American Well Raises $290M+ to Go Bigger in Telehealth

American Well appears to be raising a massive venture capital investment. The Boston-based telehealth company disclosed in a new SEC filing that it has pulled in $290.6 million in a new funding round that could reach almost $315 million.

A company spokeswoman declined to comment.

Regardless of how large the latest investment in American Well ends up being, it’s already one of the biggest venture capital deals in Boston in recent memory, and the biggest funding round of the year for a local software company. In May, Fuze, a business communications software company, bagged $150 million and Circle Internet Financial, a blockchain and cryptocurrency startup, raised $110 million. Biotech firm Moderna Therapeutics raised a $500 million round earlier this year.

American Well last raised venture capital in 2014, an $81.2 million Series C investment backed by undisclosed health insurers, academic medical centers, private equity, and other institutional and corporate investors.

The new funding is a mix of equity and other types of securities, including Series C “convertible preferred stock,” according to the document filed Friday with the SEC.

Founded in 2006, American Well makes software for virtual doctor visits. Its recent moves include this year’s acquisition of Avizia, a Reston, VA-based telehealth company.

Jeff Engel is a senior editor at Xconomy. Email: jengel@xconomy.com Follow @JeffEngelXcon

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