KeyCare

Chicago, IL Healthcare Private

KeyCare is a Chicago-based virtual care company that operates the nation's first telehealth platform built on Epic Systems' EHR. The company licenses Epic's EHR and telehealth technology and offers a network of independent virtual care providers (urgent care, behavioral health, primary care) that integrate bi-directionally with Epic-based health systems. KeyCare delivers 24x7, 50-state on-demand coverage, enabling hospital networks to expand virtual access through their own Epic instance and patient portals rather than redirecting patients to a third-party app.

Overview

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

Founded

2020

Employees

51–200

Total Funding

$54.4M

3 rounds

Funding

Total raised $54.4M 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

Series B

Date

March 3, 2026

Amount

$27.4M

Valuation

Lead Investors

HealthX Ventures
DateRoundAmount RaisedValuationLead Investors
March 3, 2026 Series B $27.4M HealthX Ventures
January 9, 2023 Series A extension $3M Not disclosed
August 2022 Series A $24M 8VC

Leadership

  • Sulabh Agarwal

    Chief Executive Officer

    LinkedIn
  • Lyle Berkowitz, MD

    Founder & Executive Chairman

    LinkedIn
  • Amanda Heidemann, MD

    Chief Medical Officer & CMIO

  • Michael Robbins

    Chief Financial Officer

  • Sara Ensey

    Chief of Staff

  • Betty Y. Jang

    Chief Legal Officer

Competitors

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

  • Amwell

    Public digital care delivery platform (NYSE: AMWL) offering hospitals and health systems a comprehensive telehealth platform across urgent, acute, behavioral, and chronic care.

  • Teladoc Health

    Publicly traded (NYSE: TDOC) global virtual care company providing telehealth, expert medical opinions, chronic condition management, and mental health services to health systems, employers, and consumers.

  • Included Health

    Private virtual care provider (formed via Doctor on Demand and Grand Rounds merger) offering integrated primary, urgent, behavioral, and specialty care to employers and health plans.

  • MDLIVE (Evernorth)

    Telehealth provider owned by Cigna's Evernorth offering 24/7 virtual urgent care, behavioral health, dermatology, and primary care to health plans, employers, and consumers.

  • Doctor On Demand

    Virtual urgent and primary care provider (part of Included Health) offering on-demand telehealth visits direct-to-consumer and through employer/health plan channels.

  • Vitalchat

    Hospital-focused virtual care platform providing inpatient telehealth, virtual nursing, and AI-powered patient monitoring for health systems.

KeyCare Investment FAQ

Public status and buying access

No. KeyCare 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 KeyCare 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 KeyCare will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy KeyCare 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 KeyCare 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.

Valuation and funding

KeyCare's latest disclosed funding round was a Series B round in March 3, 2026. The round raised approximately $27.4M, with HealthX Ventures 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.

KeyCare has raised approximately $54.4M 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 KeyCare's funding history alongside private-market activity where available.

KeyCare's disclosed investors include HealthX Ventures and 8VC. 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 KeyCare's funding history, valuation history, and private-market activity alongside other venture-backed companies.

Market context

KeyCare's most-cited competitors include Amwell, Teladoc Health, Included Health, MDLIVE (Evernorth), Doctor On Demand and Vitalchat. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for KeyCare 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 KeyCare 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 KeyCare 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 KeyCare through a share transfer notice or similar process. If KeyCare 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 KeyCare 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 KeyCare 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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