Healthcare Platform Company Solv Raises $27 Million

By Annie Baker ● November 13, 2020
  • Healthcare platform Solv announced it has raised $27 million in Series B+ funding led by Acrew Capital

Healthcare platform Solv announced it has raised $27 million in Series B+ funding led by Acrew Capital with participation from MultiCare Health System, Light Street Capital, and previous investors Benchmark and Greylock Partners. 

With this round of funding, the company will rapidly expand its national network of convenient healthcare providers, enabling more access, cost transparency, and empowering more Americans to manage everyday healthcare from their phones.

This round of funding helps Solv give consumers unprecedented access to same-day doctors’ visits, virtual visits, chat-based healthcare, and COVID testing across all 50 states. And in connection with the funding round, Theresia Gouw from Acrew Capital joins Bill Gurley (Benchmark), James Slavet (Greylock), and Solv co-founders Heather Fernandez and Daniele Farendi on the Board of Directors.

MultiCare will now serve as a strategic investor and MultiCare EVP and COO Florence Chang will be joining Solv’s industry advisory board. Beth Frensilli is joining the team as Solv’s Chief Legal Officer. And prior to joining Solv, Frensilli was part of the team that scaled One Medical. And she brings experience across financial services and healthcare companies to the Solv team to accelerate growth.

Dr. Rob Rohatsch has been appointed as Solv’s first Chief Medical Officer. And as an ER doctor and entrepreneur, Dr. Rohatsch most recently served as the CEO of Banner Urgent Care and previously was the co-founder and CEO of PhysicianOne Urgent Care.

Solv is going to expand its speciality areas to include primary care, mental health, and women’s health to enable more healthcare options to consumers.

This funding round builds on Solv’s recent growth acceleration, which includes new features in the Solv app that have helped millions of Americans discover local COVID-19 testing sites through its national network of urgent care clinics. And as a result, over 2 Million COVID-19 tests have been booked through Solv.

The company has also seen a nearly 6x year-over-year increase in Solv app and website traffic from consumers: 6.3 million visitors in October 2020 compared to 1.1 million visitors in October 2019. And Solv also signed new partnerships with local and state governments, including the State of Michigan and City of Seattle to increase COVID-19 testing access using online scheduling, digital registration and waitlist queuing.

KEY QUOTES:

“We’re seeing dramatic shifts in the way healthcare is being accessed today. Until recently, it’s been a one size fits all experience where you must book an appointment weeks in advance, drive to the office, wait and only then see a doctor. COVID-19 has pulled the future forward. Healthcare has shifted to a digital-first experience, allowing Americans to engage with healthcare from their homes without disruption in their daily lives. Solv is leading the charge to make sure that innovative providers can offer a digital-first experience, and consumers get more access to what they need, when they need it, from their phones.”

— Heather Fernandez, CEO and co-founder of Solv

“I’ve had the honor to have worked closely with the dedicated and ambitious Solv team since 2017. I’m thrilled to further extend my partnership and join the board as they are not only rethinking what the healthcare industry should look like, but taking major strides in transforming it so that Americans don’t have to sacrifice their health just because it wasn’t easy to get a doctors appointment. Solv’s massive growth this year proves that patients nationwide are embracing the move to digital healthcare so that they don’t have to wonder what doctor to go to, where they should be seen and how much it would cost them. Solv is enabling consumers to get the care they need, when they need it, which is truly remarkable.”

— Theresia Gouw, Founding Partner of Acrew Capital