Curative has secured more than $150 million in Series B funding as the company pushes to scale its $0-out-of-pocket health insurance model and expand nationally. The new raise values the Austin-based insurer at $1.275 billion, marking its official arrival as a health-tech unicorn.
The new capital will fuel Curative’s AI-powered member experience, broaden its market footprint beyond Texas, Florida, and Georgia, and strengthen regulatory reserves for upcoming expansions into Mid-Atlantic states. The company says it is building a plan that replaces rather than reforms the legacy BUCA incumbents—Blues, UnitedHealthcare, Cign,a and Aetna.
Founded less than three years ago, Curative already serves more than 1,200 employer clients and 165,000 members while operating profitably. Its model centers on a $0 out-of-pocket design—no copays, deductibles, or coinsurance—for members who complete an annual “Baseline Visit.” Curative reports a 20% boost in primary-care engagement, 30% fewer hospitalizations, and up to 40% lower drug costs within a year for new employer groups.
The round was led by Upside Vision Fund, chaired by TED’s Chris Anderson, with major participation from JAM Fund founder Justin Mateen, who invested $47.5 million personally and through his fund. Additional backers include Mike Novogratz (Galaxy Digital), Stanley Druckenmiller’s Duquesne Family Office, DCVC, and Martin Varsavsky.
Funds will also support Curative’s next-generation network strategy, anchored by the Curative Cash Card, which extends $0-cost access to more than a million providers, promises no surprise bills, and pays providers instantly at the point of care.
KEY QUOTES:
“Curative’s mission is to eliminate financial barriers and guide our members at every step of their health journey. This funding validates the disruptive model we’ve built… We’re accelerating modernization, expanding into new markets, and scaling impact.”
Fred Turner, CEO and Co-Founder, Curative
“The healthcare industry is notoriously challenging with so many misaligned incentives. To see Curative successfully setting a new standard for employer-based health insurance that actually makes people healthier — wow, that has been exhilarating.”
Chris Anderson, Managing Partner, Upside Vision Fund
“Curative is reimagining health insurance from first principles. The best companies are built by founders who take on problems most people consider unsolvable. Fred is one of those rare founders.”
Justin Mateen, Founder, JAM Fund
