Thirty Madison

HealthtechUSA

New to Unitard

✂️ Markdown

Peak $1 BillionToday

~-33%

from peak

🦄
Became a unicorn
2021
📈
Peak valuation
$1 Billion ’21
💔
Became a Unitard
~2023
💸
Last valuation
~$670M

Current status

PitchBook est. $673M (Dec 2025); merged w/ Nurx

The rise & fall

5 moments · 2017–2025

The key moments, with employee sentiment along the way.

2017

Founded around Keeps

Steven Gutentag and Demetri Karagas start with hair loss, then build condition-specific telehealth brands for migraine, acid reflux and more.

TechCrunch

2021

The peak: $1B — and a merger with Nurx$1B

A Series C makes it a unicorn the same year it merges with women's-health provider Nurx.

TechCrunch

2022–23

The telehealth correction

Pandemic-era healthtech multiples deflate; estimates cut Thirty Madison's value by roughly a third.

CNBC

2023

Slips out of the club

PitchBook's model marks the merged company at about $673M (end of 2025).

PitchBook

2022–25

From the inside · Glassdoor reviews, 2022–25

Glassdoor reviews from the correction described a bumpy stretch: employees recounted successive years of layoffs and said reported profitability owed more to cuts and trimmed benefits than to growth, with bonuses shifting from cash to restricted stock along the way.

Today

Still private — the funds keep marking

BlackRock Private Investments Fund marks it at $0.50/share · -100% from its peak mark · as of Sep 2025

SEC NPORT-P

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Thirty Madison is a US digital-health company operating condition-focused telehealth brands, and reached a ~$1B valuation in 2021, the same year it merged with women's-health provider Nurx. As healthtech valuations corrected, third-party estimates (PitchBook) put it at about $673M at the end of 2025, roughly a third below its peak and under the unicorn threshold.

Mutual-fund markdowns

1 fund · SEC NPORT-P

How U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.

Per-share mark from peak

-100%

BlackRock Private Investments Fund

$282.86 → $0.50

as of Sep 2025

Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fund’s own valuation of a specific share class and aren’t a company-wide valuation. Last refreshed Oct 2026.

Source: PitchBook model estimate as of Dec 31, 2025 (CNBC's fallen-unicorn table, Jun 2026), not a priced round