Total raised averaged per day over approximately 10.6 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology
Funding: Tracxn ($614M over six funding rounds)
Current status
Filed Chapter 11 (Feb 2, 2026); plan confirmed May 29 and effective June 15, 2026, with most ownership passing to a lender group led by Future Solution Investments; still operating clinics
The rise & fall
11 moments · 2015–2026
The key moments, with employee sentiment along the way.
2015
🌱
2015
Founded in the San Francisco Bay Area
Eren Bali co-founds what becomes a chain of urgent and primary care clinics.
Glassdoor reviews described the retrenchment from inside: more than a dozen employees wrote of repeated layoff rounds, shifting policies and schedules, and thinly staffed clinics where hours were cut on slow days, while many still praised their clinic teams and the pay.
Feb 2 ’26
🪦
Feb 2 ’26
Files Chapter 11 — joins the Unitard Club 💔
Carbon Health and 28 affiliates file in the Southern District of Texas; Future Solution Investments commits up to $19.5M to fund the case.
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
How it happened
Carbon Health is a chain of urgent and primary care clinics that Eren Bali co-founded in the San Francisco Bay Area in 2015. Covid testing and vaccination work lifted its sales, and a $350M Series D in July 2021 valued it at $3.3B.
Then the Covid revenue fell to zero: Healthcare Brew, relaying The Information, reported losses of $129M in the first half of 2022 and more than $84M in the first half of 2023, with more than 500 layoffs and nearly a dozen clinics closed.
It filed for Chapter 11 in Texas on February 2, 2026, with 28 affiliates. A plan confirmed that May gave most of the ownership to a lender group led by Future Solution Investments in a $100M debt-for-equity exchange, and the company still operates.
Source: Tracxn and Fierce Healthcare (via SFNet): $350M Series D at $3.3B post-money, July 21, 2021. Company release (Feb 2, 2026): Chapter 11 in S.D. Tex. with 28 affiliates, up to $19.5M DIP from Future Solution Investments (spelled Future Solutions in the company release). Bloomberg Law (May 29, 2026): plan approved, about $33M new capital and a $100M debt-for-equity exchange transferring most ownership to the lender group. Holland & Knight: plan effective June 15, 2026. Tracxn: $614M raised over six rounds.
Founders & leadership
Eren Bali
co-founder & CEO (led at peak; left the post Aug 2024)
