Weave nears unicorn status with $70M Series D, $970M valuation

The Utah-based company's platform helps small to medium-sized practices manage their patient communications.
By Dave Muoio
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Weave, a Utah-based software startup tackling patient communications for various medical specialties as well as dentistry and optometry, has brought in a $70 million Series D funding round, bringing the company to a total valuation of $970 million. New backer Tiger Global Management led the raise, with prior investors Catalyst, Bessemer, Crosslink, Pelion and LeadEdge also contributing.

WHAT THEY DO

Weave’s digital platform looks to encompass a broad range of patient communications and relations capabilities for small to medium-sized practices. Among these are two-way texting, automated texts for missed calls, online review and reputation management, appointment scheduling management, mass emailing and call recording, among others. Additionally, the platform includes a practice-facing mobile app for staff to handle these tasks while on the go.

According to its funding announcement, Weave has brought roughly 250 new employees into its Utah headquarters since starting the year with 300, and in 2018 doubled its revenue.

WHAT IT’S FOR

Weave wrote in its announcement that it’s aiming for a deeper push into the international markets, and will also be continuing its investment into product expansion and workforce development.

“Our aim with this funding round is to exceed our customers’ expectations at every touchpoint, investing heavily in the products we create, the markets we serve and the overall customer experience we provide,” Brandon Rodman, CEO at Weave, said in a statement. “I am insanely proud of the spectacular team we’ve attracted here at Weave and the amazing products we deliver. We will continue to invest in our customers, our products and our people to build a solid, sustainable and scalable business. We look forward to our next steps in this amazing journey.”

MARKET SNAPSHOT

Weave’s valuation and size are fairly substantial compared to some of its competitors within the startup space.

Take Luma for instance — its late-August Series B raise of $16 million brought the company’s total funding to $25.7 million, and its EHR-friendly patient-provider communication platform has so far found its successes among smaller practices like the ones Weave is targeting (although cofounder Adnan Iqbal recently told MobiHealthNews that they are turning their attention to larger hospital systems).

Elsewhere, clinical communications company PerfectServe acquired two companies earlier this year specifically focused on patient communications and AI scheduling. Patient communication tool Medici also announced an acquisition back in January that was focused on telehealth, while New York-based Klara raised $11.5 million in August of 2018.

ON THE RECORD

“Weave is a place where employees are given challenging work and opportunities to grow, and they are also supported by a leadership team who invests in their long term development so they can deliver their best work. Not to mention, Weave has some of the best retention numbers we’ve ever seen for [a small and medium-sized business] SaaS company. We’re continually impressed by their accelerated growth and results.”