On Wednesday, Cape was confirmed by the company and the search is on for a replacement.
A CEO or co-founder leaving abruptly is not common. According to sources, Cape’s sudden departure was a shock for employees. As interim CEO, Chairman Jeff Greenstein is acting as the chairman. He was an investor in 98point6 through his firm YIS Capital.
Cape has been contacted and we will bring you the latest information when we get back to them.
Below is Fukiko Ogisu, 98point6’s COO.
Robbie Cape has resigned as CEO of 98point6. His six years of leadership and vision are highly appreciated. Robbie has resigned from the company. However, the company will still be executing the mission Robbie helped to create: to ensure that every human being on Earth can have access to top-quality primary healthcare without having to make any financial compromises. The 98point6 Board has begun a search for a CEO. While the Board conducts the search, the C-level team and Jeff Greenstein (98point6 chairman and co-founder) will keep the company in good stead.
Cape is an experienced veteran in the Seattle tech scene. He sold his previous company, the family scheduling app Cozi, to Time Inc. in 2014 and previously spent 12 years at Microsoft.
In 2015 Cape founded 98point6 alongside Gordon Cohen, a professor at Arizona State University, and Greenstein (who was not revealed as a co-founder until today).
This 350-strong company facilitates virtual primary care appointments. It reported high demand during the pandemic. It raised a $118 million Series E round in October led by private equity giant L Catterton and late-stage investment firm Activant Capital. According to PitchBook, the company’s value was $518 million at the time.
98point6 offers primary care to over 3 million people in 50 states. It connects them with their doctors via an AI-powered chatbot and texts. Its clients include large companies like Boeing and Chipotle as well as health insurance and systems. It also provides a direct to consumer product.
It makes its money through a membership-based business model. The startup charges $120/year for the service and 1 per visit. For example, employees who have a sponsor plan that is paid by their employers can get access to doctors for a low- or even free cost.
According to the company, 60% of Americans do not have a primary care relationship and this number is increasing.
“We’re trying to solve this problem by delivering them a primary care relationship on their terms,” Cape said in a video earlier this year. Cape said that the depth and breadth of the service that we offer, as well as the quality of care — not just within primary care — are almost limitless. It’s just the beginning.
98point6 is among a bevy of health-tech startups seeing increased usage and attracting investor interest during the coronavirus crisis. MDLive, Teladoc and Firefly Health are some of the competitors. Aetna, a CVS Health company, just launched its own virtual primary care service last month.
To date, 98point6 raised $247 Million. Goldman Sachs, BlackRock CEO Larry Fink and Costco cofounder Jim Sinegal are some of the investors. Frazier Healthcare Partners managing partner Nader Naini is one of Frazier Healthcare Partners.
Publiated at Wednesday, 01 Sep 2021 23.29:04 +0000