Total amount raised
$215.6 Millions
Latest funding date
Location
Wheel has successfully raised $216 million over multiple funding rounds, with the latest being a Series C round. The company is backed by nine investors, including Salesforce Ventures and Lightspeed Venture Partners.
Keep reading to explore the intricacies of Wheel's fundraising journey and the investors backing this innovative healthcare technology platform.
What Is Wheel?
Wheel, founded in January 2018, is a healthcare technology company based in Austin, Texas. The company was established by Michelle Davey, Griffin Mulcahey, and Philip Johnson.
Operating in the healthcare, information technology, and medical industries, Wheel specializes in providing virtual care for patients. The company employs between 251 and 500 people, supporting digital health companies, clinical lab networks, retailers, and tech companies in delivering virtual-first care.
How Much Funding Has Wheel Raised?
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: March 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial development.
- Seed Round
- Amount Raised: $1.7M
- Date: December 2018
- Lead Investors: Silverton Partners, Tusk Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the virtual care platform and expand initial market reach.
- Series A
- Amount Raised: $13.9M
- Date: January 2020
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technological capabilities.
- Series B
- Amount Raised: $50M
- Date: May 2021
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and development of its virtual care platform.
- Series C
- Amount Raised: $150M
- Date: January 2022
- Lead Investors: Lightspeed Venture Partners, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale "anytime, anywhere" care, expand services, and double the headcount.
Total Amount Raised: $216M. Current Valuation: Not publicly disclosed.
Key Investors
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a multi-stage venture capital firm with over $10.5 billion under management. They have backed more than 400 companies globally, with investment professionals and advisors in Silicon Valley, Israel, India, China, Southeast Asia, and Europe.
- Investment Focus Areas: Enterprise, Consumer, Health, Fintech, Cleantech
- Notable Investments: Snapchat, Nest, GrubHub, AppDynamics
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that has invested in hundreds of companies across more than 30 countries since 2001. They focus on partnering with dynamic entrepreneurs operating market-leading companies.
- Investment Focus Areas: Internet, Software, Consumer, Financial Technology
- Notable Investments: Facebook, LinkedIn, Spotify, JD.com
- CRV
- Details: CRV is a venture capital firm that invests in early-stage technology companies. They have a long history of backing successful startups.
- Investment Focus Areas: Enterprise, Consumer, Bioengineering
- Notable Investments: Twitter, Yammer, Zendesk, DoorDash
- Silverton Partners
- Details: Silverton Partners is a venture capital firm that invests in early-stage technology companies. They are based in Austin, Texas.
- Investment Focus Areas: Technology, Consumer, Healthcare
- Notable Investments: SailPoint, SpareFoot, The Zebra
- Tusk Venture Partners
- Details: Tusk Venture Partners is a venture capital firm that focuses on investing in regulated industries. They have a unique approach to navigating regulatory challenges.
- Investment Focus Areas: Regulated Industries, Healthcare, Transportation, Financial Services
- Notable Investments: Lemonade, Bird, Ro
What's Next for Wheel?
Wheel's future is brimming with opportunities as it aims to scale its virtual-first care platform. With a recent $150 million Series C funding round, the company plans to double its headcount and expand its diagnostic services. This significant financial backing positions Wheel to meet the growing demand for telehealth services, potentially tripling its patient visits by the end of the year.
Future fundraising opportunities seem promising, given the company's rapid growth and the increasing need for virtual care solutions. However, Wheel will need to navigate challenges such as maintaining high-quality care, managing a rapidly expanding workforce, and staying ahead in a competitive market. The company's ability to integrate new services and technologies will be crucial in sustaining its growth trajectory.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Wheel and gather other critical business insights. Sign up for free to start transforming your sales strategy today.
