The telemedicine surge continues in San Francisco where healthtech startup Grand Rounds raised $175 million in a financing round on Thursday. The round, led by the Carlyle Group, will be used to expand the company’s virtual primary care offerings.
The care coordination company aims to match employers and employees with high-quality, affordable healthcare options. Telemedicine physicians on the platform provide patients with personalized care plans upon review of their coverage information. Unlike other telemedicine platforms, Grand Rounds offers more than just urgent care support. Patients can schedule appointments with clinicians who specialize in dozens of different fields.
“We are at a turning point in American healthcare, a moment when healthcare has become virtual-first and data can be used to dramatically improve outcomes,” Owen Tripp, co-founder and CEO of Grand Rounds, said in a statement.
Following the latest round, the company plans to continue to develop its existing relationships with large-scale retailers Walmart and Home Depot. Grand Rounds is also looking to add to its team, with multiple open roles in marketing, engineering and design.
“Our mission is to raise the standard of healthcare for everyone, everywhere, and that has shown through in how we’ve responded to the needs of our members and customers during the pandemic,” Peter Navin, chief human resources officer of Grand Rounds, said in an email to Built In.
In April, the company launched a 24/7 crisis response service to support businesses and employees affected by COVID-19.
“Everyone will experience a healthcare need in their lifetime, my hope is that Grand Rounds can be the doctor in the family for people across the United States,” Navin continued. “Not just to help with clinical concerns, but to also navigate and untangle the mess that is healthcare today.”
Grand Rounds covers nearly six million people across more than 130 self-insured employers.
“Digital health is under the spotlight now more than ever and we will rise to the occasion to help define the new normal in healthcare, a new normal that is frictionless, personalized, empathetic and focused on improving outcomes,” Navin said.
Grand Rounds has raised $270 million in venture capital financing to date, according to the company.
