+70%

est. 2Y upside i

HealthcareSeries B

Tandem is building the world's largest network of doctors, patients, and first-party data and applying AI to every step of bringing new therapies to market. Our first product ensures people get life-changing therapeutics as quickly and cheaply as possible. Founded by product leaders from Oscar Health.

Rank

#1127

Sector

Healthcare Technology

Est. Liquidity

~5Y

Data Quality

Data: Low

Tandem is a high-conviction early-stage bet backed by Accel, General Catalyst, and Thrive Capital at a $1B Series B valuation, targeting a prior authorization automation market growing at 18%+ CAGR toward $11B by 2033.

Last updated: May 4, 2026

Bull (20%)+250%

Tandem secures partnerships with 15+ top-20 biopharma companies and becomes the platform of record for prescription access across 100K+ provider practices, reaching $150M+ ARR by 2029 and a $4–5B valuation via strategic acquisition or IPO. Employees with grants at $1B valuation see ~250% upside before dilution.

Base (50%)+80%

Tandem captures meaningful prior auth market share and scales to $50–75M ARR by 2030, but faces ongoing margin pressure from Epic's native tools and Cohere Health; exits via M&A or IPO at $1.8–2B valuation, delivering approximately 80% upside over 5 years before dilution from 1–2 additional funding rounds.

Bear (30%)-65%

CMS mandates cause payers to build compliant PA portals directly; Epic integrates free native PA into its EHR for its 33% of U.S. hospitals; biopharma monetization fails to reach scale; company raises a flat or down round at $500–700M, and common shareholders lose ~65% of value after liquidation preferences consume proceeds.

Est. time to liquidity~5.0 years

Preference Stack Risk

moderate

Funding Intensity

1370%

Total funding of $137M against a $1B valuation yields a 13.7% preference stack ratio, meaning $137M in liquidation preferences must be cleared before common shareholders participate in any non-IPO exit proceeds.

Dilution Risk

moderate

At Series B with significant capital needs ahead (biopharma integrations, EHR partnerships, sales team expansion), Tandem will likely require 1–2 more rounds before liquidity, adding an estimated 20–35% dilution to current equity grants.

Secondary Liquidity

limited

No disclosed secondary tender programs; as a freshly minted January 2026 unicorn, occasional secondary transactions may be possible but no structured liquidity program exists.

Core — 7 roles

Engineering — 7 roles

Growth & GTM — 6 roles

Operations & Scaling — 4 roles

Data — 2 roles

Product & Design — 2 roles

View all 28 open roles at Tandem →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “What percentage of current revenue comes from biopharma partnerships vs. per-prescription transaction fees, and how concentrated is ARR across your top 3 pharmaceutical clients?”

  • 2

    “How does Tandem's competitive moat hold if Epic builds free native prior authorization into Epic Willow/Cheers for its entire installed base of 33% of U.S. hospitals?”

  • 3

    “What is the current equity structure — are grants ISOs or NSOs, what is the latest 409A FMV relative to the Series B preferred price, and is there any secondary tender program planned?”

Community

Valuation Sentiment

Our model estimates +70% 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.