One Medical Group, a primary care group with offices in San Francisco, New York, Seattle and elsewhere, has closed a $350 million investment from the Carlyle Group, a private equity group based in Washington, D.C., TechCrunch reported.
The investment comes after One Medical was working on raising $200 million from the private equity firm, on top of a possible $100 million in stock purchases for the Carlyle Group. The total investment is $220 million in primary equity investment and $130 million in the secondary stock investment, according to TechCrunch.
One Medical, launched in 2007, is a concierge medical provider that provides services to its members only and sets itself apart through its technology, including allowing patients to book appointments and get 24/7 care via phone, app or online, as well as same-day appointments wherever the group has an office and emailing directly with a doctor.
One Medical previously raised more than $180 million and was last valued around $1 billion. Its current valuation isn’t known. With the new investment, total funding raised has topped $530 million, according to TechCrunch.
The new funding will go toward doubling the number of offices, from the current level of 72 offices in seven states, CEO Amir Rubin told TechCrunch. The infusion of millions will also help One Medical stay above its competition as new startups and established companies with similar offerings continue to expand.
The doctor group will also scale up its clinical team, with aims to double its provider numbers. The company has “several hundreds” of providers, One Medical told TechCrunch.
One Medical hired Rubin, a former UnitedHealth Group executive, in July 2017 to replace founder Tom Lee. Among its original investors are Google parent company Alphabet, JPMorgan, Benchmark and Maverick.
The company is the latest healthcare innovator to receive a huge investment. Alphabet also recently invested $375 million into a healthcare startup called Oscar Health, in addition to its original $165 million into the company. Oscar Health is a health insurance company that leverages digital technology to build new services with the data it gathers.