Online doctor’s appointment booking platform Solv Health closed its $27 Million Series B+ funding round.
Acrew Capital led the round with MultiCare Health System, Light Street Capital, and previous investors Benchmark and Greylock Partners.
The company plans to use the capital to expand its national network of convenient healthcare providers.
The company’s primary business and revenue source is selling software to healthcare providers (mainly urgent care clinics). The software helps them manage patient appointments and related interactions.
According to the company data, 56% of people still skip visiting the doctor over a health concern because it is inconvenient to book an appointment.
The onset of COVID-19 changed how consumers access healthcare, the company said. Since March of 2020, there have been 700,000 telemedicine appointments booked on its platform versus just 9,000 booked in the entirety of 2019. Online scheduling of appointments has grown from 22% of all doctor visits in March 2020 to nearly 60% of all doctor visits in August 2020.
“We’re seeing dramatic shifts in the way healthcare is being accessed today,” said Heather Fernandez, CEO and co-founder of Solv.
“Until recently, it has been a one size fits all experience where you must book an appointment weeks in advance, drive to the office, future-forward see a doctor. COVID-19 has pulled the future-forward. Healthcare has shifted to a digital-first experience, allowing Americans to engage with healthcare from their homes without disruption in their daily lives,” added Heather Fernandez.
Online Healthcare Service Booking companies raised $572 million in the first nine months (9M) of 2020, a 17% increase compared to $487 in 9M 2019, according to the latest Mercom Digital Health funding report. Recently, Honor – an online healthcare service booking platform that connects in-home caregivers, seniors, and their families – raised $140 million in Series D funding.