+9%

est. 2Y upside i

HealthcareSeries C

Enabling Africans to sell online with zero capital

Rank

#3456

Sector

Health Tech

Est. Liquidity

~5Y

Data Quality

Data: Medium

Tendo is priced for perfection at ~18x revenue ($550M on ~$30M) with low data confidence and a severe incumbent threat from Epic, which controls 55% of the acute care EHR market and is actively building competing marketplace features.

Last updated: April 6, 2026

Bull (12%)+150%

Tendo Care Connect captures meaningful share of the employer-sponsored bundled care market, growing revenue from $30M to $85M+ by 2028 with 35%+ YoY growth, aided by the Trump administration's push for full health data interoperability weakening Epic's EHR lock-in. A strategic acquisition by a major payer (UnitedHealth, CVS Aetna) at $1.3–1.5B (~16x revenue) delivers ~150% upside for common stockholders above the $89M preference stack.

Base (53%)+20%

Tendo maintains its niche in quality analytics (Tendo Insights) and shoppable care (Care Connect) but faces sustained pressure from Epic's expanding marketplace features, growing revenue modestly to $45–50M by 2028. A future exit or late-stage financing round at $650–700M (~14x revenue) delivers modest ~15–25% upside for common stockholders after preferences.

Bear (35%)-55%

Epic expands MyChart and Epic Marketplace to directly replicate Tendo's bundled care and quality analytics products, eroding Tendo's health system customer base as health systems prefer a single integrated vendor; revenue stalls near $30–35M and a down round or distressed acquisition values Tendo at $250–300M. After the $89M liquidation preference, common stockholders recover roughly 30–40 cents on the dollar, implying ~55% loss on grant value.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

16%

$89M in total investor funding sits as liquidation preferences ahead of common stock on a $550M valuation — in an exit at or below $300M, common stockholders recover little to nothing.

Dilution Risk

moderate

At Series C with ~$30M revenue, Tendo likely needs 1–2 more funding rounds before a liquidity event, implying potential 15–25% additional dilution for existing employees.

Secondary Liquidity

limited

EquityZen lists Tendo shares for secondary trading, providing limited pre-liquidity optionality, though volume and bid-ask spreads in the current private market are uncertain.

Questions to Ask at the Interview

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

  • 1

    “How is the team thinking about defending health system relationships as Epic expands MyChart's scheduling, engagement, and marketplace capabilities — is the strategy to deepen Epic integration or to compete on outcomes data and employer connectivity that Epic's closed ecosystem can't match?”

  • 2

    “With $30M in estimated revenue and a $550M valuation, what milestone — ARR, customer count, or employer contracts — does the business need to hit before it can support an IPO or attract a tier-1 strategic acquirer at a premium?”

  • 3

    “Given the Series C was $20M compared to a $50M Series B, how is the company thinking about runway and the next capital raise, and are there any employee tender offer or secondary liquidity programs planned in the near term?”

Community

Valuation Sentiment

Our model estimates +9% 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.