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One Medical Raises $40 Million to Accelerate Expansion

The upscale medical group is eyeing new markets across the nation.

Courtesy: One Medical

One Medical Group has raised $40 million to accelerate its expansion into new markets, in a round led by Redmile Group.

The San Francisco chain of upscale doctor’s offices has earned high marks from patients and the press for its efficient and responsive service, offering online scheduling, on-site labs and same-day appointments. Members pay an annual fee of $199 or less, depending on the location, on top of their insurance co-pays.

“We started One Medical to build a better primary care delivery model – one that uses technology to deliver higher-quality care and service more affordably,” said Tom Lee, the company’s founder and chief executive, in a statement.

Lee previously co-founded Epocrates, an online reference tool for physicians acquired by Athenahealth last year.

The company expanded its membership by more than 50 percent last year and opened seven new offices. That brought the total to 27 locations across the Boston, Chicago, Los Angeles, New York, San Francisco and Washington, D.C. regions.

In February, One Medical said that more than 40 companies had signed up for its new employee health benefit plan, including Adobe, Fitbit, Quantcast, Uber and others.

The round included participation from previous institutional investors. The company has raised well over $100 million to date, including a $30 million round a year ago from Google Ventures, Benchmark Capital, DAG Ventures and others.

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