Telehealth Company CirrusMD Raises $20 Million in Funding

CirrusMD, a chat-based telehealth provider, raised $20 million in a Series C funding round.

Blue Venture Fund led the funding round with participation from 7wireVentures, Drive Capital, and the Colorado Impact Fund.

CirrusMD has raised $46 million to date. According to CirrusMD, the latest round of funding will accelerate the next phase of growth as the company continues to expand solution capabilities, enhance user and provider experiences, increase scalability, and drive innovation to support employer and health, plan customers.

CirrusMD is a telemedicine services company; patients reach a live, licensed physician via text-based (or web) app and then conduct a care encounter at their pace and convenience. The company’s multi-specialty, board-certified doctors offer telehealth services for a broad range of conditions, including chronic care, primary care, specialty areas, such as behavioral health.

“CirrusMD’s text-first virtual care platform finally provides consumers with the ability to connect with a provider on their own terms – receiving healthcare when and where they want it,” said David Schonthal, Operating Partner at 7wireVentures.

David Schonthal added: “We have been impressed with CirrusMD’s unwavering commitment to improving the consumer experience, their superior ongoing engagement rates, and the extensive relationships they have built with leading health plans and employers across the country. We know that CirrusMD will play a critical role in the transformational story of virtual care.”

“Unlike any other telemedicine solution, CirrusMD’s physician-directed, multi-specialty care model has proven scalable and effective in meeting the needs of this rapidly changing environment,” said Andrew Altorfer, CEO, CirrusMD.

Andrew Altorfer added: “Our goal is to meet the patient where they are, in the way they want to communicate. We have enhanced our technology and focused on exceptional user and physician experiences, while doubling the size of our physician network. Today we are providing collaborative virtual care for patients in all 50 states, across a wide range of conditions including behavioral health, an area of increasing need during COVID-19.”

Telehealth companies secured a record $4.3 billion VC funding during 2020. The funding amount was a 140% increase in 2020, compared to $1.8 billion raised in 2019. Recently, Crossover Health, a provider of in-person and virtual care services for employers and health plans, raised $168 million in an oversubscribed Series D funding round.