Honest Health

Nashville, TN Healthcare Private

Honest Medical Group (doing business as Honest Health) is a Nashville-based, physician-led value-based care enablement organization that partners with health systems, primary care physicians, and provider groups to transition from fee-for-service to value-based care. Honest operates Accountable Care Organizations (ACOs) under CMS's ACO REACH model and partners with Medicare Advantage plans, supporting clinicians with operational expertise, technology-enabled patient insights, and shared-accountability care models that extend into patients' homes and communities through high-touch clinical programs. The company was founded in 2021 by Adam Boehler, Abe Sutton, and Matt Kim of Rubicon Founders and is led by CEO Robert Bessler, MD (founder of Sound Physicians), succeeding Aric Coffman, MD, who now serves as a Senior Advisor.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2021

Employees

201–500

Total Funding

$280M

3 rounds

Latest Valuation

$0.46B

February 2026

Funding

Total raised $280M across 3 rounds

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Last updated 06-25-2026

Latest Round

Type

Growth

Date

February 2026

Amount

$140M

Valuation

$0.46B

Lead Investors

NewSpring Healthcare
DateRoundAmount RaisedValuationLead Investors
February 2026 Growth $140M $0.46B NewSpring Healthcare
Growth/Later-stage $80M Welsh, Carson, Anderson & Stowe and Durable Capital Partners
2021 Series A (founding) $60M $0.5B Oak HC/FT

Valuation Trajectory

Valuation indexed to 1.0× at the selected entry round. Valuation marks are estimates and may contain errors. Hover each dot to compare.

If you invested at:
1x 2021 2022 2023 2024 2025 2026 Honest Health

Entry · Series A (founding)

$0.5B

Jan 2021

Honest Health today

$0.5B

Feb 2026 · latest mark

Honest Health multiple

0.9x

valuation uplift since first round

Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.

Leadership

  • Robert Bessler, MD

    Chief Executive Officer

    LinkedIn
  • Adam Boehler

    Co-Founder

  • Abe Sutton

    Co-Founder

  • Matt Kim

    Co-Founder

  • Aric Coffman, MD

    Senior Advisor (former CEO)

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

  • agilon health

    Publicly traded (NYSE: AGL) value-based primary care enablement company partnering with PCP practices to take on full-risk Medicare Advantage and Medicare ACO contracts.

  • Privia Health

    Publicly traded (Nasdaq: PRVA) physician enablement and medical group platform supporting independent practices across fee-for-service and value-based payment models.

  • Aledade

    Primary care enablement company helping independent PCPs participate in Medicare ACOs and value-based contracts; one of the largest ACO operators in the US.

  • Pearl Health

    Technology-enabled value-based care enablement platform supporting primary care physicians in ACO REACH and Medicare risk arrangements.

  • P3 Health Partners

    Publicly traded (Nasdaq: PIII) value-based primary care medical group serving Medicare Advantage and ACO populations.

  • Equality Health

    Value-based care enablement company focused on Medicaid and underserved populations, providing technology, services, and risk-bearing contracts to PCPs.

Honest Health Investment FAQ

Public status and buying access

No. Honest Health is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in Honest Health shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that Honest Health will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy Honest Health shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.

Buyers interested in buying Honest Health shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.

The company's latest round valuation was approximately $460M as of February 2026. The latest round valuation is often used as one reference point in secondary-market pricing, but secondary prices may be above or below that valuation at any given time. Secondary pricing can shift significantly based on post-round conditions, such as changes in company performance, supply-demand dynamics, share class, transaction size, transfer restrictions, or broader market shifts. Any implied valuation from a past round should be confirmed with a broker or through live market listings before relying on it.

Valuation and funding

Honest Health was most recently valued at approximately $460M as of February 2026. This is a private valuation and may differ from secondary pricing. Secondary shares may trade above or below this mark based on various factors. SetterVC and Setter Capital does not verify the accuracy of these valuations. Buyers and sellers should always confirm current valuations before completing any transaction.

Honest Health's valuation has changed over time based on funding rounds, tender offers, secondary-market indications, and other reported or collected valuation marks. Honest Health's valuation moved from approximately $500M as of 2021 to approximately $460M as of February 2026. This comparison reflects company-level valuation marks and does not represent realized investor returns. Secondary-market prices may differ from these valuations based on share class, transaction size, transfer restrictions, supply and demand, company performance, and broader market conditions. SetterVC and Setter Capital does not verify the accuracy or completeness of valuation data, and buyers and sellers should confirm current information before relying on it.

Honest Health's latest disclosed funding round was a Growth round in February 2026. The round raised approximately $140M at an approximately $460M valuation, with NewSpring Healthcare listed as disclosed lead or major investors. Primary funding rounds are different from secondary transactions: in a primary round, capital goes to the company, while in a secondary transaction, investors buy existing shares from current shareholders. Funding-round data reflects publicly reported or collected information and may be incomplete. The latest round valuation should be confirmed before it is used as a pricing reference.

Honest Health has raised approximately $280M in disclosed funding across 3 rounds. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track Honest Health's funding history alongside private-market activity where available.

Honest Health's disclosed investors include NewSpring Healthcare, Welsh, Carson, Anderson & Stowe and Durable Capital Partners and Oak HC/FT. Investor lists are based on public reporting, company announcements, and collected funding-round data, and may be incomplete. Participation in a prior funding round does not mean those investors are currently buying or selling shares. On SetterVC, eligible users can review Honest Health's funding history, valuation history, and private-market activity alongside other venture-backed companies.

Market context

Honest Health's most-cited competitors include agilon health, Privia Health, Aledade, Pearl Health, P3 Health Partners and Equality Health. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for Honest Health shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.

Selling and transaction mechanics

Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.

Yes, current and former Honest Health employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.

A Honest Health secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify Honest Health through a share transfer notice or similar process. If Honest Health or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.

Risk, diligence, and investor caution

Buying Honest Health shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.

Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.

Before buying Honest Health shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.

SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.

Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.

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