US healthcare startup Aledade valued at $3.5 billion after funding led by Lightspeed Venture Partners

The round was led by Lightspeed Venture Partners and fetched $260 million for the Bethesda, Maryland-based startup, the company said in a statement.

Venrock, Avidity Partners, OMERS Growth Equity and Fidelity Management & Research Company also participated in the fundraise.

Aledade is a public benefit corporation in the US that works with primary care physicians, health centers and clinics to develop value-based healthcare programs.

The startup generated more than $475 million in revenue for 2022, over 50% higher than the year before.

Earlier this year, Aledade and insurer Humana announced a 10-year collaboration to provide value-based primary care for Humana’s Medicare Advantage members.

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Venture capital fundraising in the United States has started to pick up pace alongside a recovery in public markets, as economic worries eased on expectations that the Federal Reserve was done with the bulk of its rate hikes.