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+---
+type: source
+title: "Devoted Health Reaches 466K Members (121% YoY), Earns 5-Star MA Ratings, Raises $366M Series F+F-Prime in 2025-2026"
+author: "Devoted Health / Healthcare Finance News"
+url: https://www.devoted.com/resources/2026-growth/
+date: 2026-01-01
+domain: health
+secondary_domains: []
+format: report
+status: unprocessed
+priority: medium
+tags: [devoted-health, Medicare-Advantage, value-based-care, payvidor, star-ratings, MA-plan, growth, funding]
+intake_tier: research-task
+---
+
+## Content
+
+**Membership and growth:**
+- 466,000 members as of January 2026
+- 121% year-over-year membership growth (consistent with KB's existing claim about 121% growth)
+- Geographic expansion: 13 states (2024) → 20 states (2026)
+- Further expansion planned for 2026 enrollment year
+
+**Quality performance:**
+- Contracts H1290, H5299, H7993: 5-star (maximum) CMS rating
+- Contracts H7028, H9884: 4.5-star
+- Contracts H2526, H2697, H4808, H7147, H7151: 4-star
+- 95% of members enrolled in 4-star-or-better contracts for 2026
+- Context: 2025 was noted as a "difficult year for star ratings" industry-wide
+
+**Funding:**
+- $48 million Series F (November 2025)
+- $317 million Series F-Prime (January 2026)
+- Total: $366 million
+- Lead investors: The Space Between, Centricus
+- New investors: GV (Google Ventures), VZ Ventures, Morgan Health (JPMorgan's health arm)
+
+**Financial metrics (limited, private company):**
+- Medical Loss Ratio: 86% in 2024 (last disclosed)
+- No profit/loss data disclosed publicly
+
+## Agent Notes
+**Why this matters:** This confirms and extends the KB's existing Devoted Health claim about 121% growth. The 95% members in 4-star-or-better contracts is particularly significant — star ratings directly affect MA bonus payments from CMS, meaning Devoted's quality performance translates directly to financial performance through the VBC incentive structure.
+
+**What surprised me:** Morgan Health (JPMorgan's health arm) investing is notable — large institutional capital from the employer-payer side entering the purpose-built payvidor model. This validates the model not just from health tech VCs but from the healthcare finance establishment.
+
+**What I expected but didn't find:** Revenue/profitability data. Devoted remains private. The MLR of 86% (2024) is high for an MA plan (healthy MLRs are typically 82-88% for MA) — suggests Devoted is still reinvesting in care delivery, not yet optimizing for margin.
+
+**KB connections:**
+- [[Devoted is the fastest-growing MA plan at 121 percent growth because purpose-built technology outperforms acquisition-based vertical integration during CMS tightening]] — this source CONFIRMS and extends this claim with 2026 data
+- [[four competing payer-provider models are converging toward value-based care with vertical integration dominant today but aligned partnership potentially more durable]] — Devoted is the purpose-built payvidor proof case
+- [[CMS 2027 chart review exclusion targets vertical integration profit arbitrage by removing upcoded diagnoses from MA risk scoring]] — Devoted's star ratings (not upcoding) as the quality signal suggests alignment with CMS direction
+
+**Extraction hints:**
+- Update the existing Devoted claim with 2026 data: membership 466K (121% YoY sustained), geographic expansion to 20 states, 95% in 4+ star plans
+- New claim candidate: "Morgan Health (JPMorgan) and GV entering Devoted's Series F-Prime signals institutional convergence on the purpose-built payvidor model — not just health tech VC validation"
+- Confidence note: 121% growth rate in Series F context (no profit confirmed) could be growth-stage burn; need profitability data to confirm the "proving the model" thesis
+
+**Context:** The existing KB claim says Devoted is "the fastest-growing MA plan at 121 percent growth" — this 2026 data shows that growth rate SUSTAINED into a second year (2025→2026 also 121%). This is not a single-year spike; it's a compounding growth trajectory.
+
+## Curator Notes (structured handoff for extractor)
+PRIMARY CONNECTION: [[Devoted is the fastest-growing MA plan at 121 percent growth because purpose-built technology outperforms acquisition-based vertical integration during CMS tightening]]
+WHY ARCHIVED: Updates and confirms the existing Devoted claim with 2026 data. The sustained 121% growth and 95% star rating performance are the key new datapoints. The $366M raise and GV/Morgan Health participation expand the signal from health tech VC to institutional capital.
+EXTRACTION HINT: Update the existing claim rather than writing a new one. Add the 2026 growth data, star rating performance, and investor profile to the existing claim. Note the MLR (86%) as the outstanding unknown — profitability confirmation is needed to fully validate the "proves the model" thesis.