Wheel Valuation, Funding & Investors

Wheel is valued at $1.2B as of January 2022.

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Last Wheel valuation

$1.2B

Series C · Jan 2022

Last Wheel funding round

$150M

Series C · Jan 2022

Cumulative funding Wheel raised

$216M

across 4 funding rounds

Key investors in Wheel

  • Silverton Partners
  • Tusk Venture Partners
  • CRV
  • Lightspeed Venture Partners
  • Tiger Global
  • Salesforce Ventures

Wheel Overview

About Wheel

Wheel is a San Francisco-headquartered healthcare technology platform enabling virtual care delivery for digital health firms, lab networks, retailers, and tech companies. Founded in 2018, it integrates clinician networks with telehealth infrastructure across primary care, therapy, and urgent services.


Founded

2018

HQ

United StatesAustin, TX

Website

wheel.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$1.2B (Jan 2022)

Wheel Valuation

Wheel is currently valued at $1.2B, based on its Series C in January 2022.

The $150M round was led by Lightspeed Venture Partners and Tiger Global, with participation from Salesforce Ventures, Tusk Venture Partners, Silverton Partners, Coatue and CRV.

Wheel valuation by funding round

Wheel valuation by funding round
DateStageValuation
Jan 2022Series C$1.2B

Wheel Funding History

Wheel has raised a total of $216M across 4 funding rounds.

Wheel's first fundraising round was a $2M seed round in December 2018. The most recent completed round was a $150M Series C in January 2022.

Wheel funding rounds

Wheel funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2022Series CLightspeed Venture Partners (lead); Tiger Global (lead); Salesforce Ventures; Tusk Venture Partners; Silverton Partners; Coatue; CRV$150M$1.2BWheel is a health tech company based in Austin, Texas, that provides virtual care infrastructure, including software and a national clinician network, enabling healthcare organizations to deliver telehealth services faster and at lower costs. The company announced a $150 million Series C funding round on January 19, 2022, co-led by Lightspeed Venture Partners and Tiger Global, with participation from new investors Coatue and Salesforce Ventures, as well as existing backers CRV, Tusk Venture Partners, and Silverton Partners. This brought Wheel's total funding to $216 million, following a $50 million Series B in May 2021. The round was aimed at scaling 'anytime, anywhere' care, expanding services, doubling headcount to 300 employees by the end of 2022, and accelerating healthcare innovation through virtual-first care for millions of patients. By the time of the announcement, Wheel had powered 1.3 million patient visits in 2021, with plans to triple visit volume by the end of 2022, alongside growing its clinician network by over 60% year-over-year while maintaining a 90% retention rate. Later in August 2022, Wheel cut 17% of its workforce (35 employees) as part of a strategic shift from a virtual care marketplace to a platform model for businesses.
May 2021Series BLightspeed Venture Partners (lead); Tusk Venture Partners; Silverton Partners; Future Shape; JPMorgan Chase; CRV$50M-Wheel is a health tech company founded in 2018 that provides companies and clinicians with the technology, clinician network, and services needed to deliver virtual care under their own brand. It powers virtual-first healthcare by enabling seamless integration of telehealth visits, diagnostics, and hybrid care models. In May 2021, Wheel raised a $50 million Series B round led by Lightspeed Venture Partners, with participation from CRV, Future Shape, JP Morgan, Silverton Partners, and Tusk Venture Partners, bringing total funding to $66 million at that time. The funds were intended to support growth, expand the clinician network, hire across engineering, product, operations, and sales, and enhance training for virtual care delivery. Prior to the Series B, Wheel achieved significant traction in 2020, growing 300% year-over-year and facilitating nearly 500,000 patient visits while expanding its clinician network by 450%. The company focused on building infrastructure for high-quality virtual care, differentiating from simple telehealth by addressing complex clinical protocols, regulations, and workforce needs. Post-Series B, Wheel continued rapid expansion, delivering 1.3 million patient visits in 2021 with clinician network growth over 60% year-over-year and 90% retention, though these metrics are not tied directly to revenue. In January 2022, Wheel raised a $150 million Series C co-led by Lightspeed Venture Partners and Tiger Global Management, with new investors Coatue and Salesforce Ventures joining existing backers, increasing total funding to $216 million. This round aimed to scale anytime-anywhere care, broaden white-labeled diagnostic services, double headcount, and invest in platform enhancements.
Jan 2020Series ACRV (lead); Tusk Venture Partners; Silverton Partners$14M-Wheel, formerly Enzyme Health, is an Austin-based telehealth platform that provides a virtual care infrastructure, clinician network, and compliance solutions to help healthcare companies scale telehealth services. The company matches qualified clinicians with patients on demand, addressing regulatory, legal, and compliance needs for virtual care launches, state expansions, and broader patient populations. In January 2020, Wheel raised a $13.9 million Series A round led by CRV, with participation from Silverton Partners and Tusk Venture Partners. The funding aimed to scale operations and enhance technological capabilities of its virtual care platform. Wheel continued its growth with subsequent rounds, including a $50 million Series B in May 2021 led by Lightspeed Venture Partners and a $150 million Series C in January 2022 co-led by Lightspeed and Tiger Global, bringing total funding to $216 million across five rounds.
Dec 2018SeedSilverton Partners (lead); Tusk Venture Partners (lead)$2M--

Who has invested in Wheel?

9 investors have backed Wheel across its funding rounds, including Silverton Partners, Tusk Venture Partners, CRV, Lightspeed Venture Partners, Tiger Global and Salesforce Ventures.

Lead investors include Lightspeed Venture Partners, Tiger Global, CRV, Silverton Partners and Tusk Venture Partners.


Wheel Investors

Investors in Wheel by funding rounds participated
InvestorHQRoundsRoleFirst check
Tusk Venture PartnersUnited StatesNew York City, NY4LeadDec 2018
Silverton PartnersUnited StatesAustin, TX4LeadDec 2018
CRVUnited StatesUnited States3LeadJan 2020
Lightspeed Venture PartnersUnited StatesSan Francisco, CA2LeadMay 2021
Salesforce VenturesUnited StatesSan Francisco, CA1ParticipantJan 2022
Future ShapeFranceParis1ParticipantMay 2021
JPMorgan ChaseUnited StatesNew York City, NY1ParticipantMay 2021

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Wheel Competitors

Wheel competitors include listed companies like Guiyang Longmaster and Medley Inc., and private ones like Assort Health, Tala Health, League and Cadence Solutions.

Public and private companies comparable to Wheel
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Assort HealthUnited StatesSan Francisco, CAPrivate$3M-$1.2B-
Tala HealthUnited StatesSan Francisco, CAPrivate--$1.2B-
LeagueCanadaTorontoPrivate--$1.2B-
Cadence SolutionsUnited StatesNew York City, NYPrivate$35M-$1.2B-
Guiyang LongmasterChinaChinaPublicly listed$44M$5M$482M-
Medley Inc.JapanJapanPublicly listed$236M$32M$459M1.8x

Wheel Public Comps

Wheel is still privately-owned, but its public comps include Teamviewer, U.S. Physical Therapy, GoodRx, Teladoc, PHC Holdings, EverCommerce, Vitec Software, iFLYHealth, Indegene and Omnicell.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teamviewer$860M$310M2.5x2.5x7.0x5.9x
U.S. Physical Therapy$781M$110M2.5x2.3x17.5x18.9x
GoodRx$797M$173M1.8x1.8x8.1x5.5x
Teladoc$2.5B$124M0.6x0.6x11.3x5.0x
PHC Holdings$2.3B$320M1.0x1.0x7.2x6.5x
EverCommerce$589M$128M3.0x2.9x13.7x9.5x
Vitec Software$371M$151M3.7x3.5x9.1x9.0x
iFLYHealth$136M($7M)7.7x6.2x(150.8x)(144172.5x)

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Common questions about Wheel

When was Wheel founded?Wheel was founded in 2018.
Where is Wheel headquartered?Wheel is headquartered in Austin, TX, United States.
Is Wheel publicly listed?No, Wheel is a private, VC-backed company.
What is Wheel's valuation?Wheel was last valued at $1.2B in its Series C in January 2022.
How much funding has Wheel raised?Wheel has raised $216M across 4 funding rounds.
What was Wheel's last funding round?Wheel's last funding round was a $150M Series C in January 2022, led by Lightspeed Venture Partners and Tiger Global.
Who are Wheel's investors?Wheel's investors include Tusk Venture Partners, Silverton Partners, CRV, Lightspeed Venture Partners, Salesforce Ventures, Future Shape, JPMorgan Chase, Tiger Global and Coatue.
Which companies are comparable to Wheel?Companies comparable to Wheel include Assort Health, Tala Health, League, Cadence Solutions, Guiyang Longmaster and Medley Inc..

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