// startup autopsy

Circulation (previously LogistiCare spinout)

Riding the rideshare wave for elder medical transport couldn't survive the pandemic's travel freeze.

unit economicsFire Sale

Distressed acquisition below last-round valuation

Founded	2016
Closed	2021
Country	USA
Sector	Healthtech
Founder	Robin Heffernan

// the model, blind

Evaluating only Circulation (previously LogistiCare spinout)’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.

Key Events Timeline

2016

FOUNDING

Robin Heffernan founded Circulation in Boston to modernize non-emergency medical transport using rideshare APIs.

2018

FUNDING

Raised $11M led by General Catalyst; partnered with Uber Health and Lyft Concierge for elder patient rides.

2020

LAYOFF

Pandemic eliminated non-emergency medical trips; revenue collapsed as hospitals cancelled elective appointments.

2021

ACQUISITION ATTEMPT

Acquired by LogistiCare (Modivcare) in 2021 at a price believed below total capital raised.

Full Analysis

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Documented cause

Circulation, a Boston-based startup backed by General Catalyst, raised $11M to provide Uber and Lyft-powered non-emergency medical transportation for seniors and patients. Despite initial traction with health systems, the company faced intense competition from established NEMT incumbents, thin margins on ride brokerage, and the pandemic's devastating impact on non-emergency medical trips in 2020. Circulation was acquired by LogistiCare (now Modivcare) in 2021 at an unspecified price believed to be below total funding raised.

Lesson

“Single-crisis vulnerability in transportation startups serving elderly patients is existential without backup revenue.”

Failure anatomy

Collapse type

Fire Sale

📉 MEDIUM