Teladoc Inc (NYSE:TDOC), the firm which allows people to dial a doctor for non emergency medical problems, has been given a boost to its growth aspirations via US$50mln in debt financing from Silicon Valley Bank (SVB).
Katherine Andersen, managing director for the bank, said: “We’re pleased to support Teladoc during this exciting time in the company’s growth.
"Teladoc is driving important advancements to telehealth services and the acquisition of HealthiestYou will allow them to further cultivate and expand their portfolio of solutions.
"Our objective is to provide the Teladoc team with the right financing and connections to facilitate their continued success.”
Meanwhile, finance chief at the healthcare platform Mark Hirschhorn said: "Teladoc and SVB have been partners for over five years.
"Our partnership has been forged between the people at both companies who have worked tirelessly to provide Teladoc with the opportunity to pursue a number of transactions in a very flexible and efficient manner."
The financing consists of a US$25 million term loan and $25mln revolving line of credit agreement with the bank.
Teladoc serves around 6,000 clients - including health systems, employers and other organisations - and more than 15mln members can use phone, mobile devices and secure online video to Teladoc's network of more than 3,000 board-certified, state-licensed physicians and behavioral health specialists.
In April this year, the group said its services had proved more popular than expected this year.
It revealed 240,000 visits to its telehealth platform in the US in the first three months of 2016, up 61% from the 149,000 visits in the corresponding period of 2015, and ahead of the company's own guidance of total visits of between 220,000 and 230,000.