Virtual health platform Wheel announced Wednesday that it has raised $150 million to extend patient care beyond telehealth visits, including direct-to-consumer lab testing and diagnostic follow-up care.
The Series C round was co-led by Lightspeed Venture Partners and Tiger Global. New investors Coatue and Salesforce Ventures also participated in the round, along with existing investors CRV, Tusk Venture Partners and Silverton Partners.
Wheel, which raised a $50 million Series B in May 2021, has boosted its total funding to $216 million with today’s announcement.
The Austin-based company has about 150 employees and plans to more than double its headcount by the end of 2022.
Wheel provides virtual health care infrastructure for digital health companies, clinical lab networks, retailers and tech companies, so that those companies don’t have to build their own platform.
With a nationwide network of clinicians, Wheel has integrated primary care, behavioral health, urgent care and diagnostics into one white-labeled platform that can be rebranded for each client.
Wheel’s technology triages the patient’s care needs, determines the best care setting, matches the patient with the best clinician for them and then facilitates follow-up care.
Wheel hosted 1.3 million patient visits last year, and the company expects to triple that number by the end of this year. The company has also grown its clinician network by more than 60 percent year over year while maintaining a 90 percent retention rate.
“Telehealth 1.0 brought healthcare visits online but companies are still struggling to meet their patients’ care needs,” Wheel CEO and co-founder Michelle Davey said in a statement. “We recognized that in order to move the healthcare industry forward and truly deliver on the promise of virtual-first care, we need both the infrastructure and workforce that can deliver ‘anytime, anywhere’ care. We’re excited to continue leading the charge and making personalized care a reality.”
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