​Behind the Teladoc deal: How we inked Texas' second largest VC investment in Q3

Enlarge Photo

Teladoc CEO Jason Gorevic

14 photos

Home of the Day

Sponsor Listing

Danielle Abril

Staff Writer- Dallas Business Journal

Email  |  LinkedIn  |  Twitter  |  Google+

Teladoc Inc.'s secret to landing the second largest venture capital deal in the state, worth $50.25 million, during the third quarter isn't really a secret at all in CEO Jason Gorevic's opinion.

"The best strategy in raising money is to be successful," Gorevic said. "We experienced multiple years of significant growth … in a market of tremendous opportunity. It makes the capital raising process a lot easier."

Teladoc, a Dallas-based telehealth company that helps doctors care for patients over the phone, has grown more than 100 percent in the past two years and doubled the number of employees in the past nine months. It now employs 200 people.

The company had five term sheets in its most recent round of fundraising, allowing its management team to select the best offer. The offers allowed Teladoc the chance to raise significantly more money than Gorevic initially thought it would.

Gorevic said Teladoc plans to use the latest round of venture capital, provided by investors including including Cardinal Partners, FLAG Capital Management and Greenspring Associates, to expand its product portfolio, enter new market segments and confirm new partnerships and acquisitions.

"That fundraising is a big milestone for us, but it's really designed to help us accelerate and capitalize on the growth from the last few years," he said.

The company is amid a rollout of services that will include behavior health and dermatology, representing two areas that lend themselves to telehealth and that consumers generally have trouble accessing, Gorevic said. The two specialties will be Teladoc's first foray outside of primary care.

Danielle covers technology, retail, restaurants and hospitality for the Dallas Business Journal. Subscribe to our email newsletters.