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Alphabet-backed primary care startup One Medical files to go public

Sarah Buhr

One Medical, a San Francisco-based primary care startup with tech-infused, concierge services filed for an IPO with the Securities and Exchange Commission today.

Internal medicine doctor Tom Lee founded the startup, now valued at well-over $1 billion dollars, in 2007. Lee exited his company in 2017, leaving it in the hands of former UnitedHealth group executive Amir Rubin.

The startup currently operates 72 health clinics in nine major cities throughout the U.S., with three more markets expected to open in 2020 and has raised just over $500 million in venture capital from it's biggest investor, the Carlyle Group (which owns just over a quarter of shares), Alphabet's GV, J.P. Morgan and others. Google also incorporates One Medical into its campuses and accounts for about 10% of the company revenue, according to the SEC filing. The filing also mentions the company, which is officially incorporated as 1Life Healthcare Inc. ONEM, now plans to raise about $100 million.

Presumably, this money will help the company improve upon its technology and expand to more markets. We've reached out to One Medical for more and so far have only been referred to its wire statement.

According to that statement, One Medical has applied for a listing as ticker symbol, ONEM under its common stock on the Nasdaq Global Select Market. We'll be sure to update you if and when we hear more.