Solv Raises $27 Million To Build A National Scheduling Network And Make Convenient Healthcare Accessible To More Americans
Led by Acrew Capital, the funding round brings the total raised to $50 Million
SAN FRANCISCO, Nov. 12, 2020 /PRNewswire/ -- Solv, the convenient healthcare platform that connects patients to a robust network of healthcare providers, today announced the close of its $27 Million Series B+ funding round led by Acrew Capital with participation from MultiCare Health System, Light Street Capital as well as previous investors Benchmark and Greylock Partners. The company will use the capital to rapidly expand its national network of convenient healthcare providers, enabling more access, cost transparency and empowering more Americans to manage everyday healthcare from their phones.
The funding round helps Solv give consumers unprecedented access to same-day doctors' visits, virtual visits, chat-based healthcare, and COVID testing - across all 50 states. As part of the raise:
- Theresia Gouw from Acrew Capital, joins Bill Gurley (Benchmark), James Slavet (Greylock) and Solv co-founders Heather Fernandez & Daniele Farendi on the Board of Directors.
- MultiCare will now serve as a strategic investor and MultiCare EVP & COO Florence Chang will be joining Solv's industry advisory board.
- Beth Frensilli is joining the team as Solv's Chief Legal Officer. Prior to joining Solv, Beth was part of the team that scaled One Medical. She brings experience across financial services and healthcare companies to the Solv team to accelerate growth.
- Dr. Rob Rohatsch has been appointed as Solv's first Chief Medical Officer. As an ER doctor and entrepreneur, Dr. Rohatsch most recently served as the CEO of Banner Urgent Care and previously was the co-founder and CEO of PhysicianOne Urgent Care.
- Solv will expand its speciality areas to include primary care, mental health and women's health to enable more healthcare options to consumers.
The raise builds upon Solv's recent acceleration of growth including:
- New features in the Solv app have helped millions of Americans discover local COVID-19 testing sites through its national network of urgent care clinics. As a result more than 2 Million COVID-19 tests have been booked through Solv.
- A nealy 6x year-over-year increase in Solv app and website traffic from consumers -- 6.3 Million visitors in October 2020 compared to 1.1 Million visitors in October 2019, which demonstrates how more patients are choosing Solv as the starting point for accessing convenient healthcare from a mobile device.
- New partnerships with local and state governments, including the State of Michigan and City of Seattle, to increase COVID-19 testing access using online scheduling, digital registration and waitlist queuing.
"We're seeing dramatic shifts in the way healthcare is being accessed today. Until recently, it's been a one size fits all experience where you must book an appointment weeks in advance, drive to the office, wait and only then see a doctor. COVID-19 has pulled the future forward. Healthcare has shifted to a digital-first experience, allowing Americans to engage with healthcare from their homes without disruption in their daily lives," said Heather Fernandez, CEO and co-founder of Solv. "Solv is leading the charge to make sure that innovative providers can offer a digital-first experience, and consumers get more access to what they need, when they need it, from their phones."
Overnight COVID changed how consumers access healthcare. Patients have gone online to address the majority of their needs. More appointment scheduling, video visits, electronic prescriptions, doctor chats and bill payment is happening online than it ever has before. This consumer shift has created the need for providers to adopt modern tools that address patients' digital-first expectations. As a result, providers have quickly turned to Solv's software to meet convenient care demands and have rolled online scheduling, telemedicine, chat, and COVID test queuing.
According to Solv:
- Since March of 2020 there have been 700,000 telemedicine appointments booked on Solv versus just 9,000 booked in the entirety of 2019.
- Across their network of providers, online scheduling of appointments has grown from 22% of all doctor visits in March 2020 to nearly 60% of all doctor visits in August 2020.
- 56% of people still skip visiting the doctor over a health concern because it was inconvenient to book an appointment.
"I've had the honor to have worked closely with the dedicated and ambitious Solv team since 2017. I'm thrilled to further extend my partnership and join the board as they are not only rethinking what the healthcare industry should look like, but taking major strides in transforming it so that Americans don't have to sacrifice their health just because it wasn't easy to get a doctors appointment," Theresia Gouw, Founding Partner of Acrew Capital. "Solv's massive growth this year proves that patients nationwide are embracing the move to digital healthcare so that they don't have to wonder what doctor to go to, where they should be seen and how much it would cost them. Solv is enabling consumers to get the care they need, when they need it, which is truly remarkable."
To conveniently book a telemedicine appointment on Solv, or to find a nearby COVID-19 test site, please visit www.solvhealth.com.
About Solv
Solv is a consumer-focused healthcare app that connects patients to a robust network of convenient healthcare providers, empowering you to simplify your everyday healthcare needs. Solv partners with high-quality care providers across the country to make convenient care simple, friendly and transparent for consumers, the way it should be. For providers, Solv's technology improves the quality of service and the performance of their practice. For consumers, the Solv app utilizes this provider network to unlock same-day appointment availability, virtual visits and cost transparency in just a few taps from a mobile phone. Solv puts you in control of your healthcare by letting you know where you can go, when you'll be seen, and how much it will cost. Solv is building a world where everyone, nationwide, can access healthcare that is convenient and affordable.
About Acrew Capital
Acrew Capital is an early stage venture firm that engages in long term partnership with world-class teams uniquely suited to solving big, hard problems. We believe the best investment decisions are driven by a combination of depth of conviction and diversity of perspective and that investment should be tailored to the specific needs of each founding team. Acrew investment themes include Cybersecurity and Infrastructure Modernized, Financial Services Rebuilt, Work Reimagined, Data Interconnected and Community Activated. The Acrew founding team previously worked together at Aspect Ventures and combines experience from Accel, Brown University, Google, Greycroft, and Imperva. Current Acrew team investments include Cato Networks, Chime, Exabeam, Pie Insurance, Silverfort, Tara.ai, and HotelTonight/AirBnB. Collectively, the firm's track record includes 5 IPOs, over 20 successful acquisitions and over 100 rounds of follow-on capital raises, resulting in over $20 billion in market value created and over $1B in returns to investors. For more information visit www.acrewcapital.com.
SOURCE Solv Health
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