Funding profile · Virtual primary care
Circle Medical
One Form D in ten years, one control sale, and a reported $114 million revenue run rate. The capital story here is not venture rounds. It is a Canadian parent, a thin equity record, and a $3,325,000 civil settlement visible in the parent’s accounting.
$14.3MWELL Health control investment for about 58%, closed Nov 2020
$6.11MSold of $7.40M offered, the only Form D on file (Aug 2018)
$12MTotal primary capital raised, per co-founder George Favvas (Oct 2025)
$3.33MFalse Claims Act settlement paid to the US and California (Jun 2026)
Data as of September 22, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 2015 to 2017 | Y Combinator and early backers | Not disclosed | Y Combinator, A.Capital, Collaborative Fund | Company and UCSF release |
| Jul 2018 | Equity offering | $7,404,824 offered, $6,112,858 sold | 41 investors, Rule 506(b) | Form D |
| Sep to Nov 2020 | Control sale to WELL Health | $14.3M aggregate, including $5.0M of new preferred from treasury | WELL Health Technologies, funded partly by a CAD$23M placement led by Li Ka-shing | Issuer release |
| 2020 to 2026 | No further Form D | Not disclosed | None on file under CIK 0001748771 | Not found |
What the filings show
Circle Medical Technologies, Inc. · Form D · filed Aug 9, 2018
- First sale
- Jul 26, 2018
- Offered
- $7,404,824 equity
- Sold
- $6,112,858 · $1,291,966 remaining
- Investors
- 41 · average about $149,094 · no non-accredited investors
- Exemption
- Rule 506(b)
- Sales compensation
- None. Commissions $0, finders fees $0
- Related persons
- George Favvas (executive officer, director); Jean-Sebastien Boulanger (executive officer, director)
- Prior entity name
- Valy Fontil Medical Corporation
- Filing
- SEC EDGAR, CIK 0001748771, Delaware, incorporated 2015
Main Circle Medical, Inc. · Form D · filed Nov 4, 2025 · not this company
- Why it appears
- Name collision in EDGAR full text search
- Issuer
- Charlotte, North Carolina, incorporated 2025
- Related persons
- Kyle Murphy, David Gunther, Charles Taylor, John Finch
- Filing
- SEC EDGAR, CIK 0002094222
Reading the filings
- The 2018 round was an institutional cheque book, not a crowd.$6,112,858 divided among 41 investors is about $149,094 each, with zero non-accredited investors and no placement agent paid. That is a priced seed shape, sold direct.
- The public equity record and the founder’s number nearly reconcile.George Favvas said in October 2025 that Circle Medical reached profitability “with only $12M in primary capital”. The Form D accounts for $6,112,858 and WELL’s November 2020 treasury subscription for a further US$5.0 million. Those add to $11,112,858, about $900,000 short of the stated figure. The remainder is unfiled or predates 2018.
- Most of the $14.3M never reached the company.Only US$5.0 million was new preferred stock issued from treasury. The rest bought existing shares from existing holders: about US$333,249 in cash plus 2,487,712 WELL shares at a deemed CAD$4.77. That is liquidity for founders and early investors, not growth capital.
- Form D undercounts this company badly.One notice in ten years. Nothing for the Y Combinator era, nothing for the 2020 treasury subscription, nothing since. Issuers selling to a single institutional buyer may rely on Section 4(a)(2) and file nothing, so silence is not evidence that no money moved.
- Revenue grew about twentyfold in five years.US$5.7 million run rate at the November 2020 closing, US$28 million by November 2021 (a 195% gain), and $114 million claimed by the founder in October 2025. The 2021 figure is a parent disclosure; the 2025 figure is a founder post, not separately audited.
- The settlement is visible in the parent’s numbers twice.WELL delayed its 2024 audited statements in March 2025 because of the USAO matter, and now reports Circle Medical Deferrals as a separate IFRS 15 line: $17.6 million recognised in 2026 guidance at close to 100% contribution to adjusted EBITDA, of which $4.8 million landed in Q2 2026. Strip it out and Q2 2026 adjusted EBITDA falls from $48.1 million to $43.3 million.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Ownership | WELL Health held about 58% fully diluted at the November 2020 closing, with a call option over the balance. | Issuer release |
| For sale | WELL announced strategic alternatives for all three US care businesses, Circle Medical, wisp and CRH Medical, with its 2025 results in March 2026, and restated 2025 growth excluding them. | Independent |
| Footprint | 32 states, 99 payers, about 14,000 health plans, hundreds of thousands of visits a year. Stated path to all 50 states. | Company-stated |
| Enforcement | $3,325,000 civil settlement with the US and California, June 10, 2026, no admission of liability. $475,000 federal, $2,850,000 state. Relator share $1,078,250. | Public record |
| Regulatory dependency | Remote Schedule II prescribing without a prior in-person exam runs on a temporary DEA extension expiring December 31, 2026. The permanent special registration rule was at White House review as of August 25, 2026. | Public record |
| Payer limits | No Medicaid or Medi-Cal patients accepted, even self pay. | Company-stated |
| Category comparison | Forward, a venture funded primary care rival, shut down in November 2024 after raising a reported $657 million. Circle Medical reached scale on a reported $12 million of primary capital. | Independent |
What to watch
- A sale or spin of Circle Medical out of WELL Health, and the price it fetches against its restated contribution.
- A new Form D, which would be the first sign of outside capital entering the company directly since 2018.
- The DEA special registration final rule, listed for November 2026, against a flexibility deadline of December 31, 2026.
- Whether the settlement carries any continuing compliance obligation beyond the payment.
- Whether WELL keeps reporting Circle Medical Deferrals as a separate line once the $17.6 million is fully recognised.
The Circle Medical story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordForm D, Circle Medical Technologies
- Public recordForm D, Main Circle Medical (unrelated)
- Public recordSettlement announcement, Circle Medical
- Public recordEnforcement record, $3,325,000 settlement
- Public recordFourth Temporary Extension, telemedicine
- Public recordNPI Registry organization search
- CompanyCompletion of majority stake acquisition
- CompanyProposed majority stake, CAD$23M offering
- CompanyUpdate on US virtual services growth
- CompanyCorporate update on Circle Medical
- CompanyQ2-2026 results
- CompanyDelay in filing audited statements
- FounderGeorge Favvas on leaving the CEO role
- IndependentWELL Health Q4 2025 slides, strategic US exit underway
- IndependentCalifornia Company Paying $3.3M to Resolve False Claims Allegations
- IndependentForward shutters after raising $400M
- IndependentDEA special registration rule review
Compiled from SEC, CMS, DEA, HHS and California public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. The June 2026 settlement resolved contested allegations without any admission of liability. Healthcare Venture Capital Fund holds no position in Circle Medical. This page is not an offer to sell or a recommendation to buy any security.