Heidi raises $340 million, including $240 million non-dilutive, and doubles its valuation to $900 million

The Australian clinical assistant combines a classic 100 million Series C and financing backed by future revenues, which avoids the dilution of the founders.

Heidi has closed a $100 million Series C round led by Blackbird, supplemented by $240 million in non-dilutive growth funding from General Catalyst's Customer Value Fund, for a total of $340 million. The deal values the company at $900 million, about double its previous round. Phoenix Court, Point72 Private Investments and Headline followed.

The set-up deserves a word: rather than exchanging capital for cash, General Catalyst's fund advances the sales and marketing costs, then receives a share of the revenue generated by the new customers thus acquired, up to a ceiling set in advance. After this threshold, the company retains all the revenues, without having sold any shares.

In terms of use, Heidi claims more than 175 million supported consultations, compared to 73 million at the time of Series B, and more than 67 million clinical hours, a volume that has more than tripled since September 2025. The platform is used in 190 countries and 110 languages, with annual recurring revenue increasing from $1 million to $50 million in two years.