Investments

Text-Based Healthcare Platform 98point6 Nets $118M After Membership Grows 274 Pct

98point6 Nets $118M After Membership Grows 274 Pct

On-demand digital healthcare service 98point6 has come off a Series E funding round with $118 million, according to a press release.

The company works to deliver personalized consultation, diagnoses and treatments to patients anywhere in the U.S. via a mobile app, and users can pick the times and schedules that work for them, the release stated.

Through the use of artificial intelligence (AI) and machine learning (ML), along with expertise from certified physicians, 98point6 enables a more accessible and affordable brand of primary care, according to the release.

The funding round was led by the Growth Fund of L Catterton and Activant Capital, which works with companies disrupting legacy industries, according to the release. Other participants included Goldman Sachs Merchant Banking Division.

The money is intended to go toward research and development as well as further expansion of 98point6’s medical practice, the release stated.

98point6's membership has grown 274 percent since the end of 2019, according to the release. The company has over 240 commercial partnerships and 3 million members overall. Brands like Banner|Aetna, Boeing, Circle K, Red Bull North America, Sam’s Club, Teamsters Western Region and New Jersey Health Care Fund are among 98point6's member list.

CEO and Co-Founder Robbie Cape said in the release that the company is seeing more usage during the pandemic.

"98point6 has experienced accelerated growth over the last year, due in part to the pandemic, as more organizations recognized the existing and undeniable desire for on-demand, digitally enabled care," he said, according to the release. "The increased interest in 98point6 put us in a unique position to serve many in a time of need. Our approach to care replaces the high cost and complexities of navigating the healthcare system while meeting the expectations and preferences of today’s healthcare consumer."

Bill Marvin, CEO at J.P. Morgan-owned InstaMed, told PYMNTS last month that the complexity of telehealth comes from the number of parties involved, from the patient to the patient's employer and the provider.

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