One Medical (Amazon)

Acquired by Amazon · 2023 · $3.9B

One Medical combines tech-enabled brick-and-mortar primary care clinics with a digital app for 24/7 virtual visits, prescription renewals, and seamless scheduling. Acquired by Amazon for $3.9B in Feb 2023. 220+ clinics across 27 markets. Premium membership model. The defining tech-enabled primary care acquisition.

Amazon acquired One Medical for $3.9B in 2023, signaling that big tech sees the tech-enabled primary care layer as a strategic asset; it established the hybrid care-delivery model that Carbon Health and others now compete on.

onemedical.com Virtual Care Delivery

United Statesacquired

At a glance

Total raised

$4.7B

last round acquired

Headcount

1k-5k

approximate · public range

Headquarters

San Francisco

United States

Founded

2007

19 years active

Status

Acquired

by Amazon

Subsector

Virtual Care Delivery

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Funding history

Total raised

$4.7B

Rounds tracked

Latest stage

Acquired

Date	Stage	Amount	Valuation	Lead investors
Jul 21, 2022	Acquired	$3.9B	—	Amazon
Jan 30, 2020	IPO	$245M	—	—
Aug 22, 2018	Growth	$350M	$1.7B	The Carlyle Group
Dec 8, 2015	Growth	$65M	—	J.P. Morgan Asset Management
Apr 17, 2014	Undisclosed	$40M	—	Redmile Group
Mar 20, 2013	Series F	$30M	—	GV (Google Ventures)
Sep 5, 2011	Series B	$20M	—	Benchmark Capital, DAG Ventures

Founder backgrounds

Dr. Tom X. Lee

Founder

A board-certified internist by training, Lee earned a BS in Biology from Yale, an MD from the University of Washington School of Medicine, completed residency at Harvard's Brigham and Women's Hospital, and later earned an MBA from Stanford. Before founding One Medical in 2007, he was Chief Medical Officer, Editor-in-Chief, and lead designer of mobile applications at Epocrates — an early mobile reference tool for clinicians, later acquired for $293M. One Medical went public in 2020 and was acquired by Amazon for $3.9B in 2023. Lee is now CEO of Galileo, a tech-enabled medical group. Unusually for a physician-founder, he personally designed Epocrates' mobile products, blending clinical practice with hands-on product development.

AI bull / bear

Bull case

One Medical now operates with Amazon's full balance sheet and infrastructure behind it, which changes the competitive math entirely. The newly launched GLP-1 weight management program shows exactly why the $3.9B deal makes sense: it threads together One Medical's clinicians, Amazon Pharmacy's fulfillment, and the digital front door into a single patient journey that pure-play telehealth companies cannot replicate. With 220 clinics across 27 markets, One Medical owns the hybrid real estate that virtual-only rivals lack — and that physical footprint is hard to build from scratch. Amazon can absorb the upfront losses on membership fees that independent operators cannot, using primary care as a loss leader that funnels patients into higher-margin pharmacy, labs, and specialty referrals. If Prime integration follows, the addressable market expands from hundreds of thousands of members to over 150 million U.S. Prime households virtually overnight.

Bear case

Amazon's healthcare track record should give any bull pause. The company shuttered Amazon Care in 2022 and dissolved Haven in 2021 — both ambitious attempts to reshape care delivery that ran into the same wall: healthcare does not move at AWS speed. One Medical was already unprofitable at acquisition, and primary care margins remain structurally thin regardless of scale. Running 220 clinics means real estate leases, staffing shortages, and the messy physics of in-person medicine that technology cannot optimize away. Amazon's core competency is standardizing and automating; primary care is stubbornly resistant to both. Meanwhile, the GLP-1 gold rush is attracting well-funded competitors — Ro, Hims & Hers, WeightWatchers — all fighting for the same obesity market with far lower overhead. Regulatory risk compounds the pressure. Every FTC chair and state attorney general now views big tech's healthcare expansion as a live antitrust concern, and One Medical's patient data sits inside a company that monetizes behavioral data across every other division.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

In the news

MobiHealthNews5/1/2026
Amazon One Medical's GLP-1 weight program
Amazon One Medical launches GLP-1 weight management program combining primary care, pharmacy, and virtual care.

Leadership

Dr. Tom X. Lee

Founder

Products

One Medical Primary Care
A network of tech-enabled brick-and-mortar primary care clinics across major U.S. cities offering same-day appointments, comprehensive annual physicals, chronic disease management, and preventive care. Members get access to spacious clinic environments with on-site labs and dedicated providers who coordinate all aspects of their healthcare journey.
One Medical App
A mobile application that serves as the digital front door to One Medical's services, enabling 24/7 virtual video visits with licensed providers, secure direct messaging with care teams, prescription renewals in a few taps, and seamless in-person appointment scheduling. The app also stores your health records and lab results for easy access anytime.
Treat Me Now
An on-demand virtual care offering for common, non-urgent conditions such as cold and flu, allergies, sinus infections, urinary tract infections, and skin rashes. Patients complete an online questionnaire, and a provider reviews and issues treatment plans or prescriptions without needing a live video visit, providing fast, asynchronous care at a lower price point.

Open roles

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