Doctor On Demand Acquisition, Valuation, Funding & Investors
Doctor On Demand was acquired by Grand Rounds for $3B in March 2021.
Cumulative funding Doctor On Demand raised
$236M
across 5 funding rounds
Key investors in Doctor On Demand
Venrock
Shasta Ventures
Lerer Hippeau
ACME Capital
Tenaya Capital
Andreessen Horowitz
GV
Goldman Sachs
About Doctor On Demand
Doctor On Demand is a San Francisco-based virtual care provider, founded in 2012 by Adam Jackson, Phil McGraw, and Jay McGraw, that connects patients with US-licensed physicians and psychologists for on-demand and scheduled video visits. The company employs its own clinical staff to deliver urgent, primary, chronic, preventive, and behavioral healthcare, working with health plans and employers to extend virtual primary care and mental health services to millions of covered lives. Doctor On Demand later merged with Grand Rounds to form a larger combined virtual care platform.
Founded
2012
HQ
San Francisco, CAWebsite
Status
Acquired
Customer focus
B2B & B2C
Revenue model
Services
Valuation
$875M (Jul 2020)
Doctor On Demand Acquisition
Doctor On Demand was acquired by Grand Rounds for $3B on 16 March 2021.
Before the acquisition Doctor On Demand had raised $236M across 5 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 16 Mar 2021 | Strategic M&A | $3B |
Doctor On Demand Valuation
Doctor On Demand is currently valued at $875M, based on its Series D in July 2020.
The $75M round was led by General Atlantic, with participation from ACME Capital.
Doctor On Demand valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2020 | Series D | $875M |
Doctor On Demand Funding History
Doctor On Demand has raised a total of $236M across 5 funding rounds.
Doctor On Demand's first fundraising round was a $3M seed round in December 2013. The most recent completed round was a $75M Series D in July 2020.
Doctor On Demand funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2020 | Series D | General Atlantic (lead); ACME Capital | $75M | $875M | Doctor On Demand is a San Francisco-based virtual care provider founded in 2012 by Adam Jackson, Phil McGraw (Dr. Phil), and Jay McGraw. The company delivers on-demand and scheduled visits with U.S.-licensed healthcare providers in both medical and behavioral health through web and mobile platforms, with fully employed clinical staff providing urgent, primary, chronic, preventive, and behavioral care. In July 2020, Doctor On Demand secured $75 million in Series D financing led by General Atlantic, with participation from existing investors. The round brought total lifetime funding to approximately $240 million. Following robust growth in 2019 and accelerated momentum in early 2020 driven by COVID-19 pandemic demand, the company more than doubled its covered lives in the first half of 2020 and achieved its 3 millionth virtual visit. The company's current valuation was stated as $875 million by early 2021. The company reported strong operational metrics during the pandemic period. With over 98 million covered lives and a 4.9 out of 5 patient satisfaction rating, Doctor On Demand achieved 139% year-over-year usage growth in 2020. The company had recently extended virtual services to 33 million Medicare Part B beneficiaries across all 50 states and launched new programs with major partners including Humana and Walmart. Doctor On Demand employed a differentiated clinical model combining video-based consults and virtual primary care with integrated behavioral health services. The funds were designated to accelerate growth investments and expand comprehensive virtual care access, with more than half of 2020 projected growth focused on continued expansion of the Virtual Primary Care offering that enables health plans and employers to deliver cost-efficient care while reducing overall healthcare costs. In early 2021, Doctor On Demand announced a merger with Grand Rounds to create a multibillion-dollar combined entity. The all-stock transaction brought together two leading digital health platforms serving health plans, employers, and consumers with complementary services and market positioning. |
| Apr 2018 | Series C | Goldman Sachs (lead); Princeville Capital (lead); Tenaya Capital; Lerer Hippeau; Qualcomm Ventures; Richard Branson; World Innovation Lab; ACME Capital; Venrock; Shasta Ventures; Blue Cloud Ventures; Ridgeview Asset Management | $74M | - | Doctor On Demand is a San Francisco-based telemedicine platform offering immediate video-based consultations with U.S.-licensed physicians and psychologists for urgent care, mental health, chronic conditions, and services like smoking cessation and weight management, available 24/7 for $40 per visit without subscription fees. The company staffs its own doctors, achieving readmission rates comparable to in-person services, with about 5% of consultations requiring specialist referrals, and has integrated lab testing partnerships with LabCorp, Quest Diagnostics, and Change Healthcare. Mental health services grew 240% since introduction, and the firm targets a $50 billion U.S. market. On April 25, 2018, Doctor On Demand raised $74 million in a Series C round led by Goldman Sachs Investment Partners and Princeville Global (also called Princeville Capital), with participation from new investors Blue Cloud Ventures, Ridgeview Asset Management, and existing backers including Venrock, Shasta Ventures, Tenaya Capital, Lerer Hippeau, Qualcomm Ventures, World Innovation Lab, and Richard Branson. This brought total funding to over $160 million, intended to fuel U.S. and international expansion of its telehealth platform amid improving reimbursement trends for telemedicine. At the time, the company reported triple-digit year-over-year growth, served two million patients nationwide, secured hundreds of enterprise customers including four Fortune 10 companies, and partnered with over two dozen health plans. It was not yet profitable, with the round valuing it under $1 billion. Doctor On Demand positioned itself for immediate ROI and cost savings through high-quality virtual care, earning consistent 5-star ratings. |
| Jul 2015 | Series B | Tenaya Capital (lead) | $63M | - | Doctor On Demand, a telemedicine startup offering video-based consultations with physicians and psychologists for $40 per visit without subscription fees, raised $50 million in a Series B round in June 2015 led by Tenaya Capital, with participation from Qualcomm Ventures, Dignity Health, 23andMe CEO Anne Wojcicki, and existing investors Venrock, Shasta Ventures, and Sir Richard Branson. This brought total funding to over $74 million. The company targeted expansion through employer partnerships, reaching over 200 corporate customers like Comcast and The Brink’s Company, and health plans including United Healthcare and Blue Cross Blue Shield Association, providing in-network or subsidized access to more than 25 million Americans. Its pay-per-use model appealed to partners seeking to reduce urgent care and ER visits. Funds were allocated to build a sales team, secure larger corporate clients, and explore integrations with medical devices for chronic disease management, such as otoscopes and blood glucose meters. Doctor On Demand also partnered with retailers like Wegmans for in-store virtual visits. The competitive telemedicine landscape included HealthTap, MDLive, American Well, and Teladoc, with the global market valued at $17.8 billion in 2014 and projected to grow at 18.4% CAGR through 2020. Later developments included a $74 million Series C in 2017 led by Princeville and Goldman Sachs with Tenaya participation, totaling over $160 million raised, and a $75 million round in July 2020 at over $800 million post-money valuation. |
| Aug 2014 | Series A | Venrock (lead); TomorrowVentures; Shasta Ventures; Virgin Group | $21M | - | Doctor On Demand is a telemedicine platform offering video visits with board-certified physicians for non-emergency conditions like colds, flus, UTIs, and upper respiratory infections, available via app on smartphones, tablets, and desktop at $40 per visit with no additional fees. In August 2014, the company closed a $21 million Series A round led by Venrock, with participation from Shasta Ventures and angel investor Sir Richard Branson of Virgin Group, bringing total funding to $23 million including a prior $3 million seed. The funds were intended to drive growth by expanding the team, building the physician network, adding new offerings, and growing the enterprise sales team, while eliminating per-employee-per-month fees to attract employers like Comcast, which integrated the service into employee health plans. At the time, Doctor On Demand operated in 46 states, emphasizing instant access without subscriptions, HIPAA-secure synchronous video chat for diagnosis, treatment, and prescriptions when appropriate, with $30 of the $40 fee going to physicians. The service targeted conditions treatable remotely, aiming to reduce emergency room visits and employer costs by providing faster, cost-effective care. Co-founder and CEO Adam Jackson highlighted demand from patients, health networks, and companies seeking alternatives to traditional urgent care. Venrock partner Bryan Roberts joined the board post-investment. This round followed seed funding from investors including Venrock, Andreessen Horowitz, Google Ventures, Lerer Ventures, Shasta Ventures, and Athenahealth CEO Jonathan Bush. |
| Dec 2013 | Seed | Venrock (lead); Lerer Hippeau; Jack Abraham; GV; Techammer; Jonathan Bush; iSeed Ventures; Kendall Fargo; Andreessen Horowitz; Halle Tecco; Shasta Ventures | $3M | - | Doctor On Demand raised $3 million in a seed round on approximately December 10, 2013, led by Venrock with participation from Andreessen Horowitz, Google Ventures (GV), Lerer Hippeau, Shasta Ventures, and angels including Jonathan Bush. The company, founded in 2013 by Adam Jackson and Jay McGraw, provides video consultations with board-certified U.S. physicians for non-emergency issues via mobile devices, charging $40 per 15-minute visit, with $30 going to doctors and $10 retained by the company. Funds were intended to expand the doctor network beyond 1,300 physicians, improve encrypted video technology, roll out to all U.S. states by Q2 2014, and address logistical challenges in physician training and quality assurance. This seed followed quickly after launch in late 2013, positioning Doctor On Demand to ease healthcare system strain through telemedicine amid growing mainstream adoption. Subsequent rounds included a $21 million Series A in August 2014 led by Venrock with Shasta Ventures and Richard Branson, bringing total funding to around $24 million at that point. |
Who has invested in Doctor On Demand?
23 investors have backed Doctor On Demand across its funding rounds, including Venrock, Shasta Ventures, Lerer Hippeau, ACME Capital, Tenaya Capital and Andreessen Horowitz.
Lead investors include General Atlantic, Goldman Sachs, Princeville Capital, Tenaya Capital and Venrock.
Doctor On Demand Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 3 | Lead | Dec 2013 | |
| United States | 3 | Participant | Dec 2013 | |
| San Francisco, CA | 2 | Lead | Jul 2015 | |
| New York City, NY | 2 | Participant | Dec 2013 | |
| San Francisco, CA | 2 | Participant | Apr 2018 | |
| San Diego, CA | 1 | Participant | Apr 2018 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Richard Branson |  Crawley | 1 | Participant | Apr 2018 |
| San Francisco, CA | 1 | Participant | Dec 2013 | |
| San Francisco, CA | 1 | Participant | Dec 2013 | |
| New York City, NY | 1 | Participant | Dec 2013 | |
| San Francisco, CA | 1 | Participant | Aug 2014 | |
| San Francisco, CA | 1 | Participant | Apr 2018 | |
| San Francisco, CA | 1 | Lead | Apr 2018 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialDoctor On Demand Competitors
Doctor On Demand competitors include listed companies like Ping An Healthcare and JMDC, and private ones like Grow Therapy, Apollo Healthco, Suno and Noom.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | $1B | - | $3B | - | |
 India | Private | - | $18M | $2.7B | - | |
| New York City, NY | Private | $200M | - | $2.5B | 12.3x | |
| New York City, NY | Private | $400M | - | $3.7B | 9.3x | |
 China | Publicly listed | $815M | $52M | $1.6B | 0.9x | |
 Japan | Publicly listed | $324M | $88M | $1.5B | 4.6x |
Doctor On Demand Public Comps
Doctor On Demand is no longer listed, but its public comps include Ping An Healthcare, JMDC, GoodRx, Teladoc, Talkspace, Guiyang Longmaster, Medley Inc., American Well, Hims and Oscar Health.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $815M | $52M | 0.9x | 0.9x | 13.4x | 16.9x | |||
| $324M | $88M | 5.0x | 4.6x | 18.4x | 17.9x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $2.5B | $124M | 0.6x | 0.6x | 11.3x | 5.0x | |||
| $229M | $6M | 3.4x | 3.4x | 129.3x | 49.4x | |||
| $44M | $5M | 10.0x | - | 87.9x | - | |||
| $236M | $32M | 2.1x | 1.8x | 15.7x | 13.2x | |||
| $249M | ($63M) | 0.2x | 0.2x | (0.8x) | (3.1x) | |||
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Common questions about Doctor On Demand
| When was Doctor On Demand founded? | Doctor On Demand was founded in 2012. |
| Where is Doctor On Demand headquartered? | Doctor On Demand is headquartered in San Francisco, CA, United States. |
| Is Doctor On Demand publicly listed? | No, Doctor On Demand was acquired by Grand Rounds in March 2021. |
| Who acquired Doctor On Demand? | Doctor On Demand was acquired by Grand Rounds in March 2021. |
| How much was Doctor On Demand acquired for? | Doctor On Demand was acquired for $3B in March 2021. |
| What is Doctor On Demand's valuation? | Doctor On Demand was last valued at $875M in its Series D in July 2020. |
| How much funding has Doctor On Demand raised? | Doctor On Demand has raised $236M across 5 funding rounds. |
| What was Doctor On Demand's last funding round? | Doctor On Demand's last funding round was a $75M Series D in July 2020, led by General Atlantic. |
| Who are Doctor On Demand's investors? | Doctor On Demand's investors include Venrock, Shasta Ventures, Tenaya Capital, Lerer Hippeau, ACME Capital, Qualcomm Ventures, Richard Branson, Jack Abraham, GV, Techammer and 13 others. |
| Which companies are comparable to Doctor On Demand? | Companies comparable to Doctor On Demand include Grow Therapy, Apollo Healthco, Suno, Noom, Ping An Healthcare and JMDC. |
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