Healthcare Software Company Weave On Path To Unicorn Status

Utah-based company Weave, a developer of patient communications software for various medical specialties with a focus on dental and optometry sectors, has brought in a $70 million Series D funding round. This brings the company’s total valuation to $970 million, closer to joining a growing number of startups with unicorn status.

New investor Tiger Global Management led the round, with participation from Catalyst Investors, Bessemer Venture Partners, Crosslink Capital, Pelion Venture Partners, and LeadEdge Capital. The company last raised money in December 2018, when it raised $37.5 million in its Series C.

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In an announcement, the company also stated that it aims to use these funds to grow and improve its current product, deepen its international presence while growing their team and workforce development.

Founded in 2011, Weave has been a valuable software tool to their clients, making communication with patients easier by integrating features like texting, phone service, fax, and reviews. This includes allowing its customer to remind patients of appointments, instantly providing customer profiles to business as well as texting back callers if the line is busy. According to Weave’s website, this means when a patient calls a dental office, their software allows the receptionist to pull up their customer’s appointment history, upcoming appointments, missed payments, and any other information all before the phone is answered. The company now boasts over 13,000 clients.

After doubling its revenue in 2018, Weave has expanded its organization at its Utah headquarters to 550 employees, up from 300 at the beginning of the year, according to a statement from the company.

“Our aim with this funding round is to exceed our customers’ expectations at every touchpoint, investing heavily in the products we create, the markets we serve and the overall customer experience we provide,” said Brandon Rodman, CEO at Weave. “I am insanely proud of the spectacular team we’ve attracted here at Weave and the amazing products we deliver. We will continue to invest in our customers, our products and our people to build a solid, sustainable and scalable business. We look forward to our next steps in this amazing journey.”