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Key Points
- Solv has raised $27M in additional venture capital from investors including Acrew Capital, MultiCare Health System, and Light Street Capital. This will aid in the expansion of Solv's national network of healthcare providers, enhancing access and cost transparency.
- Theresia Gouw from Acrew Capital is joining the Solv Board of Directors, and MultiCare Health System will act as a strategic investor with Florence Chang joining Solv’s industry advisory board.
- The company has welcomed new team members including Dr. Rob Rohatsch as Solv’s first Chief Medical Officer and Beth Frensilli as Solv’s Chief Legal Officer.
- Solv has seen significant growth in 2020, with online scheduling now used by nearly 60% of patients, a 6x increase in Solv app usage, and over 2 million COVID-19 tests managed through the platform.
- Solv has plans to further expand its network, adding new specialty areas including primary care, mental health, and women's health.
Today is a milestone day at Solv. We’re not only announcing the close of additional venture capital from a group of amazing investors, we’re excited to announce a giant step forward in Solv’s mission and leadership team.
First, we’ve added $27M from Acrew Capital with participation from MultiCare Health System, Light Street Capital as well as previous investors Benchmark and Greylock Partners. This combination of consumer technology and healthcare industry investment will help us rapidly expand our national network of convenient healthcare providers, enabling more access, cost transparency and empowering more Americans to manage everyday healthcare from their phones. As part of the raise:
- Theresia Gouw from Acrew Capital is joining Bill Gurley (Benchmark), James Slavet (Greylock), Daniele and I on the Solv Board of Directors. We’ve known Theresia since she led the Series A for Trulia and are delighted she’s on our team again.
- MultiCare Health System will now serve as a strategic investor and MultiCare EVP & COO Florence Chang will join Solv’s industry advisory board.
I’m also thrilled to share that we’ve expanded our team with powerhouse healthcare executives to accelerate our growth. Dr. Rob Rohatsch has joined us as Solv’s first Chief Medical Officer. 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. Beth Frensilli is joining as Solv’s Chief Legal Officer. Prior to joining Solv, Beth was part of the team that scaled One Medical. She brings experience across financial services and healthcare companies to our team.
This step forward builds upon the astounding growth we’ve seen at Solv in 2020. Now more than ever before, consumers are shifting the paradigm from the four walls of the doctor’s office to a digital-first experience. Consumers expect technology to increase access, certainty and transparency around their everyday health needs. We’ve been working at this since we started the company, and our results are exciting:
- Online scheduling is now the default in healthcare. Across our network of providers, appointments booked online had only accounted for 22% of a doctor’s daily schedule. In October 2020, online scheduling is used by nearly 60% of patients when booking an appointment with their provider.
- Patients are choosing the Solv app as the starting point to get more convenience for their everyday health needs. We’ve seen a 6x year-over-year increase in Solv app consumer usage–6.3 Million monthly visitors in October 2020 compared to 1.1 Million monthly visitors in October 2019.
- In May, we launched COVID-19 testing support to help millions of Americans discover and book appointments at local COVID-19 testing sites including our national network of urgent care clinics. More than 2 Million COVID-19 tests have been managed through Solv to date–and we’ll be here to support vaccine distribution when it’s ready.
- Telemedicine is here to stay. Patients continue to turn to video visits to safely navigate COVID, and more and more of them find it more convenient than an in-person. Since March of 2020, more than 700,000 video telemedicine appointments have been booked through Solv versus just 9,000 in the entirety of 2019. Most are same-day visits.
- We’ve adapted our on-demand scheduling software and formed 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 to support their high volume sites. A single testing site using Solv can process thousands of COVID tests appointments per day while reducing wait times for patients and ensuring high fidelity data.
In many ways, the pandemic has pulled the future forward in American healthcare. The healthcare industry is dramatically shifting to meet the rapidly evolving consumer needs and we are proud to partner with them to make it happen. We have ambitious plans to expand the national network of providers who offer same-day appointments, virtual care and cost transparency to patients. Specifically, we’ve begun adding new specialty areas to Solv, including primary care, mental health and women’s health.
And while this is an incredible moment to celebrate our team and how much we’ve accomplished, we are clear eyed about how much work is ahead to truly empower consumers in their everyday healthcare needs. Let’s go!
Frequently asked questions
What is Solv's recent achievement?
Solv has recently closed additional venture capital and expanded its leadership team. This is a significant step forward in Solv's mission.Who are the investors in Solv's recent venture capital round?
Solv has added $27M from Acrew Capital with participation from MultiCare Health System, Light Street Capital as well as previous investors Benchmark and Greylock Partners.What is the purpose of the recent funding Solv has received?
The funding will be used to rapidly expand Solv's national network of convenient healthcare providers, enabling more access, cost transparency and empowering more Americans to manage everyday healthcare from their phones.Who are the new additions to Solv's Board of Directors and advisory board?
Theresia Gouw from Acrew Capital is joining Solv's Board of Directors. MultiCare Health System will now serve as a strategic investor and MultiCare EVP & COO Florence Chang will join Solv’s industry advisory board.Has Solv added any new executives to its team?
Yes, Solv has expanded its team with Dr. Rob Rohatsch joining as Solv’s first Chief Medical Officer and Beth Frensilli joining as Solv’s Chief Legal Officer.How has the usage of Solv's app changed over the past year?
Solv has seen a 6x year-over-year increase in app consumer usage, with 6.3 Million monthly visitors in October 2020 compared to 1.1 Million monthly visitors in October 2019.What role has Solv played in the COVID-19 pandemic?
Solv launched COVID-19 testing support to help millions of Americans discover and book appointments at local COVID-19 testing sites. More than 2 Million COVID-19 tests have been managed through Solv to date.What are Solv's future plans?
Solv has ambitious plans to expand the national network of providers who offer same-day appointments, virtual care and cost transparency to patients. They have begun adding new specialty areas to Solv, including primary care, mental health and women’s health.
