Summus Global, a virtual specialist platform, raised $21 million in a Series B funding round.
The round was led by Sator Grove Holdings, with participation from the Outsiders Fund, Savoy Capital, Teamworthy Ventures, and existing investors.
Summus Global plans to use the latest funds to enhance its core product and scale its existing employer business, bringing its unique virtual specialty care model to more employees and families worldwide. The funding will also be used to partner with additional health systems and medical Centers of Excellence, the company said.
According to the company, its virtual specialist platform provides access to a network of 4,000+ specialists across 48 hospitals. The platform offers virtual corporate health benefits to employers through their employers.
With 50% of healthcare costs typically concentrated in 5% of a population and largely centered around specialized medical concerns, fast access to high-quality specialist expertise can drive better, more cost-efficient decisions, the company said in a statement. Employers have also added Summus to their benefits portfolio to mitigate rising healthcare costs.
“Over the last year, we have seen a dramatic increase in the usage of virtual care services out of necessity due to the pandemic. People have grown accustomed to the ease and convenience of engaging with doctors by video, which is not something they’ll readily give up,” said Outsiders Fund Investor Austin McChord.
Austin McChord added: “As the virtual care sector continues to grow, consumers will demand a higher quality user experience, network of doctors, and impact on their healthcare experience. Summus is well-positioned to be at the forefront of this new paradigm in healthcare.”
Telehealth companies raised $2.4 billion in Q1 2021 compared to $1.2 billion raised in Q4 2020, a 100% increase in QoQ. Year-over-year funding increased by 154% in Q1 2021 compared to $930 million raised in 35 funding deals in Q1 2020, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report. Recently, PursueCare, a telehealth company providing addiction treatment, raised $7 million in a Series A2 funding round, bringing its total Series A round to $11 million.