Carbon Health
Hybrid primary/urgent care network — filed Chapter 11 in February 2026 with dual-track restructuring plan
healthcare
📍 San Francisco, CA
Founded 2015
Current Valuation
Private
as of 2026-Q1 (in Chapter 11)
PRIVATE
Carbon Health is a hybrid urgent care, primary care, and telehealth network founded by Eren Bali (Udemy co-founder) and Caesar Djavaherian. After peaking at a $3.3B valuation in 2021 and aggressively expanding clinic count, the company lost over $200M across 2022-23. CVS Health Ventures provided a $100M strategic investment in 2023 and acquired Carbon Health's clinic operations (the remaining technology platform stayed separate). Carbon Health Technologies and 27 affiliates filed for Chapter 11 bankruptcy on February 2, 2026, pursuing a dual-track restructuring plan. Operations continue during proceedings.
Company Profile
Growth
Declining — peaked during pandemic, restructuring in Chapter 11
Last Round
Strategic investment — $100M (Mar 2023) · Lead: CVS Health Ventures
Founders & Key People
Eren BaliCaesar Djavaherian
Investors
CVS Health Ventures · Blackstone Growth · Brookfield Growth · Dragoneer Investment Group · DCM · Builders VC
Products
- In-person urgent care clinics
- Primary care
- Mental health services
- Carbon Health app (telehealth)
- Employer health partnerships
Competitors
One Medical (Amazon) · Forward (defunct) · City MD · Concentra · Solv Health
HealthcareTelehealthDistressedChapter 11
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2026-Q1 (in Chapter 11). Refreshed quarterly.