Virtual health startup OpenLoop closes oversubscribed $3m seed round
OpenLoop, a virtual health company based in Des Moines, Iowa, announced its oversubscribed seed round financing of $3 million. The round was led by an angel group of physicians and was joined by Techstars, Next Level Ventures, Panoramic Ventures, and ISA Ventures, along with all existing investors, including Chairman Dr. Richard Ferguson, PhD. This financing enables OpenLoop to expedite the development of their marketplace technology and grow their team of experts.
Mark Buffington, Managing Partner, Panoramic Ventures: "We're excited to partner with OpenLoop as they work to improve community health by drastically streamlining how clinicians and healthcare organizations connect around locum tenens and telehealth hiring."
According to a September 2019 study conducted by the Association of American Medical Colleges (AAMC), 35% of respondents said they had issues finding a clinician over the three prior years. That gap in access to care only continues to widen. More recent data from the AAMC anticipates that the US could experience a shortage of up to 139,000 primary and specialty care physicians by 2033; a staggering number that Telehealth adoption could alleviate.
OpenLoop, which first launched in March of 2020, grew its fractional clinician workforce to over 5,500 clinicians in the first ten months of operation. These medical professionals utilize the OpenLoop network to find Telehealth shifts with companies implementing and scaling virtual healthcare services. OpenLoop's clients include Vermeer Corporation, a Fortune 500 manufacturer; Cano Health; and several telemedicine brands increasing their patient visit capacity nationally.
Scott Hoekman, Co-founder and Partner, Next Level Ventures: "Telehealth has tremendous potential, and we think OpenLoop fits quite nicely in that big opportunity. We are very excited to back Jon, Christian, and the entire OpenLoop team."