American Well adds another $75M in latest funding round

Telemedicine consultation
American Well added $366 million in funding over the last two months. (Getty/AndreyPopov)

Telehealth company American Well added another $75.4 million in venture funding this month, bringing its total funding over the last two months to more than $366 million.

The latest round closed on July 3 and featured 134 investors including former Massachusetts Governor Deval Patrick and Massachusetts General Hospital President Peter Slavin, M.D., according to a financial filing with the Securities and Exchange Commission. Both are board members of the company.

It also comes weeks after the company closed two separate funding rounds, including one worth $290.6 million.

The $75 million offering was made in connection with a merger or acquisition, according to the filing. In a clarification, the company explained the shares were “issued as consideration to former stockholders and vested option holders of companies acquired by the Issuer.”

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In May, American Well acquired acute care telehealth provider Avizia, used in more than 1,300 hospitals.

A spokesperson for American Well declined to comment on the recent funding round.

On Monday, American Well also announced a new partnership with Anthem and Samsung in which it would provide virtual care for Anthem’s members who access telehealth through a Samsung Health application on Galaxy phones.

Exactly how those investments pan out for the company's bottom line remains to be seen. Teladoc, which has reported huge gains in revenue and membership, took a $23.9 million loss in the first quarter this year.