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- Wheel
Wheel Valuation, Funding & Investors
Wheel is valued at $1.2B as of January 2022.
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Jan 2022 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Series C | Lightspeed Venture Partners (lead); Tiger Global (lead); Salesforce Ventures; Tusk Venture Partners; Silverton Partners; Coatue; CRV | $150M | $1.2B | Wheel 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 2021 | Series B | Lightspeed 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 2020 | Series A | CRV (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 2018 | Seed | Silverton 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Dec 2018 | ||
| 4 | Lead | Dec 2018 | ||
| 3 | Lead | Jan 2020 | ||
| 2 | Lead | May 2021 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
This data is available for Pro users. Sign up to see all 9 Wheel investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialWheel Competitors
Wheel competitors include listed companies like Guiyang Longmaster and Medley Inc., and private ones like Assort Health, Tala Health, League and Cadence Solutions.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $3M | - | $1.2B | - | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.2B | - | ||
| Private | $35M | - | $1.2B | - | ||
| Publicly listed | $44M | $5M | $482M | - | ||
| Publicly listed | $236M | $32M | $459M | 1.8x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $860M | $310M | 2.5x | 2.5x | 7.0x | 5.9x | |||
| $781M | $110M | 2.5x | 2.3x | 17.5x | 18.9x | |||
| $797M | $173M | 1.8x | 1.8x | 8.1x | 5.5x | |||
| $2.5B | $124M | 0.6x | 0.6x | 11.3x | 5.0x | |||
| $2.3B | $320M | 1.0x | 1.0x | 7.2x | 6.5x | |||
| $589M | $128M | 3.0x | 2.9x | 13.7x | 9.5x | |||
| $371M | $151M | 3.7x | 3.5x | 9.1x | 9.0x | |||
| $136M | ($7M) | 7.7x | 6.2x | (150.8x) | (144172.5x) | |||
This data is available for Pro users. Sign up to see all Wheel competitors and their valuation data. Start Free Trial | ||||||||
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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