INSUBCONTINENT EXCLUSIVE:
One Medical has confirmed to TechCrunch it has closed on funding from the Carlyle Group for a new cash infusion worth $350 million
This announcement follows an earlier report this week One Medical was seeking to close a $200 million deal, on top of a possible $100
million in stock for the financing firm.
However, we have since learned the deal is a tad higher, including $220 toward the primary equity
investment and another $130 million in a secondary investment.
CEO Amir Rubin tells TechCrunch the new funds will go toward a serious
expansion for the company, including doubling it 72 offices throughout the seven states One Medical is currently serving and expanding into
Rubin was coy about where those new markets might be for now but said we&d know soon enough.
One Medical is a members-only technology
platform offering an array of concierge medical services, including same-day scheduling, virtual doctor visits and reminders for important
It started out as a direct-to-consumer model but has expanded in the last few years to offer medical care for employees at companies like
Uber and Adobe.
The funding will also help One Medical take on both dinosaur incumbents in the medical field as well as newer startups with
a similar technology offering like Forward, an AI-based &medical office of the future.&
To beat both, Rubin would like to use part of the
new cash to beef up his company tech backend
One Medical platform is built on algorithms and machine learning to pull together new information and help patients have a better experience
Right now, getting all of your medical history in one place is a hard problem to solve in the U.S
healthcare system — only complicated by the many coded hurdles in dealing with insurance
Rubin would like his platform to quickly surf through the data and find procedures done elsewhere to ensure patients are better served by
their medical team.
Lastly, the new funding provides an opportunity for One Medical to scale up its human medical team
One Medical tells TechCrunch itwill also invest tremendously in its clinical team, doubling its provider numbers, which are in the &several
hundreds& right now.
Prior to this round, One Medical had raised just over $180 million and was last valued around $1 billion
The new funding puts the total raised at $530 million.
