Companies · Other Health Care

Forward Health Group, Inc.

MADISON · Other Health Care

Diligence memoA one-page analyst read on Forward Health Group, Inc. — recommendation, valuation, rhythm, risks.
$10.5M
Total raised · real
6
Rounds
0.8×
Latest step-up
Top 25%
Sector rank · raised
Series A
Latest stage · inferred · Mon Jan 25 2016 00:00:00 GMT+0000 (Coordinated Universal Time)

Forward Health Group, Inc. looks under-valued against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the health care sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.67× the median modeled value of Series A Other Health Care companies in 2016–2018 (157 peers) — value vs value, same stage and era.
Dormant
  • Last raise 10.4 yr ago; this sector typically re-raises about every 14 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other Health Care

Forward Health Group, Inc. is one of 5377 Other Health Care companies tracked from MADISON. By capital raised it ranks in the upper tier (ahead of 76% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$50M$100M$150M$200MPre-Seed · 2009-07-15 Raised $100K (real) Modeled valuation $3.1M (est)$100K$3.1MPre-Seed2009Pre-Seed · 2011-02-24 Raised $228K (real) Modeled valuation $7.0M (est)$228K$7.0MPre-Seed2011Pre-Seed · 2013-03-11 Raised $436K (real) Modeled valuation $13M (est)$436K$13MPre-Seed2013Pre-Seed · 2014-09-02 Raised $690K (real) Modeled valuation $21M (est)$690K$21MPre-Seed2014Series A · 2014-09-18 Raised $5.0M (real) Modeled valuation $101M (est)$5.0M$101MSeries A2014Series A · 2016-01-25 Raised $4.0M (real) Modeled valuation $81M (est)$4.0M$81MSeries A2016+$228K+$436K+$690K+$5.0M+$4.0MCumulative $10M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$100K · 2009
Pre-Seed extension$228K · 2011
Pre-Seed extension$436K · 2013
Pre-Seed extension$690K · 2014
Series A$5.0M · 2014no Seed on file
Series A extension$4.0M · 2016

Stages are modeled from round size (public records carry no series label). No record for: Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 67%.

Modeled valuation trajectory
$81.1M
Base estimate est.
$5.2M
Conservative case
$440.9M
Upside case
$18.3M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the health care sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $3.1M · 2009-07-152009Pre-Seed · modeled $7.0M · 2011-02-24Pre-Seed · modeled $13.4M · 2013-03-11Pre-Seed · modeled $21.3M · 2014-09-02Series A · modeled $100.9M · 2014-09-18Series A · modeled $81.1M · 2016-01-252016
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
52%
Survival probability
28% low · 71% high
1.43×/yr
Annual markup
1.80×/yr upside case
6.0 yr
Elapsed time used
10.4 yr actual, capped for stale marks
health care
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
16 mo
Avg between rounds
$1.6M/yr
Capital velocity
17.0 yr
On record since
2009
First round
6
Rounds on file
How it compares to the market

Benchmarked against 5377 companies in Other Health Care. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 4.3× above median
This company$10.5M
Sector median$2.4M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.7× of median
This company$4.0M
Sector median$5.6M
Modeled value — vs sector median (estimate, all stages) 3.7× above median
This company$81.1M
Sector median$22.1M

Raised more than 76% of sector peers (real $). Modeled value above 75% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #126 of 157.

This companyCohort peer
$10.0M$100.0M$1.0B$1.0M$10.0M$100.0MCapital raised (log)HemoSonics, LLC · Series A Raised $24.9M · modeled $302.7M (est)Airxpanders Inc · Series A Raised $60.0M · modeled $300.5M (est)Mercator Medsystems Inc · Series A Raised $20.5M · modeled $289.2M (est)Simple Contacts Inc. · Series A Raised $24.1M · modeled $285.5M (est)AVG Holdings, Inc. · Series A Raised $14.0M · modeled $282.5M (est)Avia Holdings, Llc · Series A Raised $27.9M · modeled $272.7M (est)Traditions at Rivertown Park, LLC · Series A Raised $13.5M · modeled $272.4M (est)Access Integrated Healthcare, LLC · Series A Raised $13.2M · modeled $265.8M (est)Gauss Surgical, Inc. · Series A Raised $20.5M · modeled $254.2M (est)4WEB, Inc. · Series A Raised $12.5M · modeled $252.2M (est)Iantech, Inc. · Series A Raised $12.2M · modeled $246.7M (est)AbsoluteCARE, Inc. · Series A Raised $25.7M · modeled $242.6M (est)Forward Health Group, Inc. (this company) Raised $10.5M · modeled $81.1M (est)Forward Health Group, Inc.
CompanyStageRaised · realValue · estvs peer med.
HemoSonics, LLCSeries A$24.9M$302.7M2.50×
Airxpanders IncSeries A$60.0M$300.5M2.48×
Mercator Medsystems IncSeries A$20.5M$289.2M2.39×
Simple Contacts Inc.Series A$24.1M$285.5M2.36×
AVG Holdings, Inc.Series A$14.0M$282.5M2.33×
Avia Holdings, LlcSeries A$27.9M$272.7M2.25×
Traditions at Rivertown Park, LLCSeries A$13.5M$272.4M2.25×
Access Integrated Healthcare, LLCSeries A$13.2M$265.8M2.20×
Gauss Surgical, Inc.Series A$20.5M$254.2M2.10×
4WEB, Inc.Series A$12.5M$252.2M2.08×
Iantech, Inc.Series A$12.2M$246.7M2.04×
AbsoluteCARE, Inc.Series A$25.7M$242.6M2.00×
Forward Health Group, Inc. this companySeries A$10.5M$81.1M0.67×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$100K2009-07-15$556K$3.1M90%
Pre-Seed$228K2011-02-24$1.3M$7.0M90%
Pre-Seed$436K2013-03-11$2.4M$13.4M90%
Pre-Seed$690K2014-09-02$3.8M$21.3M90%
Series A$5.0M2014-09-18$22.7M$100.9M90%
Series A$4.0M2016-01-25$18.3M$81.1M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$100K2009-07-15
    • First recorded raise — entered as Pre-Seed.
  2. Pre-Seed$228K2011-02-24
    • Raised 19 mo later, in step with the ~14 mo sector norm.
    • Round 2.3× larger than the prior — scaling up.
  3. Pre-Seed$436K2013-03-11
    • Raised again after 25 mo — slower than the ~14 mo sector norm.
    • Round 1.9× larger than the prior — scaling up.
  4. Pre-Seed$690K2014-09-02
    • Raised 18 mo later, in step with the ~14 mo sector norm.
    • Round 1.6× larger than the prior — scaling up.
  5. Series A$5.0M2014-09-18
    • Came back fast: 1 mo vs the ~14 mo sector norm.
    • Round 7.2× larger than the prior — scaling up.
  6. Series A$4.0M2016-01-25
    • Raised 16 mo later, in step with the ~14 mo sector norm.
    • Round roughly the size of the prior one.
Intelligence
2017 ~Q2
Modeled next raise · ~16mo cadence
$4.0M
Modeled next size est.range $4.0M$6.4M
0.8×
Last step-up
$1.6M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Matt Higgins3 other2011-02
CONOR GREEN2 other2013-03
John Studebaker1 other2009-07
MICHAEL BINGHAM1 other2013-03
MICHAEL C. BINGHAM1 other2014-09
Allen Cooper2009-07
Bryan Becker2009-07
CONOR C. GREEN2014-09
David Di Loreto2011-02
David DiLoreto2009-07
James Mattes2009-07
Joan Wrabetz2011-02
Joel Walker2009-07
Michael Barbouche2009-07
Mike Bingham2011-02
NANCY C. SIELAFF2014-09
NANCY SIELAFF2013-03
Rick Rusch2009-07
Registry & provenance

Forward Health Group, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1474300
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Valor Medical, Inc.Other Health CareSeries A$10.5M$82.3Msame sector · same stage
Ostial CorpOther Health CareSeries A$10.4M$71.7Msame sector · same stage
Smileyscope Holding Inc.Other Health CareSeries A$10.7M$96.3Msame sector · same stage
Omeza, LLCOther Health CareSeries A$10.8M$79.4Msame sector · same stage
AptiHealth, Inc.Other Health CareSeries A$10.8M$81.5Msame sector · same stage
Hygea Holdings Corp.Other Health CareSeries A$10.1M$75.8Msame sector · same stage
Farewell LLCOther Health CareSeries A$10.8M$85.8Msame sector · same stage
ProSomnus, Inc.Other Health CareSeries A$10.1M$64.5Msame sector · same stage
Frequently asked
How much funding has Forward Health Group, Inc. raised?
Forward Health Group, Inc. has raised approximately $10.5M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Forward Health Group, Inc.'s estimated valuation?
Provath's modeled valuation for Forward Health Group, Inc. is approximately $81.1M (modeled range $5.2M–$440.9M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Forward Health Group, Inc. at?
Forward Health Group, Inc.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Mon Jan 25.
What does Forward Health Group, Inc. do and where is it based?
Forward Health Group, Inc. operates in the Other Health Care sector, based in MADISON.
Explore related

See where Forward Health Group, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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