Garner Health Secures $118M Series D at $1.35B Valuation to Transform Employer Healthcare

Garner Health, a New York-based healthcare technology company, announced today it raised $118 million in Series D funding at a $1.35 billion valuation. The round was led by Kleiner Perkins with participation from existing investors. This brings Garner's total funding to over $200 million since its founding in 2019.

Garner Health operates a data analytics platform that helps employers guide employees toward high-value healthcare providers. The system analyzes over 12 billion medical claims and clinical outcomes to identify physicians who deliver statistically superior results across quality metrics like reduced complications and hospital readmissions. Employers using Garner's system report average savings of 15-25% on healthcare costs while maintaining employee choice.

Healthcare costs for U.S. employers reached $1.2 trillion in 2025, with provider selection accounting for up to 70% of variation in spending according to Kaiser Family Foundation data. Yet most employees lack objective data when choosing doctors. Garner addresses this gap by scoring physicians using proprietary algorithms that adjust for patient risk factors and specialty complexity.

"Most provider directories are just yellow pages with no quality signals," said CEO Nick Reber. "Our system identifies the top 15% of physicians who deliver better outcomes per dollar spent." Garner's clients include Fortune 500 companies covering over 2 million employees.

The Series D funding arrives amid increased employer focus on healthcare cost containment. Recent studies show companies spend $12,000+ annually per employee on health benefits, with costs rising 6.5% year-over-year. Competitors like Castlight Health and Grand Rounds (now part of Included Health) offer similar services, but Garner claims superior predictive accuracy through its narrow focus on provider performance analytics.

Kleiner Perkins partner Josh Coyne cited Garner's measurable ROI as key to the investment: "They've demonstrated consistent 3:1 savings-to-fee ratios for clients. At scale, this could bend the healthcare cost curve for employers."

Garner will deploy the capital toward three strategic priorities:

1. Expanding its provider dataset to cover 95% of U.S. physicians by end-2027
2. Developing predictive models for chronic disease management
3. Integrating with major health plan administrators like UnitedHealthcare and Aetna

The valuation reflects investor confidence in healthcare analytics platforms despite recent valuation corrections in health tech. Provider-matching startups raised $2.1 billion in 2025 according to Rock Health, though median Series D valuations fell 18% from 2024 peaks. Garner's $1.35 billion valuation represents a 45% increase from its 2024 Series C round.

For employers, the funding signals maturation of a model shifting healthcare decisions from price transparency to outcome-based selection. As Reber noted: "Showing cost differences is step one. Showing which providers actually deliver better care is where real savings happen."

• Garner Health Platform
• Kleiner Perkins Portfolio
• Healthcare Cost Trends (KFF)