Health / Investing / Startups / Venture capital

NewSpring Capital, PCOM invest in vybe, a network of urgent care clinics [Update]

The company has four locations scattered around Philly. It will use the $12.2 million in funding to expand its footprint over the next three years.

Locomation's two-truck convoy operating on Pittsburgh streets. (Courtesy photo)
Update: According to SEC documents filed May 22, vybe raised $12.2 million. (5/24/18, 6:09 p.m.)

An undisclosed but “significant” investment will let vybe, the Philly-based network of urgent care clinics formerly known as On Demand Urgent Care, expand its four-location footprint beyond Philly by 2021. (Update: According to SEC documents, the company raised at least $12.2 million.)

The investment round was co-led by NewSpring Capital and the Philadelphia College of Osteopathic Medicine (PCOM), the latter of which invested both institutionally and through its Primary Care Innovation Fund.

“Recruiting and retaining a first-class team of providers will be a critical element in our success,” said vybe CEO Peter Hotz. “We are excited about the chance to work with PCOM leadership to develop educational programs for physicians and other providers to better prepare them for today’s healthcare environment.”

As part of the deal, NewSpring and PCOM will each receive a seat on vybe’s board of directors. PCOM’s 2,860 students will have access to on-site training for its osteopathic and physician assistant programs.

According to PCOM CEO Dr. Jay Feldstein, the investment in vybe made sense because of the increased presence urgent care centers will have in the healthcare experience.

“They are going to be part of our ongoing health delivery system just like nursing homes and ambulatory centers,” Feldstein said. “It will be part of the landscape, and this is an opportunity for students to understand that environment.”

In 2016, the college launched the Primary Care Innovation Fund to back local entrepreneurs in the healthcare space. Feldstein said that, in keeping with that strategy, the recent investment in vybe helps PCOM expand its revenue stream while opening up broader academic experiences for its students. The Primary Care Innovation Fund is managed by PACT President Dean Miller.


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