Amazon One Medical Acquisition, Valuation, Funding & Investors

Amazon One Medical was acquired by Amazon for $3.6B in July 2022, a 4.1x multiple on $882M of revenue.

Amazon One Medical acquisition price

$3.6B

Acquired by Amazon · Jul 2022

Amazon One Medical revenue at acquisition

$882M

Last twelve months · Jul 2022

Amazon One Medical revenue multiple at acquisition

4.1x

EV/Revenue · Jul 2022

Cumulative funding Amazon One Medical raised

$265M

across 4 funding rounds

Amazon One Medical Overview

About Amazon One Medical

Amazon One Medical is a San Francisco-headquartered membership-based primary care platform. The service provides virtual video visits, in-office appointments, and 24/7 access to care teams in over 100 U.S. locations including New York and Los Angeles. Acquired by Amazon in 2023, it serves patients with chronic condition management and preventive screenings.


Founded

2007

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2C

Revenue model

Subscription

Revenue

$882M (Jul 2022)

Valuation

$860M (Dec 2015)

Amazon One Medical Acquisition

Amazon One Medical was acquired by Amazon for $3.6B on 21 July 2022.

The acquisition price implies a 4.1x revenue multiple on $882M of revenue.

Before the acquisition Amazon One Medical had raised $265M across 4 funding rounds.

Amazon One Medical acquisition details
AcquirerDateTypePriceEV/Revenue
21 Jul 2022Strategic M&A$3.6B4.1x

Amazon One Medical Valuation

Amazon One Medical is currently valued at $860M, based on its undisclosed-stage round in December 2015.

The $65M round was led by JPMorgan Asset Management, with participation from Benchmark.

Amazon One Medical valuation by funding round

Amazon One Medical valuation by funding round
DateStageValuation
Dec 2015Undisclosed stage$860M

Amazon One Medical Funding History

Amazon One Medical has raised a total of $265M across 4 funding rounds, plus 1 secondary share sale.

Amazon One Medical's first fundraising round was a $30M Series F in March 2013. The most recent completed round was a $130M undisclosed-stage round in August 2018.

Amazon One Medical funding rounds

Amazon One Medical funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2018Undisclosed stageCarlyle Group (lead)$130M-One Medical, a San Francisco-based primary care provider founded in 2007, operates a members-only technology platform offering concierge medical services such as same-day scheduling, virtual doctor visits, and app-based access for an annual fee of $149-$199. It serves patients through 72 offices across seven states and has expanded to employer-based care for companies like Uber and Adobe. In August 2018, One Medical closed a funding round from The Carlyle Group totaling up to $350 million, comprising $220 million in primary equity investment and $130 million in secondary purchases from existing investors, though the secondary portion was not yet finalized at announcement. The funds were earmarked for doubling its office locations, entering new markets, scaling its clinical team from several hundred providers, and competing with traditional healthcare incumbents and startups like Forward. Prior to this round, One Medical had raised just over $180 million from investors including GV (Alphabet's venture arm) and Benchmark Capital, with the latest prior valuation around $1 billion. The new infusion brought total funding to $530 million. CEO Amir Rubin, who joined the prior year, led the expansion efforts post-funding. One Medical later went public as 1Life Healthcare and was acquired by Amazon in July 2022 for $18 per share in an all-cash deal valued at $3.9 billion including net debt, representing a 77% premium to the prior closing price; Carlyle exited its position as part of the transaction.
Aug 2018SecondaryCarlyle Group (lead)$130M-One Medical, a primary care provider founded in 2007 offering concierge-style services with same-day visits and app access for an annual fee of $149-$199, received up to $350 million from The Carlyle Group on August 22, 2018. The investment included $220 million as primary equity and $130 million for buying shares from existing investors. At the time, One Medical operated 72 offices across seven states and had raised just over $180 million previously, with a last valuation around $1 billion. The new funding brought total capital raised to $530 million and supported plans to double offices, expand to new markets, scale its clinical team from several hundred providers, and serve employer clients like Uber and Adobe. Carlyle fully exited its position in the 2022 Amazon acquisition valuing One Medical at $3.9 billion.
Dec 2015Undisclosed stageJPMorgan Asset Management (lead); Benchmark$65M$860MOne Medical Group, a technology-enabled primary care provider, raised $65 million in a growth capital round on December 8, 2015, led by J.P. Morgan Asset Management on behalf of PEG Digital Growth Fund II L.P. and AARP Innovation Fund L.P., with participation from current and new institutional and individual investors including Benchmark. The funds were earmarked for accelerated market expansion into additional U.S. markets, investment in enterprise solutions, and enhancement of its mobile technology platform, which already offered same-day appointment booking, prescription renewals, messaging, and digital dermatology services. This round followed a year of record growth, including the addition of over 80,000 new members and expansion of its enterprise client base to over 150 organizations such as Adobe, Airbnb, GoDaddy, Lyft, Percolate, and the Arizona Diamondbacks. One Medical positioned itself as a national leader in improving healthcare quality, service, and affordability through a patient-centered, tech-driven approach aimed at lowering total healthcare costs for individuals and populations. The company operated primary care practices with a focus on convenience and digital integration, distinguishing it from traditional models. Later developments include One Medical's public listing in 2020, a peak market valuation of $11.4 billion in February 2021, and its acquisition by Amazon in July 2022 for $3.9 billion at $18 per share, reflecting challenges in achieving profitability amid expansion and integration efforts like the acquisition of Iora Health. At the time of the Amazon deal, One Medical had over 180 offices and approximately 770,000 patients.
Apr 2014Undisclosed stageRedmile Group (lead); GV; Benchmark; Maverick Ventures; Lifeforce Capital; Oak Investment Partners; DAG Ventures$40M-One Medical Group, a primary care medical practice founded by Dr. Tom Lee, announced a $40 million growth capital round in April 2014 led by investment advisory firm Redmile Group, with participation from existing institutional investors. The company had previously raised $77 million from investors including Benchmark, DAG Ventures, Maverick Capital, Oak Investment Partners, and Google Ventures, bringing total capital raised to approximately $117 million by April 2014. One Medical operated 27 locations nationwide across Boston, Chicago, Los Angeles, New York, San Francisco, and Washington D.C., charging members annual fees of $149-$199 for access to its technology-enabled primary care model. In 2013, the company opened seven new offices and grew its membership base by more than 50 percent, while also launching a telehealth service and expanding into enterprise offerings with over 40 companies enrolled in its employee benefit program, including major names like Adobe, Fitbit, NBCUniversal, and Uber. The $40 million funding was earmarked for geographic expansion into new cities and further backend product development, with particular emphasis on mobile technology initiatives.
Mar 2013Series FGV (lead); Benchmark; Maverick Ventures; Oak Investment Partners; DAG Ventures$30M-One Medical (1Life Healthcare), the company behind Amazon One Medical post-acquisition, is a primary care provider offering membership-based access to physicians, virtual consultations, and sleek urban clinics, operating in multiple U.S. markets. Total funding across rounds reached approximately $402 million before the 2023 acquisition. The stock had peaked at a $11.4 billion valuation in 2021 before declining. In February 2023, Amazon acquired One Medical for $3.9 billion in an all-cash deal at $18 per share, including net debt, marking a significant entry into healthcare amid prior investments like PillPack.

Who has invested in Amazon One Medical?

9 investors have backed Amazon One Medical across its funding rounds, including Benchmark, GV, Carlyle Group, Maverick Ventures, DAG Ventures and Oak Investment Partners.

Lead investors include Carlyle Group, JPMorgan Asset Management, Redmile Group and GV.


Amazon One Medical Investors

Investors in Amazon One Medical by funding rounds participated
InvestorHQRoundsRoleFirst check
BenchmarkUnited StatesSan Francisco, CA3ParticipantMar 2013
GVUnited StatesSan Francisco, CA2LeadMar 2013
Carlyle GroupUnited StatesWashington, DC2LeadAug 2018
Maverick VenturesUnited StatesUnited States2ParticipantMar 2013
Oak Investment PartnersUnited StatesNorwalk, CT2ParticipantMar 2013
DAG VenturesUnited StatesSan Francisco, CA2ParticipantMar 2013
JPMorgan Asset ManagementUnited StatesNew York1LeadDec 2015

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Amazon One Medical

Amazon One Medical has acquired 2 companies to date.

Last acquisition by Amazon One Medical was on June 7th 2021. Amazon One Medical acquired Iora Health for $2.1B.


Latest Acquisitions by Amazon One Medical

Iora Health
Rise
Description
Iora Health is a primary care provider redesigning patient experiences with dedicated physicians and health coaches. Teams offer continuous support via email, text, video, and group visits alongside in-person care. Headquartered in Seattle, the company operates clinics focused on chronic disease management in the United States.
Rise is a mobile platform offering one-on-one diet coaching from nutrition experts for personalized meal plans and accountability, priced at $1 per day. Users in the United States receive tailored guidance based on tastes and lifestyle via app-based tracking.
HQ CountryUnited StatesUnited States
HQ City
Boston, MA
San Francisco, CA
Deal Date7 Jun 20215 Feb 2016
Valuation$2.1B$20M
EV/Revenue
EV/EBITDA

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Investments by Amazon One Medical

Amazon One Medical has invested in 1 company to date.

Latest investment by Amazon One Medical was on October 8th 2019. Amazon One Medical invested in Tend in their $21M Series A round.


Latest Investments by Amazon One Medical

Tend
Description
Tend is a New York-headquartered dental practice chain transforming patient care with tech-enabled studios in New York, Washington DC, Boston, Atlanta, Nashville, and Connecticut. Launched in 2019, it operates 25 locations emphasizing same-day appointments, digital scans, and hospitality design. Tend employs over 650 staff providing general, cosmetic, and orthodontic services.
HQ CountryUnited States
HQ City
Nashville, TN
Deal Date8 Oct 2019
RoundSeries A
Raised$21M
InvestorsRedpoint; Tusk Venture Partners; Juxtapose; Flatiron Health; Warby Parker; Oxeon Partners
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Amazon One Medical Competitors

Amazon One Medical competitors include listed companies like Max Healthcare Institute and RadNet, and private ones like Noom, Sword Health, Grow Therapy and Cerebral.

Public and private companies comparable to Amazon One Medical
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Max Healthcare InstituteIndiaIndiaPublicly listed$858M$232M$10B10.2x
NoomUnited StatesNew York City, NYPrivate$400M-$3.7B9.3x
Sword HealthUnited StatesNew York City, NYPrivate$240M-$4B16.7x
Grow TherapyUnited StatesNew York City, NYPrivate$1B-$3B-
CerebralUnited StatesSan Francisco, CAPrivate--$4.8B-
RadNetUnited StatesUnited StatesPublicly listed$2B$314M$6.1B3.3x

Amazon One Medical Public Comps

Amazon One Medical is no longer listed, but its public comps include Option Care Health, Mouwasat, Medicover, Krishna Institute, Narayana Health, Global Health, IKS Health, Guardian Pharmacy Service, Kpj Healthcare and Acadia Healthcare.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Option Care Health$5.6B$408M0.8x0.8x11.6x9.9x
Mouwasat$859M$300M4.4x4.1x12.6x12.6x
Medicover$2.7B$429M2.0x1.8x12.6x11.4x
Krishna Institute$404M$84M9.5x8.2x45.9x39.2x
Narayana Health$819M$167M5.3x4.4x25.8x22.1x
Global Health$450M$98M8.9x7.9x40.9x36.0x
IKS Health$333M$113M9.1x7.4x26.9x23.4x
Guardian Pharmacy Service$1.4B$96M1.9x1.9x29.2x22.4x

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Common questions about Amazon One Medical

When was Amazon One Medical founded?Amazon One Medical was founded in 2007.
Where is Amazon One Medical headquartered?Amazon One Medical is headquartered in San Francisco, CA, United States.
Is Amazon One Medical publicly listed?No, Amazon One Medical was acquired by Amazon in July 2022.
Who acquired Amazon One Medical?Amazon One Medical was acquired by Amazon in July 2022.
How much was Amazon One Medical acquired for?Amazon One Medical was acquired for $3.6B in July 2022, a 4.1x revenue multiple.
What is Amazon One Medical's valuation?Amazon One Medical was last valued at $860M in its undisclosed-stage round in December 2015.
How much funding has Amazon One Medical raised?Amazon One Medical has raised $265M across 4 funding rounds.
What was Amazon One Medical's last funding round?Amazon One Medical's last funding round was a $130M undisclosed-stage round in August 2018, led by Carlyle Group.
Who are Amazon One Medical's investors?Amazon One Medical's investors include Benchmark, GV, Carlyle Group, Maverick Ventures, Oak Investment Partners, DAG Ventures, JPMorgan Asset Management, Redmile Group and Lifeforce Capital.
Which companies are comparable to Amazon One Medical?Companies comparable to Amazon One Medical include Max Healthcare Institute, Noom, Sword Health, Grow Therapy, Cerebral and RadNet.
How many companies has Amazon One Medical acquired?Amazon One Medical has acquired 2 companies, including Iora Health and Rise.
What was the largest acquisition by Amazon One Medical?The $2.1B acquisition of Iora Health in June 2021 is the largest acquisition Amazon One Medical has made to date.
How many companies has Amazon One Medical invested in?Amazon One Medical has invested in 1 company, including Tend.
What was Amazon One Medical's last investment?In October 2019, Amazon One Medical invested in Tend's $21M Series A alongside Redpoint, Tusk Venture Partners, Juxtapose and 3 other investors.

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