Forus raised $160M at a $1B valuation on ~$50M in annualized revenue. That is a 20x multiple at Series B. Here is why Thrive and General Catalyst wrote that check.
Healthcare is a transaction routing economy, not a care delivery industry. Every prior auth, every benefits check, every specialty pharmacy assignment is a transaction. The intermediary stack exists entirely because of that fragmentation.
Specialty drugs changed the math. A therapy at $60K-$3M per patient makes every coordination failure expensive. Manufacturers now pay real money for faster time to therapy. The transaction layer became economically valuable for the first time.
Forus gives the product free to providers and patients. Revenue comes from biopharma manufacturers downstream. Provider adoption grew 10x year over year for two years, reportedly through word of mouth. That is the structural unlock.
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