Announces $50 Million Crossover Equity Investment from Sixth Street Growth
Summary
The $50 million funding will be used primarily for the ongoing strategic expansion of MDLIVE’s comprehensive, technology-enabled, and disruptive Virtual Primary Care digital health platform. Additionally, it will be used for the launch of supporting products and services that provide the company’s more than 45 million members with convenient access to high quality, cost-effective, contagion-free Total Care. Through July, MDLIVE completed nearly 1 million patient visits with large increases reported across all service lines, including year-over-year growth of more than 500% for behavioral health, more than 350% for dermatology and more than 80% for medical care. “The pandemic has accelerated the rapid disruptive transformation of virtual healthcare delivery,” said Charles Jones, MDLIVE’s chairman and chief executive officer. As the demand for MDLIVE’s offerings has reached all-time highs, we remain focused on the expansion of a single, proven technology platform with the flexibility to integrate with devices and the capacity to leverage AI and ingest vast volumes of data necessary for proactive and preemptive care.” “Virtual care has been a long-term theme for our team, and in an increasingly competitive sector MDLIVE stands out as a scaled and differentiated enterprise technology platform providing high-quality, convenient and cost-effective care,” said Michael McGinn, Partner and Co-Head of Sixth Street Growth.
Funding
Classifications
AskAI Classifications
LabelsLinked Companies
