Tuesday , June 6 2023

Wheel raises $150 million using Wheel.com

We rebranded and upgraded to the killer domain name wheel.com.

Logo for Wheel has the word wheel in lowercase letters in green

Telemedicine is changing the healthcare landscape. From a global market value of $50 billion in 2019, Statista reports a projected value of $460 billion by 2030. The COVID-19 pandemic has accelerated the growth, matched by venture capital funding to the industry.

A TechCrunch article from 2021 estimated that $3.1 billion in funding is headed to telemedicine startups, about three times what we saw in 2019. One company benefiting from that funding is Wheel.

Michelle Davey and Griffin Mulcahey founded the company in 2018, initially focusing on helping medical professionals secure telehealth jobs. With Mulcahey’s background in healthcare and Davey’s job history, including a stint as a technical recruiter for Google, it seemed like the perfect business for the duo.

Davey and Mulcahey named their company Enzyme, operating on EnzymeHealth.com. With early funding, including a $1.7 million seed round in December 2018, Enzyme quickly gained traction.

By January 2020, the company had pivoted to offering a virtual healthcare platform. With that came a $13.7 million funding round and a name change. Enzyme Health became Wheel. In a blog post announcing the rebrand, Davey said, “Our new name signifies the momentum we bring to the market to truly change the way healthcare works.”

Wheel made a significant upgrade to its domain name, too. The company switched from EnzymeHealth.com to Wheel.com. Archive.org suggests the domain had been listed for sale for several years before this acquisition.

Wheel’s aforementioned virtual healthcare platform really took shape with Wheel.com as the brand’s focal point for both employees and customers. The platform comprises a network of certified clinicians who offer virtual care for Wheel’s clients, ranging from pharmacies to hospitals.

It’s a clever solution. At a time when healthcare systems are struggling under the weight of the COVID-19 pandemic, outsourcing services like primary care to a qualified team could be beneficial for all involved.

Wheel’s platform has been a hit. In 2021 alone, the company handled 1.3 million virtual patient visits.

The company is now hoping to evolve its product offering again, with the help of a $150 million Series C funding round. Wheel is seeking to develop its virtual care platform into a “virtual-first” platform, where patients begin with a telehealth appointment but then get redirected to in-person visits or diagnostics.

At the heart of Wheel’s development is its Wheel.com domain name.

Post link: Wheel raises $150 million using Wheel.com

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About James Iles

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