Carbon Health

Carbon Health operates tech-enabled primary and urgent care clinics alongside a virtual care platform, using a proprietary EHR and AI tools to manage patient flow. Raised $350M in 2021 at $3.3B valuation. Retrenched with layoffs in 2023. 80+ clinics at peak, scaled back. Still operating with focus on hybrid care model.

Carbon Health's $350M raise in 2021 signaled the ambition to build the largest tech-enabled primary care chain in the US; though it later retrenched, its vertically integrated model — own the EHR, clinics, and virtual layer — remains the blueprint.

carbonhealth.com Virtual Care Delivery

United Statesprivate

At a glance

Total raised

$514.5M

last round series d

Headcount

1k-5k

approximate · public range

Headquarters

San Francisco

United States

Founded

2015

11 years active

Status

Private

Virtual Care Delivery

Latest valuation

$3.3B

Series D · 2021

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Funding history

Total raised

$514.5M

Rounds tracked

Latest stage

Series D

Latest valuation

$3.3B

Date	Stage	Amount	Valuation	Lead investors
Jul 21, 2021	Series D	$350M	$3.3B	Blackstone
Nov 10, 2020	Series C	$100M	—	Dragoneer Investment Group
May 11, 2020	Series B	$28M	—	DCVC
Jun 5, 2019	Series B	$30M	—	Brookfield Growth Partners
Mar 29, 2017	Seed	$6.5M	—	BuildersVC

Founder backgrounds

Eren Bali

Co-Founder & Executive Chair

Born in a one-room schoolhouse village in Malatya, Turkey, Bali studied mathematics and computer engineering at Middle East Technical University before moving to Silicon Valley. He co-founded Udemy in 2010, scaling it into a multibillion-dollar online learning marketplace, and served as its CEO until 2014. In 2015, he co-founded Carbon Health, building tech-enabled primary and urgent care clinics around a proprietary EHR and AI-powered patient flow tools. In August 2024, Bali returned to Udemy as CTO while remaining Executive Chair at Carbon Health. He has written publicly about the shift founders must make from focusing on products to focusing on people as companies scale past the early stage.

Greg Burrell

Co-Founder

A board-certified internist, Burrell completed medical training at the University of Chicago and residency at UCSF, where he later served as Assistant Professor of Clinical Medicine. Prior to co-founding Carbon Health in 2015, he was VP of Clinical Solutions & Operations at Accolade, a personalized healthcare navigation company, and earlier worked at CareMessage, a patient engagement platform for safety-net providers. He went on to serve as Chief Medical Officer at Gravie, an innovative health benefits company. At Carbon Health, he drove clinical product and strategy, helping bridge the gap between software design and real-world care delivery across the company's hybrid clinic and virtual care model.

Tom Berry

Co-Founder

Co-founded Carbon Health in 2015 alongside Udemy founder Eren Bali and physician Greg Burrell, serving as CTO. Previously worked as a software engineer at Twitter and MoPub (the mobile ad platform Twitter acquired in 2013), and earlier at Coolbeams. Holds a B.S. in Engineering (Product Design) from Stanford University. Berry's engineering background in ad tech and consumer-scale systems informs Carbon Health's approach—building a proprietary, cloud-native EHR and AI-powered patient flow tools to unify in-clinic and virtual care, a technical architecture that distinguishes the company from traditional healthcare IT providers.

AI bull / bear

Bull case

Carbon Health's vertically integrated model becomes its moat. Owning the EHR stack, physical clinics, and virtual layer eliminates the interoperability tax that hobbles traditional providers. The proprietary EHR and AI tools were built for this specific workflow — same-day scheduling, virtual triage, seamless handoffs between virtual and in-person — rather than bolted onto legacy systems. That enables throughput and margin advantages that separate it from both traditional clinics and telehealth-only players. The 2023 retrenchment looks like a disciplined reset, not a collapse. Management cut underperforming locations and refocused on profitable geographies, preserving the hybrid model while shedding cash drag. With $515M raised — $350M of it from Blackstone at the $3.3B valuation — Carbon Health has the capital to reach breakeven without returning to market in a hostile fundraising environment. If the streamlined footprint demonstrates unit-level profitability, the blueprint for measured expansion is intact.

Bear case

Carbon Health raised at peak euphoria and has been paying for it ever since. The $3.3B valuation implies a growth trajectory that the 2023 clinic scale-back and layoffs explicitly repudiate. Scaling from a reduced base back toward 80+ clinics — let alone beyond — would require capital the company may struggle to raise after breaking faith with late-stage investors. The competitive landscape has only hardened. Amazon swallowed One Medical, CVS bought Oak Street Health, and incumbents like Optum keep rolling up physician practices. Carbon Health competes against organizations that can subsidize primary care losses with pharmacy, insurance, or cloud margins. Its proprietary EHR, while clever, faces the adoption challenge every custom EMR confronts: it locks the company into an island when the rest of healthcare runs on Epic or Cerner. Primary care economics remain brutal. Even well-run tech-enabled clinics struggle to cover fixed costs on per-visit revenue. The hybrid model sounds compelling but adds operational complexity — staffing both physical and virtual channels. Carbon Health may simply run out of time and money before the unit economics work.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

In the news

Carbon Health · last 30 days

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Leadership

Eren Bali

Co-Founder & Executive Chair

in 𝕏

Tom Berry

Co-Founder

—

Greg Burrell

Co-Founder

—

Kerem Ozkay

Chief Executive Officer

Sujal Mandavia

Chief Medical Officer

—

Products

Carbon Health Hybrid Clinics
Carbon Health operates a network of tech-enabled urgent and primary care clinics across the United States. These clinics combine in-person medical visits with a proprietary electronic health record system, digital check-in, and integrated billing to streamline the patient experience. Differentiators include real-time appointment availability visible in the mobile app, transparent upfront pricing, and same-day walk-in access for acute illnesses, injuries, and preventive care.
Carbon Health Virtual Care
A telehealth platform that connects patients with licensed clinicians for on-demand urgent care, primary care, and mental health visits via video. Patients can schedule or join a virtual visit directly from the Carbon Health mobile app, receive e-prescriptions, and access follow-up care. The platform differentiates through tight integration with the in-person clinic network, allowing seamless transitions between virtual and physical care.
CarbyOS (Carbon Health Platform)
Carbon Health's proprietary, cloud-based operating system that powers its clinics and virtual care. CarbyOS integrates the EHR, practice management, patient scheduling, billing, and AI-assisted clinical decision support into a unified workflow designed to reduce administrative burden on clinicians. It enables real-time data sharing across care settings and provides analytics to optimize patient flow and operational efficiency.
Carbon Health Mobile App
The patient-facing mobile application that serves as the front door to Carbon Health's services. Users can book same-day appointments at nearby clinics, start virtual visits, access their medical records and test results, message care teams, and view transparent pricing. The app differentiates with a consumer-grade UX designed to make healthcare navigation as simple as booking a ride or hotel.

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