The company plans to use the funding to expand its virtual care platform. Here are the top-line bullets you need to know.
Wheel, a virtual-first care platform, has raised $50M in a Series B with participation from Lightspeed Venture Partners, JPMorgan Chase, and Silverton Partners, among others.
How’s the company performing?
- Texas-based Wheel is a telehealth company that matches patients with doctors. It also helps companies set up virtual care practices with qualified clinicians on a white-label technology platform.
- The company reported a Q4’20 contracted revenue of $3.3M, which has grown to $42M in the first 4 months of 2021.
- Wheel has reported over 80% organic growth and a 90% retention rate.
- The company sees about 500,000 patients visits on its platform and a network of over 1000.
Why does the market matter?
- The digital health market is expected to grow at a CAGR of 28.5% and reach a value of $639B by 2026, according to Global Market Insights.
- Venture funding to health tech startups doubled in 2020 to reach $14B and is expected to continue growing at a similar pace.
- The impact of Covid-19 on healthcare infrastructure, technological advancements, and the changing virtual care landscape has accelerated the growth of the telehealth industry.