+30%

est. 2Y upside i

HealthcareSeries C

Rank

#2506

Sector

Digital Health

Est. Liquidity

~3Y

Data Quality

Data: Medium

Boulder Care operates in a growing and critical digital health sector, demonstrating strong patient outcomes and a strategic focus on underserved Medicaid populations.

Last updated: March 10, 2026

Bull (20%)+170%

Boulder Care significantly expands its market penetration in underserved Medicaid populations through new strategic partnerships like Priority Health and Cone Health, exceeding 10 states by 2026. Strong patient outcomes and value-based care models drive accelerated revenue growth to over $150M by 2028, justifying a $300M+ valuation at a favorable multiple, providing meaningful returns for common shareholders.

Base (40%)+45%

Boulder Care maintains its moderate growth trajectory, expanding steadily in its core markets and securing additional health plan contracts. Revenue grows to approximately $70M-$80M by 2028, leading to an acquisition or IPO at a valuation of around $160M, offering a modest return for common shareholders after accounting for liquidation preferences.

Bear (40%)-55%

Increased competition from well-funded rivals like Bicycle Health and Pelago, coupled with regulatory headwinds or slower-than-expected adoption in new markets, stifles Boulder's growth. Valuation contracts to below $50M, resulting in common shareholders receiving little to no return due to the substantial $85M in liquidation preferences held by preferred investors.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

77%

Investors hold $85M in liquidation preferences ahead of common stock. In an exit at the current $111M valuation, only $26M would be available for common shareholders. If the exit is below $85M, common shareholders would receive nothing.

Dilution Risk

high

As a Series C company, further funding rounds are likely before an exit, which could lead to additional dilution of common stock, especially if future valuations do not significantly increase to outpace the preference stack.

Secondary Liquidity

none

There is no public information indicating active secondary markets or tender offers for Boulder Care equity.

Other — 2 roles

View all 2 open roles at Boulder →

Last updated: February 22, 2026

Questions to Ask at the Interview

Strategic questions based on Boulder's data — designed to show you've done your homework.

  • 1

    “Given Boulder Care's strong focus on Medicaid and value-based care, how do you see the company navigating potential changes in government healthcare policy or reimbursement models over the next 2-3 years?”

  • 2

    “With competitors like Bicycle Health reaching profitability and others like Pelago raising significant capital, what are Boulder Care's key differentiators and strategies to maintain its competitive edge and achieve sustainable growth?”

  • 3

    “Considering the $85M in total funding relative to the $111M valuation, how does the company plan to manage future dilution for common shareholders, and what is the anticipated timeline and strategy for a liquidity event?”

Community

Valuation Sentiment

Our model estimates +30% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.