Pager Raises $70 Million for Virtual Care Platform

A virtual care coordination platform for doctors, Pager raised $70 million in an equity and debt financing round. Susquehanna Private Equity Investments led the Series C round. Silicon Valley Bank provided debt financing.

Additional investors included new and existing financial and strategic investors, including Horizon Healthcare Services.

Pager plans to use the latest funds to increase the platform’s capacity, make improvements and expand to new markets worldwide, including ones in the U.S. and Latin America.

In March 2020, Pager raised $33 million in equity and debt financing. Including the latest round, the company raised $120 million to date.

According to Pager, its virtual care collaboration platform, through a combination of hi-tech AI automation and hi-touch concierge services, offers integrated, complete care including triage, telemedicine, e-prescriptions, appointment scheduling, after-care follow-up, care advocacy, and customer service.

“The COVID-19 pandemic has been a catalyst for accelerated growth of virtual care solutions and has sparked a growing demand for health plans and health systems to offer proven, next-generation digital health platforms like Pager,” said Walter Jin CEO, and Chairman of Pager.

Walter Jin added: “Pager’s rapid growth to more than 15 million members under contract, along with the execution of our largest funding round to date, is proof that our platform is successfully addressing client and consumer needs in the evolving healthcare market.”

“During the past year, it has become clear that the healthcare industry must embrace virtual care, and Pager is at the forefront of providing streamlined services and helping health plan members gain easier access to the care they need, no matter what barriers they’ve faced in the past,” said Dean Carlson, Head of Digital Asset Investments at Susquehanna Private Equity Investments.

Telehealth companies raised a record $5 billion in 1H 2021, a 150% increase year-over-year compared to $2 billion raised in 1H 2020, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report. eVisit, a virtual care platform for large healthcare providers, closed a $45 million Series B financing round led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs).