The company confirmed on Wednesday that Cape is out and the board is looking for a replacement.
The sudden departure of the co-founder and CEO and no one in line to take over is unusual. The source said that Cape’s departure surprised employees. Chairman Jeff Greenstein was an early investor in 98point6 and served as interim CEO through his company YIS Capital.
We have contacted Cape and will update this story when we receive a response.
The following is a statement from Fukiko Ogisu, chief operating officer of 98point6:
“As of today, Robbie Cape is no longer the CEO of 98point6. We cherish his six years of vision and leadership. Although Robbie no longer works in the company, we will continue to carry out his mission of playing an important role in creation. ——Ensure that everyone on the planet has access to high-quality primary care without financial trade-offs to obtain it. The 98point6 board of directors is looking for a new CEO. The C-level team will continue to lead the business, and 98point6 is the co-founder and chairman of the board Jeff Greenstein will serve as interim CEO, while the board of directors will lead the search effort.”
Cape is a veteran of Seattle’s tech industry. He sold his previous company, Cozi, a family scheduling app, to Time in 2014. Before that, he worked at Microsoft for 12 years.
In 2015, Cape was established together with 98point6 Gordon Cohen, Arizona State University professor and Greenstein (until today was revealed as a co-founder).
The 350-person company helped facilitate virtual primary care appointments and reported that there was a huge demand during the pandemic. It raised $118 million in Series E financing in October, led by private equity giant L Catterton and late-stage investment company Activant Capital. According to data from PitchBook, the company was valued at US$518 million at the time.
98point6 provides primary care for more than 3 million patients in 50 states across the United States, connecting them with doctors in real time through artificial intelligence chatbots, text, and digital images. Its customers include giant companies such as Boeing and Chipotle, as well as health plans and health systems. The company also offers direct-to-consumer products.
This start-up company makes money through a membership model. It charges consumers $120 per year and $1 per visit. For example, those who use sponsored plans paid by employers can get doctors at low cost or for free.
The company said that 60% of Americans have nothing to do with primary care, and that number is growing.
“We are trying to solve this problem by providing them with a primary care relationship on their terms,” Kepp said in a statement. video Earlier this year. He added: “The depth and breadth of services we can provide-even in the context of primary care-is almost endless. This is just the beginning.”
98point6 is one of many health technology start-ups, its usage rate and Attract investor interest During the coronavirus crisis. Competitors include MDLive (acquired by Cigna earlier this year), Amwell, Firefly Health, Teladoc, etc. Aetna is a company of CVS Health, just now roll out Last month it had its own virtual primary care service.
To date, 98point6 has raised US$247 million. Investors include Goldman Sachs; BlackRock CEO Larry Fink; Costco co-founder Jim Sinegal; and Frazier Healthcare Partners managing partner Nader Naini.