business

House call-telemedicine firm lands $12.9 million investment

Posted April 30, 2012

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WhiteGlove Health, a direct-pay mobile medical services company based in Austin, Texas, attracted $12.9 million in initial funding and offered stock warrants for an additional $15.3 million that will be spread out over the next two years, according to a statement the organization issued April 12.

Burrill & Co., a financial services firm based in San Francisco, is the lead investor.

WhiteGlove, which was founded in 2007, provides nurse practitioner care at home or in the workplace and physician services by telephone for acute, chronic and preventive services from 8 a.m. to 8 p.m. daily. The company has about 500,000 enrollees, mostly employees of self-insured companies that pay for memberships.

WhiteGlove had planned an initial public offering for 2011, but it was scrapped because the company deemed the stock market too volatile. The new funding will be used to increase membership in existing markets and expand into new ones. Within the past two years, WhiteGlove has grown beyond its home state of Texas to Arizona, Kansas and Massachusetts. It plans to move into Colorado, Minnesota and Georgia.

Note: This item originally appeared at http://www.ama-assn.org/amednews/2012/04/30/bibf0430.htm.

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