Reading
Consistent with the affiliated practice model described in Vitable’s terms of service, under which each branded practice is owned by a licensed physician

Reading the filings

  1. The announced rounds add to $24.8M, not $25M.$1.6M plus $7.2M plus $16.0M is $24,800,000. The company boilerplate says $25 million. The gap is within rounding, but it also means no undisclosed round is hiding inside the headline number.
  2. No Regulation D trail at all.Three priced rounds and an acquisition have produced no Form D under any Vitable name. Issuers that sell only to a small set of accredited investors can rely on Section 4(a)(2), which carries no filing duty, so the absence is lawful and common. It also means there is no public record of investor counts, first sale dates or amounts actually sold.
  3. The total has not moved.Every release from May 2025 through December 2025 repeats the same $25 million figure, including the ones announcing the Liferaft acquisition in May 2025 and the platform expansion in October 2025. Either the acquisition was paid from the Series A and existing cash, or a later raise has not been announced.
  4. Lead investors rotate rather than stack.SoftBank Opportunity Fund led in 2020, First Round led in 2021 with more than 80 percent of the round, Cherryrock led in 2024. First Round and Commerce Ventures and Y Combinator returned; SoftBank did not appear in the Series A investor list, though it stays in the boilerplate.
  5. The acquired company had raised nearly half what the acquirer had.Liferaft raised $11 million against Vitable’s $25 million. No price was disclosed by either side, and neither release describes cash, stock or an asset purchase, although both describe the deal as an acquisition of the platform rather than of the company.

Commercial signals

Signal Detail Source type
Unit economics Average employer fee of $30 per employee per month and a 65 percent gross margin, reported mid 2024. Earlier reporting put the figure near $50 per month in 2021. Independent
Customers About 400 small businesses and more than 50,000 employees, mid 2024. Named customers appear only in Inquirer reporting from December 2021. Independent
Scale claim Over 100,000 lives on the platform eligible for GLP-1 access, June 2025. Eligible is not enrolled, and no enrolled figure has followed. Company-stated
Market position Releases call Vitable the leading ICHRA administrator. It is not among the 17 platforms contributing to the HRA Council Volume 5 industry census. Differs from the record
Market size The 2019 rule estimated more than 11 million covered once employers adjusted. The HRA Council counted ICHRA covered lives passing 500,000 in January 2026, with 12,700 employers offering an ICHRA, up from about 6,600 in 2025. Public record
Competition Thatch raised $40M in April 2025. Zorro raised a $20M Series A in June 2025. Take Command, Gravie, PeopleKeep and others sit inside the HRA Council data pool. Independent

What to watch

  • A first Form D. It would be due within 15 days of a first sale in any Regulation D offering.
  • A Series B, or a revised total. The $25 million figure is now more than two years old.
  • Whether the Liferaft price is ever disclosed, in a release or in a later filing.
  • Enrollment counts rather than eligibility counts.
  • Whether Vitable joins the HRA Council data pool, which would make its administrator ranking checkable.

The Vitable Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Pair Team: Shared investor: Newark Venture Partners. A California medical group delivering Medicaid Enhanced Care Management to people living in shelters, cars and encampments
  • 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
  • Syrona Health: Shared investor: First Round. A UK employee benefit for reproductive and hormonal health, built by two Cambridge classmates whose first product was a home test for gynaecological cancer
  • Lively: Shared investor: Costanoa Ventures. A San Francisco company that rebuilt the health savings account around the person who has to use one, then sold that machinery to banks and employers

Sources

  1. Public recordEDGAR full text search and company search for Vitable HealthSEC · searched Sep 23, 2026
  2. Public recordNPPES registry search for VitableCMS · searched Sep 23, 2026
  3. Public recordHRA and other account-based group health plans, final ruleFederal Register · Jun 20, 2019
  4. Public recordGrowth Trends for ICHRA and QSEHRA, Volume 5HRA Council · 2026
  5. IndependentSoftBank invested some of its first millions from a new $100 million fund in Vitable HealthBusiness Insider · Oct 21, 2020
  6. IndependentA Philadelphia start-up wants to bring health care to hourly workersThe Philadelphia Inquirer · Dec 26, 2021
  7. IndependentThe pitch deck Vitable Health used to raise $16 millionBusiness Insider · Jul 19, 2024
  8. IndependentVitable secures $16M to provide primary care to small employersMedCity News · Jul 22, 2024
  9. IndependentVitable Health acquires LiferaftCoverager · May 12, 2025
  10. IndependentStudy examines how ICHRA adoption could stabilize ACA risk poolsFierce Healthcare · Aug 14, 2026
  11. IndependentThatch raises $40M, and Zorro secures $20M Series ATechCrunch and PR Newswire · 2025
  12. CompanyVitable Health acquires ICHRA provider LiferaftPR Newswire · May 7, 2025
  13. CompanyClosing the healthcare gap, Vitable raises $16M Series AVitable Health · Jul 19, 2024
  14. CompanyTerms of service, affiliated practice languageVitable Health · accessed Sep 23, 2026

Compiled from SEC, CMS, Federal Register and other public records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; Vitable Health has filed none, and issuers relying on Section 4(a)(2) are not required to file. Healthcare Venture Capital Fund holds no position in Vitable Health. This page is not an offer to sell or a recommendation to buy any security.