K Health, a US-based telemedicine system developer backed by health insurer Anthem and mass media group Comcast, has raised $42m in series D funding, VentureBeat has reported.
The round was led by investment firm Valor Equity Partners and included Marcy Venture Partners, Pico Venture Partners, Atreides Management, Max Ventures and 14W. It more than doubled the company’s valuation to $700m, according to Calcalist.
Founded in 2016, K Health has built a mobile app that lets users text board-certified doctors in real time to receive diagnoses, organise prescriptions and access mental health treatment among other services.
The platform has more than 4 million members and patients can pay for one-off appointments or sign up to a subscription service. The funding will be used for product development.
K Health secured $48m in a February 2020 series C round co-led by 14W and Mangrove Capital Partners that also featured Anthem, Comcast subsidiary Comcast Ventures, BoxGroup, Max Ventures, Lerer Hippeau and Primary Venture Partners.
The last five contributed to a $25m series B round for the company in late 2018 that was also led by 14W and backed by Bessemer Venture Partners (BVP).
Comcast Ventures, BoxGroup, Mangrove Capital Partners, Lerer Hippeau, Primary Venture Partners, Max Ventures and BVP had previously invested in a $12.5m series A round for K Health five months earlier.