Turquoise Health, a multi-sided healthcare pricing and payment platform, has raised $40m in a Series C funding round to accelerate its mission of bringing transparency and efficiency to healthcare contracts and payments.
The round was led by Oak HC/FT, with participation from existing investors Andreessen Horowitz, Adams Street Partners, and Yosemite.
The new capital will be directed towards additional go-to-market efforts, accelerating the buildout of the product roadmap, and increasing headcount. The company has grown to nearly 200 employees since its founding five years ago and intends to expand its team further.
Turquoise’s platform addresses what it describes as a structural breakdown in healthcare’s financial infrastructure, which costs the industry nearly $1tn in administrative spend annually. The core issue lies in contracts that underpin every payment decision being stored across disparate systems, inconsistently interpreted, and largely invisible to the parties bound by them. By centralising data, contract information, and clinical coverage rules, the platform aims to transform the cost of care from a source of confusion into a clear, actionable source of truth.
The company’s platform includes Clear Rates, which synthesises machine-readable files, claims data, Medicare benchmarks, and other pricing signals into a single, auditable rate for every payer-provider combination. A second product, Contracts, uses AI to tag every rate and provision across a customer’s contract portfolio, turning static documents into a dynamic operating system. Across both sits AskTQ, an AI-powered pricing and contracting layer designed to reduce weeks of manual research to seconds.
Turquoise has demonstrated strong market traction, with 35% of monthly active users now using multiple products on the platform. It counts more than 280 customers, including 10 of the top 25 health systems, four of the five national payers, nine of the top 10 pharmaceutical companies, and six of the top 10 insurance brokers.
Turquoise Health CEO and co-founder Chris Severn said, “Our goal has always been to move the industry toward clear, accurate, and actionable healthcare pricing. By evolving from a data vendor to a full workflow and transaction platform, we are building the infrastructure for transparent, real-time payments. This round allows us to ensure that this model becomes the industry standard.”
Oak HC/FT partner Vig Chandramouli said, “Turquoise is uniquely positioned at the center of the healthcare economy, leveraging a data moat bolstered by their subject matter expertise, extensive library of over 65,000 contracts and best-in-class user interface.
“We have tracked Chris and the team since 2021 and are impressed by their ability to expand adoption simultaneously across providers, payers, employers, and life sciences. Their platform doesn’t just provide data; it embeds transparency directly into the negotiation and payment workflows of the industry’s largest stakeholders.”
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