Rightway Raises $155M Series E, Mayo Clinic Signs On

Rightway raised $155 million in a Series E round led by Francisco Partners, the pharmacy benefit manager said Thursday in a release distributed over PR Newswire, pushing its disclosed funding to $281 million. Existing investors Thrive Capital and Khosla Ventures also participated.

Rightway did not disclose a new valuation in its announcement. Briefs, which The Terminal could not independently verify, reported the round valued the company at $1.75 billion, citing a source it did not name.

Where $155 million ranks among the week's biggest rounds

The raise was the seventh-largest U.S. venture round of the week ending Sept. 25, according to Crunchbase News, trailing two $400 million cybersecurity rounds for Island and Cyera, a $350 million round for Snorkel AI and a $311 million round for biotech company Enveda.

1. Island400 $ million
2. Cyera400 $ million
3. Snorkel AI350 $ million
4. Enveda311 $ million
5. Rightway155 $ million

Source: Crunchbase News, accessed 2026-09-25

Mayo Clinic is the marquee client switching in January

Rightway's roster now includes 45 Fortune 500 companies, nearly 10 percent of the index, and three clients with market capitalizations over $1 trillion, the company said. Mayo Clinic is set to move its pharmacy benefit to Rightway in January, according to Briefs' reporting on the round. Rightway serves roughly 3 million people in total.

Chief Pharmacy Officer Kristin Devlin said in the announcement that the company is "creating a space for pharmacists to return to what they do best." Ezra Perlman, co-president of lead investor Francisco Partners, said Rightway is "well positioned to meet that demand with a differentiated model that combines aligned incentives, technology, and clinical expertise."

The pricing model Rightway is betting against

Rightway charges employers a fixed per-enrollee administrative fee and passes rebates through rather than keeping the spread most pharmacy benefit managers earn on list prices, a structure the company markets under the name SureSpend. Its three national competitors, Cigna, CVS Health and UnitedHealth, together control roughly 80 percent of the pharmacy benefit market, according to Briefs.

Chief Executive Jordan Feldman said in the announcement that "no one is better positioned to manage the pharmacy benefit than Rightway," and told Briefs the company is weighing an initial public offering within the next four years, citing a preference for the "public currency and transparency" a listing would bring. Feldman did not give a narrower timeline, and Rightway's announcement does not say how the $155 million splits between AI development and platform expansion beyond naming both as destinations for the capital.

Rightway's raise follows a 2026 pattern of healthcare AI companies closing large late-stage rounds without settling on a public valuation methodology; OpenEvidence's $250 million round in September valued that company at $15 billion, a figure its own announcement did name. Rightway is also one entry in a broader trend of oversized late-stage rounds: at least 114 Series A rounds of $100 million or more have closed in 2026 alone, a scale of financing that now extends past the earliest stages into rounds like Rightway's. The next disclosure to watch for is the one Rightway skipped this week: an actual valuation figure, rather than one attributed to an unnamed source.