DALLAS, Texas – Teladoc, the nation’s first and largest telehealth provider, today announced that it has secured $18.6 million in funding led by Kleiner Perkins Caufield & Byers (KPCB). The investment signals confidence in Teladoc’s market-leading position and confirms telehealth as an industry-changing solution. Current investors Cardinal Partners, HLM Venture Partners, Trident Capital, and New Capital Partners are also participating in this latest round of funding.
“The telehealth industry has reached an inflection point in its growth curve,” said Jason Gorevic, Teladoc’s chief executive officer. “This capital from KPCB and our existing investors distinguishes Teladoc as the clear leader in this emerging space. Our entire business model is focused on solving the greatest challenges we face in healthcare – access, cost and quality. We look forward to partnering with KPCB to leverage their expertise in building great companies.”
Teladoc meets the needs of health plans, employers, unions, associations and consumers as an innovative complement to non-emergency primary care by providing accessible, high-quality care at an affordable cost. Teladoc connects members to U.S.-based, board-certified physicians 24/7 via telephone or secure online video. Upon requesting a consultation, patients receive a call back from a doctor within an average of 22 minutes for $38 or less per session. Each consultation includes a comprehensive review of a patient’s electronic health record. Teladoc physicians treat a variety of conditions and, if medically appropriate, prescribe medication. With approval, Teladoc can send a record of the consultation to the patient’s primary care physician.
By delivering fast and convenient access to quality care without having to leave the home or office, Teladoc improves employee productivity and significantly reduces utilization of more costly alternatives, such as emergency rooms or urgent care facilities.
“KPCB seeks to identify industry leaders in markets that address significant unmet needs and are poised for explosive growth,” said Dana Mead, partner, KPCB. “Teladoc and telemedicine clearly meet these criteria. We look forward to partnering with Teladoc to make a meaningful impact on the U.S. healthcare system.”