Amwell (formerly American Well), a telehealth company, has closed a $194 million Series C financing round. Amwell plans to reinvest the funds into its technology and telehealth services.
Allianz X, the investment arm of German insurance company Allianz led the funding round with participation from drugmaker Takeda.
The company’s offerings include virtual urgent care, pediatrics, population health management, telepsychiatry, and chronic disease management. According to the company, its telehealth platform is used by over 240 health systems comprised of 2,000 hospitals and 55 health plan partners with over 36,000 employers, reaching over 150 million lives with 45,000 telehealth visits per day.
In April, the company announced its new virtual-health offering for small and medium physician practices with less than 100 providers.
“The past two months have accelerated telehealth by over two years,” said Ido Schoenberg, CEO of Amwell. “We intend to build upon this momentum to transform healthcare with digital care delivery. Our strategic investors are providers, insurers, consumer gateways, and healthcare innovators. Each of these partners play a key role in creating a more interconnected digital healthcare ecosystem, where our mission is to deliver greater access to more affordable, high-quality care.”
Amwell has raised over $500 million since its inception in 2006. Early this year, the company has raised $60 million in a funding round.
Telehealth service providers raised $930 million in Q1 2020, according to Mercom Q1 2020 Digital Health Funding Report.
Recently, Holmusk, a provider of mental health services through its platform, raised $21.5 million. Optum Ventures and Health Catalyst Capital co-led the financing round, with participation from Heritas Capital. Virtual care app Carbon Health raised $26 million from existing investor Data Collective (DCVC) in an extended Series B1 funding round.
Image Credit: Amwell