98point6 utilizes text-based services to allow patients to access healthcare wherever they are, 24 hours a day. With a major focus on health equity, the company’s mission statement strives to “provide primary care to every human on Earth without requiring a financial trade-off.” The company hopes their platform can work toward alleviating the racial and ethnic health disparities that exist within the United States by providing unlimited access to primary care.
Major investors are starting to stand firmly behind this mission. Last week, the company raised $118 million in a Series E funding round. The round was led by the Growth Fund of L Catterton, a consumer-focused private equity firm, and Activant Capital, which frequently invests in technologies and companies that give legacy corporations a run for their money. The Goldman Sachs Merchant Banking Division also contributed as a return investor. This round comes only six months after their Series D round, during which they raised $43 million.
98point6 has over 3 million members and 240 commercial partnerships, including such huge names as Circle K, Banner|Aetna, Red Bull North America, Sam's Club, Boeing, Teamsters Western Region, and the New Jersey Health Care Fund. The Seattle-based company also works with smaller organizations—a company with 5,000 or fewer employees can sign up and offer 98point6’s services in as little as 24 hours.
"Employers are experiencing, on average, 8x higher utilization of the 98point6 service than with their previous, traditional telemedicine solutions. We have realized exceptional growth over the past year as commercial partners increasingly see the value of adding digital care that patients use and love to their benefits," said Jay Burrell, Chief Commercial Officer of 98point6.
Telehealth has become all the rage this year, as COVID-19 kept people from wanting to head to the doctor’s office and expose themselves unnecessarily to the virus. Myriad applications exist on the market these days, but 98point6 sets itself apart in its commitment to promoting health equity and its goal to eliminate the health disparities that plague underserved communities across the country. Using a low-cost, membership-based model, 98point6 might help close the gap and bring access to millions of Americans who otherwise may not be able to afford it.