Cano Health
- π¦Became a unicorn2021
- πPeak valuation$4.4 Billion β21
- πBecame a Unitard2022
- πΈLast valuationReorganized
Total raised averaged per day over approximately 13.0 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology
The rise & fall
9 moments Β· 2009β2024The key moments, with employee sentiment along the way.
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
How it happened
Cano Health ran value-based primary-care clinics for Medicare Advantage patients, mostly in Florida, and went public in 2021 through a $4.4B SPAC merger with Barry Sternlicht's Jaws Acquisition Corp. Aggressive debt-funded expansion collided with regulatory and reimbursement headwinds, and the stock collapsed toward zero.
Cano filed for Chapter 11 in February 2024, emerging that July as a private company after converting about $1B of debt into equity and wiping out shareholders.
Mutual-fund markdowns
14 funds Β· SEC NPORT-PHow U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.
| Fund | Class | $/sh | From peak | As of |
|---|---|---|---|---|
| Senior Debt Portfolio | $1.00 | +0% | Jul 2026 | |
| Eaton Vance Senior Income Trust | $1.00 | +0% | Jun 2026 | |
| Eaton Vance VT Floating-Rate Income Fund | $1.00 | +0% | Jun 2026 | |
| Eaton Vance Senior Floating-Rate Trust | $1.00 | +0% | Jul 2026 | |
| Floating-Rate Portfolio | $1.00 | +0% | Jul 2026 | |
| Eaton Vance Floating-Rate Income Trust | $1.00 | β | May 2026 | |
| Fidelity Tactical Bond ETF | $0.70 | β | May 2026 | |
| Fidelity Total Bond ETF | $0.70 | β | May 2026 | |
| Fidelity Capital and Income Fund | $0.00 | β | Jul 2026 | |
| Fidelity Focused High Income Fund | $0.00 | β | Jul 2026 | |
| Fidelity High Income Fund | $0.00 | β | Jul 2026 | |
| Fidelity SAI High Income Fund | $0.00 | β | Jul 2026 | |
| Fidelity Series High Income Fund | $0.00 | β | Jul 2026 | |
| Fidelity Short Duration High Income Fund | $0.00 | β | Jul 2026 |
Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fundβs own valuation of a specific share class and arenβt a company-wide valuation. Last refreshed Oct 2026.
Source: Axios / SEC / VMG Health ($4.4B SPAC deal with Barry Sternlicht's Jaws Acquisition Corp 2021; Chapter 11 Feb 2024; emerged July 2024 having cut ~$1B debt, wiping out shareholders)
Founder
- Marlow HernandezFounder & CEO (until June 2023)
Current roles as self-reported on LinkedIn, retrieved 2026-08-21. See our methodology.
Disclosed investors (7)
Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.
* Lead in a funding round Β· Crunchbase β Β· 2026-10-13 Β· Methodology Β· Leaderboard
