Wheel plans to use the funds to expand its offering and team size. Here are the top-line bullets you need to know.
Wheel, a white-label telehealth platform, has raised $150M in a Series C that drew participation from Lightspeed Venture Partners, Coatue Management, and Tiger Global Management, among others.
How’s the company performing?
- Texas-based Wheel enables employers and healthcare providers to provide telehealth services.
- In 2021, the company saw its clinician network grow 60% year-over-year. It also has a 90% clinician retention rate.
- Wheel assisted 1.3M patient visits in 2021, and it expects that figure to grow by 3x in 2022.
- The company currently has 150 employees.
Why does the market matter?
- The global digital health market is expected to reach a value of $767.7B by 2030, growing at a CAGR of 17.9%, according to Allied Market Research.
- Digital health startups pulled in a record-breaking $57.2B in funding in 2021, up 79% from 2020 totals. Funding in all geographies hit record levels in 2021, fueled by the growing need to provide digital solutions and delivery models to patients during the pandemic.
- The pandemic has placed incredible pressure on healthcare systems across the globe, which has driven up the demand for digital health solutions that address increasing costs, administrative burdens, physician burnout, and staff shortages.