Oak Street Health Acquires Telehealth Company RubiconMD for $130 Million

QLER Telehealth, an on-demand psychiatry partner, announced a $7.4 million Series B funding round led by MedEquity Capital and completed by Relevance Ventures.

This investment will enable QLER Telehealth to continue the national buildout of its group of employed psychiatrists who partner with regional health systems across the country. QLER Telehealth will also use the additional resources to expand its growing team and partner success infrastructure according to the company.

“The addition of MedEquity to our investor group and Board is a boost we needed to actualize our tremendous potential,” said Frank E. Johnson, President, and CEO, QLER Telehealth. “Additionally, the level of collaboration between MedEquity Capital and Relevance Ventures, who was the first major investor to believe in us, is even more than I hoped for as we began the process for this latest round.”

As part of the funding, Jeff Ward from MedEquity and Chris Crawford from Relevance Ventures will join QLER Telehealth’s Board of Directors.

Jeff Ward of MedEquity, a veteran healthcare investor and operator, stated, “When you package QLER’s year-over-year growth and ability to attract psychiatrists with our conviction that now is the time to remake and expand behavioral health in the United States, this investment made a great deal of sense to us.”

Dean Newton of Relevance Ventures remarked, “QLER’s mission is well-aligned with our investment philosophy to enhance people’s well-being. This new funding and the continued growth and success of QLER only validates the potential the company brings to the rapidly emerging area of behavioral health.”

Telemedicine companies raised $4.2 billion in 105 deals in 1H 2021, a 147% increase in YoY compared to $1.7 billion raised in 79 deals in 1H 2020. Recently, b.well Connected Health, a consumer-centric on-demand virtual care company, announced it had secured a $32 million Series B financing round.