Solv, a provider of same-day and next-day appointment software, banked $45 million in fresh funding to build out its national network of healthcare providers.
The series C funding round was led by Acrew Capital and Corner Ventures. Other participants include prior investors Greylock Partners and Benchmark Capital. Solv has raised $95 million to date, according to Crunchbase.
The San Francisco-based company sells software to healthcare providers to help them build out digital capabilities like online scheduling, paperless registration, AI-driven queuing and automatic reputation management. Solv also offers an app for consumers to find care and schedule appointments, including telehealth visits.
The company compares itself to other industry marketplaces that connect drivers and passengers in transportation, buyers and sellers in real estate, and restaurants and diners in food. Solv connects patients and providers in healthcare, according to company executives.
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“At Solv, we see an opportunity to push the industry towards a more digital, consumer-focused, and accessible reality,” said Solv CEO and co-founder Heather Fernandez in a statement. “Just as the financial crisis changed consumer expectations and drove innovation in fintech, we are seeing the same trends in healthcare because of the COVID-19 pandemic. By placing patients front and center, both sides of the healthcare system benefit, and we can move the industry closer to the future we are working to build.”
Today, 1 in 16 Americans have used Solv to schedule care, making same-day appointments with just a few taps of a phone, reducing their in-office wait time by filling out digital forms pre-appointment and texting with their provider, according to the company. Over 100 million Americans live within five miles of a same-day appointment with Solv.
Nearly 50% of patients who scheduled care online using Solv were new patients to that practice, the company said.
Solv has seen strong growth in telehealth bookings as a result of the COVID-19 pandemic. Since March of 2020, there have been 1.5 million telehealth bookings compared to only 9,500 telehealth appointments in early 2020 and in all of 2019.
“While I’ve known Heather and many members of the Solv team from their time at Trulia, I continue to be amazed by their vision and growth since we initially invested in Solv in early 2016,” said Theresia Gouw, founding partner of Acrew Capital and Solv board member, in a statement.
“Over the past year-and-a-half, Solv has accelerated during the pandemic helping millions of Americans navigate the healthcare system especially regarding access to rapid COVID testing and virtual care. Solv’s technology and speed of execution address critical needs in healthcare during a time of new and evolving consumer demand," Gouw said.
Solv also announced the establishment of its industry advisory board, which will work closely with the Solv leadership team and board of directors to guide the company through future growth. The three founding advisory board members are: Alexandra Morehouse, chief marketing officer of Banner Health; Florence Chang, executive vice president and chief operating officer of MultiCare Health System; and Regina Benjamin, M.D., former U.S. surgeon general.