Alphabet-backed clinic chain One Medical prepares for IPO - report

Tuesday, 08. October 2019 15:13

One Medical, a primary care provider backed by Alphabet Inc., is preparing to go public in early 2020 or sooner, and hired Morgan Stanley and JPMorgan Chase & Co. for the process, CNBC report reported on Tuesday citing sources familiar with the matter.

The firm founded in 2007 has a valuation of around $1.5 billion, according to last year's financing round. In August, it raised $350M from The Carlyle Group in an effort to "expand national footprint." Earlier financiers include Benchmark Capital, Google Ventures, Maverick and JP Morgan. The CEO of the company is Amir Rubin was previously an executive at UnitedHealth group.

One Medical states on its web page that its mission is "making quality care more accessible and enjoyable for all." It has over 72 offices in major cities across the United States, and a mobile app. The annual fee for using its app and other services is $199.

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Breaking the News / NI