Forward, a Prime Unicorn Index component providing primary care through a membership-based pod system, is raising a $200 million down round, which would value the company near $1 billion. The Prime Unicorn Index is the first to cover this new round.
On August 5, 2024, Forward filed a Certificate of Incorporation (COI) with the state of Delaware that disclosed a new E-2 round priced at roughly $5.85 PPPS, a significant drop from its Series E price of nearly $9.70 and lower than both its Series C and D rounds. Around the same time, the company filed Limited Offering Exemption Notices with the state of California, showing $150,000,000 of preferred share offerings and $50,000,000 of common share offerings.
To encourage participation in the round, Forward used pay-to-play penalties, meaning if existing investors did not purchase their full Pro Rata amount in the upcoming round, their outstanding shares would be converted to junior securities. In addition, Forward issued warrants tied to the E-2 round, which most likely explains the $50,000,000 of common shares. These terms were outlined in the August 5th COI.
Forward last raised a $100 million Series E in November 2023, which valued the company at nearly $1.3 billion. Investors include Founders Fund, Khosla Ventures, Softbank, Inovia Capital, Caffeinated Capital, Abu Dhabi Investment Authority, Samsung NEXT Ventures, and many individuals.
