Clarify Health
- 🦄Became a unicornApr 2022
- 📈Peak valuation$1.4 Billion ’22
- 💔Became a UnitardSep 2025
- 💸Last valuation~$406M
The rise & fall
9 moments · 2015–2026The key moments, with employee sentiment along the way.
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
How it happened
Clarify Health, founded in San Francisco in 2015 by physician Jean Drouin with Todd Gottula, sells referral, quality and network-performance analytics to health systems. Insight Partners led a $115M Series C in March 2021.
SoftBank Vision Fund 2 then led a $150M Series D on April 5, 2022, which Bloomberg, citing people familiar with the matter, said valued the company at $1.4B. Drouin handed the CEO role to Terry Boch in December 2023, and Gottula now leads the company.
SEC filings show three BlackRock funds valued their Clarify shares at $8.95 each after the Series D and at $2.61 by June 30, 2026, about 71% lower. In June 2026 Clarify bought patient-activation company Loyal Health on undisclosed terms.
Mutual-fund markdowns
5 funds · SEC NPORT-PHow U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.
| Fund | Class | $/sh | From peak | As of |
|---|---|---|---|---|
| BlackRock Capital Allocation Term Trust | $2.61 | -64% | Jun 2026 | |
| BlackRock ESG Capital Allocation Term Trust | $2.61 | -64% | Jun 2026 | |
| BlackRock Capital Allocation Trust | $6.59 | -26% | Mar 2023 | |
| BlackRock ESG Capital Allocation Trust | $6.59 | -26% | Mar 2023 | |
| BlackRock Strategic Income Opportunities Portfolio | $2.61 | -9% | Jun 2026 |
Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fund’s own valuation of a specific share class and aren’t a company-wide valuation. Last refreshed Oct 2026.
Source: Global Venturing (Apr 7, 2022), citing Bloomberg (Apr 5, 2022): $150M Series D led by SoftBank Vision Fund 2 with BlackRock-managed funds, Memorial Hermann, Insight Partners, Spark Capital and KKR; $1.4B valuation per people familiar with the matter (the company did not state one). Insight Partners (Mar 16, 2021): $115M Series C. SEC NPORT-P: BlackRock Capital Allocation Term Trust (345,315 shares, count unchanged), BlackRock ESG Capital Allocation Term Trust (318,926 shares) and BlackRock Strategic Income Opportunities (1,542,267 shares) all marked Clarify at $8.95 a share on June 30, 2022, the first mark after the Series D; Capital Allocation Term Trust path 7.95 (Sep 2022), 7.24 (Dec 2023), 5.64 (Jun 2024), 7.15 (Mar 2025), 3.01 (Sep 2025), 2.39 (Mar 2026); all three at $2.61 on June 30, 2026, 71% below the June 2022 mark (drop keyed to it; implies about $0.41B; the three funds share one adviser). HIT Consultant (Dec 7, 2023): founder Jean Drouin steps down as CEO, Terry Boch named. Pulse 2.0 (June 2026): Loyal Health acquisition, financial terms not disclosed, no financing announced.
Founders
Current roles as self-reported on LinkedIn, retrieved 2026-10-22. See our methodology.
Disclosed investors (15)
Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.
* Lead in a funding round · Crunchbase ↗ · 2026-10-22 · Methodology · Leaderboard
