One Medical, the US-based primary healthcare provider backed by internet and technology conglomerate Alphabet, has begun discussions to raise more than $200m from private equity firm Carlyle Group, CNBC reported yesterday.
The negotiations are at a relatively late stage, according to people with knowledge of the talks, and Carlyle also plans to buy another $100m of shares from existing investors.
Founded in 2007, One Medical operates a primary care service that enables users to access same-day doctor’s appointments and on-site laboratory testing across 50 locations in the US as well as 24-hour telehealth services for a flat annual fee.
The company is currently present in nine US markets – Boston, Chicago, Los Angeles, New York, Phoenix, San Francisco, Seattle, San Diego and Washington, DC – following an expansion into San Diego last month. It intends to open three new offices there in 2019.
The latest round would follow more than $180m in earlier funding, One Medical most recently raising $65m in a 2015 round led by investment banking group JP Morgan’s Asset Management division that reportedly valued it at more than $1bn.
GV, the Alphabet subsidiary then known as Google Ventures, led the company’s $30m series F round in 2013, investing together with existing backers Benchmark, DAG Ventures, Oak Investment Partners and Maverick Capital.
Redmile Group led a $40m round for One Medical featuring undisclosed existing investors the following year.