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The Series C round is the latest in a string of successful funding drives for the tech-driven, on-demand doctor home visit company.
California-based health technology company Heal announced this week that it has raised an additional $20 million in Series C, bringing its total fundraising to over $70 million in its 4 years of existence.
The company’s proprietary tech revolves around an app for on-demand, in-person doctor visits. The visits deliver a qualified doctor to a patient’s door within 2 hours of request, any day of the year, between 8AM and 8PM.
Formed in 2014 and officially launched the following year, Heal’s services are now covered in-network by major insurers in California and the Washington, DC, metro area. Heal is currently available to 70% of California residents, and it claims to have delivered more than 60,000 doctor visits and created tens of millions in healthcare cost savings. The new funding will be used to “pursue new markets, explore new business models, and advance their technology.”
Heal trumpets not only its convenience, but the length of the appointments it can deliver. The national average length for a typical face-to-face visit with a doctor is less than 15 minutes (much of which the physician spends distracted). The tech company, on the other hand, says its visits last up to 28 minutes.
"We aren't going to fix US healthcare by cramming more people into waiting rooms or further distancing doctors from patients,” Heal co-founder and CEO Nick Desai said in a statement. He called his company’s offering a “fundamental change in focus from quantity to quality, delivered by qualified and caring doctors, in your home.”
New investors included Bascom Ventures, Inflection Capital, IRA Capital, Partners, and the Trans-Pacific Technology Fund. Those firms join existing investors Fidelity Contrafund, Jim Breyer, (yes, that) Lionel Richie, and Dr. Paul Jacobs.
RLJ Equity, the namesake venture fund of Black Entertainment Television (BET) co-founder Robert L. Johnson, also contributed to the $20 million Series C round. Johnson said that he “[believes] in Heal’s vision to improve healthcare through smart technology and committed doctors," and that “Heal has the potential to be especially effective in lower income and minority communities."
The newly-announced round is the company’s second largest to date, topped only by a $23 million Series A round that closed in the fall of 2016. Less than 2 months after that, it announced a successful $14.6 million Series B round.
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