One Medical receives $350m investment to fund growth


One Medical receives $350m investment to fund growth

One Medical, a primary care provider focused on transforming health care, has secured an investment of up to $350 million from private equity firm Carlyle Group to fund its "aggressive growth" plan.

The company said the new funds will go towards expanding its provider and clinical support teams, advancing the technology platform innovation, and expanding its geographical footprint, including doubling its 72 offices and members over the next few years.

With its recently announced launch into San Diego, One Medical will soon be serving nine US markets, including Boston, Chicago, Los Angeles, New York, Phoenix, San Francisco, Seattle and Washington, D.C.

Prior to this investment, the company had raised funding from investors like Benchmark Capital, Google Ventures, Maverick and JP Morgan.

“From the time of our founding by Dr. Tom X Lee, we have been on a mission to create an entirely new kind of primary care experience - one that starts with people. We call this real-life care," said One Medical CEO Amir Dan Rubin. "Through our incredible clinical team, technology platform and inviting and accessible medical offices, we simplify the complex world of care for members every day. We believe that no detail is too small to make health care more effective, efficient and dare we say, enjoyable. Our latest plans are to bring this unique One Medical experience to more consumers and companies across the country and add fuel to our aggressive growth plans.”

Ram Jagannath, managing director at The Carlyle Group, said: "The primary care system in the United States is broken and One Medical is the brand poised to help fix it. We have partnered with One Medical because of their proven innovative model and track record, outstanding providers and leadership team and significant business momentum. One Medical pioneered the concept of a more modern primary care experience, and it has an incredibly exciting roadmap over the next several years."

One Medical, Carlyle Group, Health Care, Growth, Amir Dan Rubin, Ram Jagannath, US