NEW YORK — Sollis Health, the members-only medical concierge, announced a $30 million Series A funding round led by Torch Capital and Denali Growth Partners. Additional investors including Strand Equity; Read Capital; Juan Vallarino former CEO of myNEXUS and SVP of HCA Healthcare; Jay Livingston, CMO of Shake Shack; Adam Henick, founder and former President of Mount Sinai Ventures; and Aniq Rahman, former President of Moat also joined the round.
This investment will help Sollis to extend its unique brand of medical care to more patients — both in existing markets by growing its footprint in New York, Los Angeles, Miami/Palm Beach, as well as in new markets including San Francisco. Sollis will also use this capital to further develop its technology to enhance virtual care for Sollis members and develop robust in-practice software to improve provider experience and efficiency.
The only service of its kind, Sollis Health is a members-only, 24/7 urgent and emergency medical concierge service with state-of-the-art centers in New York, Los Angeles, the Hamptons, Miami/Palm Beach, and soon, San Francisco. Sollis makes medical care seamless with its staff of ER physicians, on-site lab and advanced imaging equipment. It also offers extensive medical care via house calls and virtually. Each member has access to a dedicated member concierge and patient advocacy team to help them navigate the complex medical system, including expedited access to leading hospitals. Since 2019, Sollis has seen a revenue CAGR of 150% and has a long-run average of 90% adjusted renewal rate for members. The company currently serves more than 8,000 patients nationwide, with plans to serve more than 12,000 within the next year.
“At Sollis Health, our vision is to provide Americans with unique hospitality-infused healthcare so that they can receive expert medical care, while being treated with dignity, respect and empathy,” said Andrew Olanow, Co-Founder of Sollis Health. “We’re thrilled to find capital partners like Torch and Denali, who share this vision and have vast experience scaling consumer health businesses across the country.”
Olanow and fellow co-founders, Ben and Bernard Kruger founded Sollis Health in 2016 with the goal of combatting overwhelmed emergency rooms — a need that only became increasingly vital as the COVID-19 pandemic quickly gained momentum throughout the United States — by offering high-quality care for any medical issue at any time, with no waits and no appointments necessary. In an industry that provides little clarity when it comes to coverage and fees associated with medical care, Sollis provides a completely transparent experience for its members with fixed pricing, allowing them to plan their budgets accordingly. The Sollis Health plan covers unlimited visits to top-of-the-line Sollis medical centers with expert ER physicians, at costs that are often more affordable than most emergency room medical services.
“Sollis is revolutionizing the delivery of medical care by making the care journey seamless — bringing everything from advanced diagnostics to immediate emergency care and specialist referrals under one roof,” said Jonathan Keidan, Founder and Managing Partner of Torch Capital. “We’re excited to help more people across the country by increasing accessibility to Sollis’ high-quality healthcare while freeing up resources in emergency rooms and traditional care corridors for the community at large.”
