Total amount raised
$913 Million
Latest funding date
5/1/2020
Location
One Medical has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers a comprehensive range of primary care services, including specialized care for various health issues.
What Is One Medical?
One Medical, founded in 2007, is a healthcare provider offering primary care services with a focus on convenience and patient experience. The company was established in San Francisco by Tom Lee.
One Medical provides same/next-day appointments, longer consultations, and drop-in lab services. They also offer comprehensive care, including physicals, chronic care, and mental health services.
With a presence in numerous US cities, One Medical employs over 1,000 professionals dedicated to delivering exceptional primary care both in-person and virtually.
How Much Funding Has One Medical Raised?
- Sixth Round of Funding
- Amount Raised: $30 million
- Date: March 2013
- Lead Investors: Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Expansion into new markets and investment in technology.
- Series H
- Amount Raised: USD 65,000,000
- Date: December 2015
- Lead Investors: J.P. Morgan Asset Management (on behalf of PEG Digital Growth Fund II L.P. and AARP Innovation Fund L.P.)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand One Medical's network of local clinics in current and new cities and to develop its telemedicine offering.
- Series I
- Amount Raised: USD 220,000,000
- Date: August 2018
- Lead Investors: The Carlyle Group (Carlyle Partners VII Holdings, L.P.)
- Valuation at Round: Not publicly disclosed
- IPO
- Amount Raised: USD 281,750,000 (gross proceeds: 20,125,000 shares at USD 14.00 on Nasdaq as ONEM, including the underwriters' option exercised in full, per the Q2 2020 10-Q)
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The prospectus states the net proceeds were for general corporate purposes, including working capital, research and development, business development, sales and marketing and capital expenditures.
- Post-IPO Debt (convertible notes)
- Amount Raised: USD 316,250,000 (3.00% Convertible Senior Notes due 2025, aggregate principal, including USD 41,250,000 issued in June 2020 when the initial purchasers exercised their option in full)
- Date: May 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The company said it would use the net proceeds for general corporate purposes, including working capital, business development, sales and marketing activities and capital expenditures.
Total Amount Raised: $913 million. Current Valuation: USD 18.00 per share in cash (Amazon acquisition, completed February 2023). The total sums the five listed rows, counting the IPO at gross proceeds and the notes at principal; earlier preferred rounds are not itemized.
Key Investors
- The Carlyle Group
- Details: The Carlyle Group is a private equity firm. Its fund Carlyle Partners VII Holdings bought USD 220 million of One Medical's Series I preferred stock in August 2018, the round's sole investor per the IPO prospectus.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- J.P. Morgan Asset Management
- Details: J.P. Morgan Asset Management led One Medical's USD 65 million round in December 2015 on behalf of PEG Digital Growth Fund II L.P. and AARP Innovation Fund L.P.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- AARP Innovation Fund
- Details: J.P. Morgan Asset Management led One Medical's USD 65 million round in December 2015 on behalf of the AARP Innovation Fund L.P. and PEG Digital Growth Fund II L.P.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Google Ventures
- Details: Google Ventures, also known as GV, is the venture capital arm of Alphabet Inc. It was founded in 2009 and has since invested in a wide range of companies.
- Investment Focus Areas: Technology, life sciences, healthcare.
- Notable Investments: Uber, Nest, Slack.
- Benchmark Capital
- Details: Benchmark Capital is a venture capital firm based in Silicon Valley. It was founded in 1995 and is known for its early-stage investments in technology companies.
- Investment Focus Areas: Technology, consumer internet, enterprise software.
- Notable Investments: eBay, Twitter, Uber.
- DAG Ventures
- Details: DAG Ventures is a venture capital firm that invests in early and growth-stage companies. It was founded in 2004 and has a diverse portfolio.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Yelp, Glassdoor, SurveyMonkey.
What's Next for One Medical?
One Medical has been an indirect wholly owned subsidiary of Amazon.com, Inc. since February 2023, when Amazon completed its acquisition and the company's shares were delisted from Nasdaq.
However, scaling operations while maintaining high-quality service and navigating regulatory requirements in different states could pose challenges. The growing demand for personalized healthcare services and the increasing use of technology in healthcare are trends that will likely support One Medical's growth trajectory.
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