Teladoc Secures $50 Million in Funding to Accelerate Explosive Growth and Solidify Market Leadership Position
Jafco Ventures leads one of largest investments in telehealth industry
DALLAS– Teladoc, the nation's largest telehealth provider, announced it has secured a $50 million round of equity funding led by Palo Alto-based Jafco Ventures, a leading technology venture capital firm. This funding will further reinforce Teladoc's leadership position and support the acceleration of its robust growth strategy.
"Teladoc has experienced phenomenal growth. After doubling revenue in each of the last two years, we look to accelerate this trend," said Jason Gorevic, CEO of Teladoc. "This sizeable investment will allow us to quickly develop new products and services that deliver additional value for our customers while simultaneously expanding into new markets and distribution channels. Our goal is to extend our significant lead in the industry such that Teladoc is the de facto brand in Telehealth."
Teladoc will continue to pursue growth organically and through additional strategic partnerships and targeted acquisitions. The company is anticipating record-setting growth in January 2015 on the heels of its strongest selling season ever.
"The benefits of telehealth to patients, providers and carriers are quite extraordinary, and Teladoc is the leader in this rapidly growing industry," said Tom Mawhinney, general partner of Jafco Ventures. "Teladoc has a phenomenal platform and leadership team. With this level of funding, they now have all of the necessary components to fully capitalize on this inflection point in the company's already impressive growth trajectory."
This year Teladoc is on target to complete more than a quarter-million medical consults across the U.S. while continuing to maintain an average physician call-back time of less than 16 minutes. Teladoc services are used by some of the country's largest companies and health insurers including Blue Shield of California; Cash America; Gallup; Highmark Inc.; Ignite Restaurants, the holding company for Romano's Macaroni Grill, Brick House Tavern + Tap and Joe's Crab Shack; Rent-A-Center; and T-Mobile.
Jafco is joined by other new investors, including FLAG Capital Management, Greenspring Associates, Mellon and QuestMark Partners, as well as its current investors Cardinal Partners, HLM Venture Partners, Kleiner Perkins Caufield and Byers, New Capital Partners and Trident Capital to complete Teladoc's $50 million round of funding.
To learn more about Teladoc and its efforts to expand access to health care to patients nationwide, please visit www.teladoc.com.
About Jafco Ventures
Based in Palo Alto, Jafco Ventures is a venture capital partnership that invests in mid-stage companies with great teams that demonstrate differentiated technology, compelling business models and strong momentum in their respective markets. Jafco Ventures has had the privilege to invest in market-leading companies such as Aster Data, ClairMail, FireEye, 41st Parameter, Infinera, MoPub, Palo Alto Networks, and Proofpoint. For more information about Jafco Ventures visit www.jafco.com.
About Teladoc
Founded in 2002, Teladoc is the nation's leading telehealth provider with 8 million members and more than 250,000 consults annually. Teladoc provides 24/7 access to affordable, high-quality medical care for adults and children experiencing non-emergency medical issues via phone, secure online video, mobile app or HealthSpot™ Station – a private, walk-in kiosk. Through a directly-managed network of U.S.-based, board-certified physicians, Teladoc delivers a 95 percent patient satisfaction rate with an average response time of 16 minutes. Teladoc is the first and only telehealth provider to receive certification from the National Committee for Quality Assurance (NCQA) for its physician credentialing process, scoring 100 percent. Recognized by Fast Company as "One of World's Most Innovative Companies in Health Care" in 2013, Teladoc partners with health plans, corporations, organizations and patients that seek accessible and affordable high-quality medical care. For more information, please visit www.Teladoc.com .