Accolade Goes Public
July 14, 2020 | Abree Murch
Alumni Ventures Group portfolio company Accolade was founded to dramatically improve the experience, outcomes, and cost of healthcare for employers, health plans, and their members. On July 2, 2020, the company rang the virtual opening bell on the Nasdaq to celebrate the launch of its initial public offering.
What Accolade Does
Accolade’s health and benefits platform aims to fundamentally revolutionize how employees use their benefits and healthcare resources. Its combination of compassionate advisors, clinical experts, and intelligent technologies is designed to engage individuals and families, establish trust, and influence their health decisions at every stage of care.
Most recently, Accolade launched COVID Response Care to help employers implement education, testing, contact tracing, and return-to-work clearance in response to the COVID-19 pandemic.
Accolade has become one of the leading independent personalized health and benefits solutions in the healthcare market. The company has also received its fair share of accolades. It was recognized as one of Forbes’ Most Promising Companies in 2013, was among the 2017 Inc. 5000, and was one of Inc.’s 2020 Top Workplaces in the US.
How We’re Involved
Blue Ivy Ventures, AVG’s fund for Yale alumni and friends, led our investment in Accolade in 2018. AVG sibling funds also participated, including Castor Ventures (for MIT alumni and friends), Chestnut Street Ventures (for Penn alumni and friends), Fission Ventures (for Columbia alumni and friends), Green D Ventures (for Dartmouth alumni and friends), Strawberry Creek Ventures (for UC Berkeley alumni and friends), Spike Ventures (for Stanford alumni and friends), and Triphammer Ventures (for Cornell alumni and friends). We were able to access the round in large part due to a Blue Ivy Investment Committee member who was also a member of Accolade’s executive leadership.
We were excited to back visionary CEO Raj Singh, who previously co-founded and led Concur Software to its eventual sale to SAP for $8 billion. “For us, what was so compelling was the opportunity not only to invest in a market-leading technology platform that is in the vanguard of how true care can be delivered, but also in a visionary and experienced team led by Raj,” said David Shapiro, Managing Partner at Blue Ivy Ventures.
The Road Ahead
Accolade’s debut on the Nasdaq raised $220 million at a valuation of $1.2 billion. Now as a public company, their mission is to empower people through expertise, empathy, and technology to make the best decisions for their health and well-being.