Wheel, a white-label virtual health platform and provider network, raised $150 million in new financing, according to a news release Wednesday.
Lightspeed Venture Partners and Tiger Global led the Series C funding round, with additional investment from Coatue, CRV, Salesforce Ventures, Silverton Partners and Tusk Venture Partners. Wheel has raised $216 million in total. The company plans to invest the money in improving its technology, offering more services, hiring new employees and growing its provider network.
"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 news release. "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."
Wheel helps telehealth companies build their businesses quickly by giving them access to its network of licensed physicians, among other services. It's one of several companies trying to cash in on a rapidly growing virtual health market by giving other startups access to ready-made solutions, allowing them to focus on different aspects of their business rather than starting from scratch every step of the way.
Venture capitalists invested $2.1 billion in telehealth startups during the fourth quarter, according to data from Digital Health Business & Technology. That's a 19% decline from the recording-breaking $2.6 billion raised during the third quarter, but it's a 75% increase over the $1.2 billion raised during the same period in 2020.