Companies · Other Health Care

HAPPE Spine, LLC

Grand Rapids · Other Health Care

Diligence memoA one-page analyst read on HAPPE Spine, LLC — recommendation, valuation, rhythm, risks.
$8.4M
Total raised · real
4
Rounds
0.2×
Latest step-up
Top 28%
Sector rank · raised
Series A
Latest stage · inferred · Wed Jul 31 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

HAPPE Spine, LLC looks under-valued against its niche peers and is quiet 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 0.27× the median modeled value of Series A Other Health Care companies in 2022–2024 (196 peers) — value vs value, same stage and era.
Quiet
  • Last raise 23 mo ago; this sector typically re-raises about every 14 months.
  • Slightly overdue versus sector cadence.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

HAPPE Spine, LLC behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
7.3 yr record
Peak capital year was 2021 with $8.7M across 2 filings.
Market position
ahead of 73% of Other Health Care peers
Capital scale is ahead of 73% of Other Health Care peers; modeled value is above 34% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Needs review
Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2021: $8.7M across 2 filings.
  • Largest single filing was $5.3M on 2021-08-13.
  • Filing rows sum to $12.1M, while canonical raised total is $8.4M; likely amendments/superseded rows are mixed into the detail view.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
  • Canonical filtering should be tightened before using row-level totals for diligence.
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

HAPPE Spine, LLC is one of 5377 Other Health Care companies tracked from Grand Rapids. By capital raised it ranks in the upper tier (ahead of 73% of sector peers), and in the long tail 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
Rule 506(b)
Reg D exemption
5
Investors (latest)
2024-07-31
First sale
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$25M$50M$75M$100MPre-Seed · 2019-03-29 Raised $600K (real) Modeled valuation $18M (est)$600K$18MPre-Seed2019Pre-Seed · 2020-05-18 Raised $295K (real) Modeled valuation $9.1M (est)$295K$9.1MPre-Seed2020Seed · 2021-08-13 Raised $3.4M (real) Modeled valuation $51M (est)$3.4M$51MSeed2021Series A · 2021-08-13 Raised $5.3M (real) Modeled valuation $72M (est)$5.3M$72MSeries A2021Series A · 2024-07-31 Raised $2.1M (real) Modeled valuation $10M (est)$2.1M$10MSeries A2024Pre-Seed · 2024-07-31 Raised $389K (real) Modeled valuation $1.6M (est)$389K$1.6MPre-Seed2024+$295K+$3.4M+$5.3M+$2.1M+$389KCumulative $12M

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$600K · 2019
Pre-Seed extension$295K · 2020
Seed$3.4M · 2021
Series A$5.3M · 2021
Series A extension$2.1M · 2024
Bridge · Series A-stage$389K · 2024smaller follow-on

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$10.0M
Base estimate est.
$2.8M
Conservative case
$21.3M
Upside case
$9.8M
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 $18.5M · 2019-03-292019Pre-Seed · modeled $9.1M · 2020-05-18Seed · modeled $51.5M · 2021-08-13Series A · modeled $72.1M · 2021-08-13Series A · modeled $10.0M · 2024-07-31Pre-Seed · modeled $1.6M · 2024-07-312024
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
1.9 yr
Elapsed time used
1.9 yr actual, capped for stale marks
health care
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
13 mo
Avg between rounds
$1.6M/yr
Capital velocity
7.3 yr
On record since
2019
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) 3.4× above median
This company$8.4M
Sector median$2.4M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.1× of median
This company$389K
Sector median$5.6M
Modeled value — vs sector median (estimate, all stages) 0.5× of median
This company$10.0M
Sector median$22.1M

Raised more than 73% of sector peers (real $). Modeled value above 34% 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 #171 of 196.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0B$1.0M$10.0M$100.0MCapital raised (log)CareHarmony, Inc. · Series A Raised $17.4M · modeled $145.2M (est)Dragonfly Endoscopy Inc. · Series A Raised $12.7M · modeled $142.0M (est)NuvoAir Holdings, Inc. · Series A Raised $10.7M · modeled $125.1M (est)Post Acute Recovery, Inc. · Series A Raised $14.5M · modeled $123.0M (est)Micro Interventional Devices, Inc. · Series A Raised $14.0M · modeled $119.0M (est)Etiometry Inc. · Series A Raised $15.6M · modeled $114.7M (est)SafKan, Inc. · Series A Raised $13.0M · modeled $108.5M (est)BehaVR Holdings, Inc. · Series A Raised $12.1M · modeled $102.1M (est)Outliers Inc. · Series A Raised $13.6M · modeled $101.7M (est)RevMedica, Inc. · Series A Raised $14.2M · modeled $101.2M (est)Innovoyce LLC · Series A Raised $9.9M · modeled $97.6M (est)Prixz, Inc. · Series A Raised $9.2M · modeled $97.4M (est)HAPPE Spine, LLC (this company) Raised $8.4M · modeled $10.0M (est)HAPPE Spine, LLC
CompanyStageRaised · realValue · estvs peer med.
CareHarmony, Inc.Series A$17.4M$145.2M3.96×
Dragonfly Endoscopy Inc.Series A$12.7M$142.0M3.87×
NuvoAir Holdings, Inc.Series A$10.7M$125.1M3.41×
Post Acute Recovery, Inc.Series A$14.5M$123.0M3.35×
Micro Interventional Devices, Inc.Series A$14.0M$119.0M3.25×
Etiometry Inc.Series A$15.6M$114.7M3.13×
SafKan, Inc.Series A$13.0M$108.5M2.96×
BehaVR Holdings, Inc.Series A$12.1M$102.1M2.78×
Outliers Inc.Series A$13.6M$101.7M2.77×
RevMedica, Inc.Series A$14.2M$101.2M2.76×
Innovoyce LLCSeries A$9.9M$97.6M2.66×
Prixz, Inc.Series A$9.2M$97.4M2.66×
HAPPE Spine, LLC this companySeries A$8.4M$10.0M0.27×
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$600K2019-03-29$3.3M$18.5M90%
Pre-Seed$295K2020-05-18$1.6M$9.1M90%
Seed$3.4M2021-08-13$16.8M$51.5M90%
Series A$5.3M2021-08-13$24.2M$72.1M90%
Series A$2.1M2024-07-31$9.8M$10.0M90%
Pre-Seed$389K2024-07-31$2.2M$1.6M90%
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$600K2019-03-29
    • First recorded raise — entered as Pre-Seed.
    • 11 investors on this round.
  2. Pre-Seed$295K2020-05-18
    • Raised 14 mo later, in step with the ~14 mo sector norm.
    • Round 2.0× smaller than the prior — bridge or down round.
    • 9 investors on this round.
  3. Seed$3.4M2021-08-13
    • Raised 15 mo later, in step with the ~14 mo sector norm.
    • Round 11.4× larger than the prior — scaling up.
    • 25 investors on this round.
  4. Series A$5.3M2021-08-13
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× larger than the prior — scaling up.
    • 41 investors on this round.
  5. Series A$2.1M2024-07-31
    • Raised again after 36 mo — slower than the ~14 mo sector norm.
    • Round 2.5× smaller than the prior — bridge or down round.
    • 31 investors on this round.
  6. Pre-Seed$389K2024-07-31
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 5.5× smaller than the prior — bridge or down round.
    • 5 investors on this round.
Intelligence
2025 ~Q3
Modeled next raise · ~13mo cadence
$389K
Modeled next size est.range $389K$622K
0.2×
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
Steven Foster2 other2021-08
Matt Milanowski1 other2019-03
Andrew Lott2021-08
Ben Olds2019-03
Brian McCollum2024-07
Doug Snell2021-08
Matt Ahearn2024-07
Ryan Roeder2019-03
Todd Smullen2021-08
Registry & provenance

HAPPE Spine, LLC 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
1773651
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
Infusion Centers of America, LLCOther Health CareSeries A$8.4M$8.1Msame sector · same stage
Sophono, Inc.Other Health CareSeries A$8.5M$10.1Msame sector · same stage
PixarBio CorpOther Health CareSeries A$8.1M$8.3Msame sector · same stage
Regenicin, Inc.Other Health CareSeries A$8.0M$10.6Msame sector · same stage
SciLogica CorpOther Health CareSeries A$9.2M$9.7Msame sector · same stage
American Kidney Stone Management LtdOther Health CareSeries A$9.3M$11.1Msame sector · same stage
GeniPhys, Inc.Other Health CareSeries A$7.5M$8.2Msame sector · same stage
Tempmee Hygienists, Inc.Other Health CareSeries A$9.5M$11.6Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Cardinal Spine, LLCOther Health CarePre-Seed$23.0M87%
Center for Spine Surgery, LLCOther Health CarePre-Seed$8.4M87%
N H Spine & Ortho, Inc.Other Health CarePre-Seed$22.5M86%
Spine Holdings LLCOther Health CareSeries B$851.6M86%
Spine & Rehab Investors, LLCOther Health CareSeed$11.4M86%
National Spine & Pain Centers Holdings, LLCOther Health CareSeries B$708.9M85%
Legend Spine LLCOther Health CarePre-Seed$12.5M85%
Spineovations, Inc.Other Health CarePre-Seed$3.9M85%
Frequently asked
How much funding has HAPPE Spine, LLC raised?
HAPPE Spine, LLC has raised approximately $8.4M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is HAPPE Spine, LLC's estimated valuation?
Provath's modeled valuation for HAPPE Spine, LLC is approximately $10.0M (modeled range $2.8M–$21.3M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is HAPPE Spine, LLC at?
HAPPE Spine, LLC's latest modeled financing stage is Series A. Its most recent recorded round closed around Wed Jul 31.
What does HAPPE Spine, LLC do and where is it based?
HAPPE Spine, LLC operates in the Other Health Care sector, based in Grand Rapids.
Explore related

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