One Medical Files for USD 100 Million in IPO

By StartUp City | Wednesday, January 15, 2020

One Medical was founded by Dr. Tom Lee in 2008 in the Noe Valley region with just a single office. Since then, the company has grown into an organization housing 397,000 employees with over 77 physical offices and employer on-site clinics

Fremont, CA: Medical clinic operator One Medical has filed paperwork for an Initial Public Offering (IPO) worth USD 100 million. The filing has been widely anticipated since last fall when the company directed JPMorgan and Morgan Stanley to help it plan an offering. The filing has been made under the name of San Francisco based 1Life Healthcare Inc.

One Medical was founded by Dr. Tom Lee in 2008 in the Noe Valley region with just a single office. Since then, the company has grown into an organization housing 397,000 employees with over 77 physical offices and employer on-site clinics in the Bay Area, Los Angeles, New York, Chicago, Boston, Phoenix, San Diego, and Washington, D.C. The company also has offices in Peninsula and Silicon Valley region, namely Palo Alto, Burlingame, Sunnyvale, Redwood City, and San Jose.

To date, One Medical has raised more than USD 500 million in funding, which includes a USD 350 investment last year from private equity firm The Carlyle Group. The company will be traded on the NASDAQ exchange with the market symbol 'ONEM.' Some of the other major investors in the company include Benchmark Capital (13 percent), Oak Investment Partners (11.4 percent), DAG Ventures (7.6 percent), GV, formerly known as Google Ventures, at 7.7 percent, J.P. Morgan (5.4 percent), Maverick Fund (5.2 percent) and founder Dr. Lee at 7.7 percent.

The company, in its IPO filing with the Securities and Exchange Commission, clarified, it had incurred a loss of USD 33.1 million on revenue of USD 198.9 million during the first nine months of 2019. The loss came as a surprise as the figures marked a 29 percent increase in revenue when compared to the same period in 2018. The number of members has also increased from 323,000 at the end of the third quarter of 2018. Currently, One Medical is led by Amir Dan Rubin, a former UnitedHealth Group executive who replaced Dr. Lee as CEO in August 2017.

Check Out: Top 10 Medtech Startups

Weekly Brief