Funding profile · Telehealth

HeyDoctor

One Form D, one acquisition, one asset sale. The whole capital history sits in three SEC filings, and the last is the strangest: the buyer later sold the software for more than it paid for the company.

$2.35MSold in the only Form D on record, filed Nov 2018
$14.3MCash paid by GoodRx, deal closed Apr 18, 2019
$9.31MGoodwill booked on the deal, 65% of the price
$19.5MCash Wheel Health paid GoodRx for the technology, Nov 2022

Data as of September 23, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Oct 2017 Rights to acquire securities, Rule 506(b) $2,345,802 offered and sold 32 accredited investors, no commissions Form D
Summer 2018 Y Combinator batch Not disclosed Y Combinator YC directory
Apr 18, 2019 Acquisition of 100% of equity $14,259,000 cash, $1.4M in escrow GoodRx Holdings, Inc. SEC S-1
Apr 2019 Retention equity, excluded from price $7.3M grant-date fair value 1,878,588 restricted shares to certain employees SEC S-1
Nov 2022 Asset sale of the technology $19.5M cash to GoodRx Wheel Health, Inc. SEC 8-K

What the filings show

Sappira Inc. (d.b.a. HeyDoctor) · Form D · filed Nov 28, 2018

First sale
Oct 23, 2017
Security
Option or other right to acquire securities
Offered
$2,345,802
Sold
$2,345,802 · $0 remaining
Investors
32, all accredited · average about $73,300
Fees
Sales commissions $0 · finders fees $0
Exemption
Rule 506(b)
Related persons
Rohit Malhotra and Brendan Levy (executive officers, directors, promoters); Kyle Alwyn (director)
Signed
Rohit Malhotra, President
Filing
SEC EDGAR, CIK 0001756047

Reading the filings

  1. Angel money, not fund money.$2,345,802 across 32 investors averages about $73,300 each. No commissions or finders fees were paid, and no venture fund appears among the three related persons: the board was the two founders and the director of engineering.
  2. Late, convertible, and the only one.First sale October 23, 2017; filed November 28, 2018, against a 15 day deadline under Rule 503. The only security type checked is an option or other right to acquire securities, which is how a convertible note or SAFE appears here. No equity offering was ever noticed, and nothing later was filed.
  3. The exit was about six times the noticed capital.$14,259,000 against $2,345,802 of Regulation D proceeds is a multiple of 6.1 on the money in the filings. The cap table is not public, so the split among founders, employees and note holders cannot be computed. A company raising under Section 4(a)(2) files no Form D, so the noticed figure is a floor.
  4. The price took 16 months to surface.The deal closed April 18, 2019. GoodRx announced it September 26, 2019 and declined to give a figure. The $14.3 million appeared only in the S-1 of August 28, 2020. Business Insider had cited a PitchBook valuation of about $1.7 million as of mid-2018, an order of magnitude below the price paid.
  5. Most of the price was not technology.Of $14,259,000, goodwill took $9,305,000 and identifiable intangibles $4,200,000, of which developed technology was $3,100,000 on a four-year life. In November 2022 GoodRx sold that backend technology to Wheel Health for $19.5 million cash and licensed it back, recovering more than the whole purchase price from an asset carried at $3.1 million.

Commercial signals

Signal Detail Source type
Revenue Other revenue, principally telehealth: $17.7M in 2025, 2% of GoodRx revenue, down 16% from $21.0M in 2024. Public record
Structure Physician-owned professional corporations consolidated as variable interest entities: revenue $1.3M, net loss $(1.6)M, Apr 18 to Dec 31, 2019. Public record
Technology Owned by Wheel Health, Inc. since Nov 2022 and licensed back. GoodRx 10-Ks call GoodRx Care principally supported by Wheel technology and clinicians. Public record
Regulatory Consent order Feb 17, 2023, $1.5M civil penalty, permanent ban on sharing health data for ads. HeyDoctor and HeyDoctor by GoodRx are named as d/b/a names of the defendant. Public record
Scale More than 1,000 patients a day, all 50 states and DC, Sep 2020. Company-stated

What to watch

  • Whether Other revenue keeps falling. 2025 was its first annual decline.
  • Whether telehealth is re-segmented into subscription revenue as the condition-specific programs scale.
  • Renewal terms on the Wheel license, not public.
  • Compliance certifications under the 2023 consent order.

The HeyDoctor story on Healthcare DiscoveryHealthcare Discovery

Related companies

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  • Truepill: Also in Healthcare IT. The pharmacy behind a generation of direct to consumer health brands
  • Farmako Healthcare: Also in Healthcare IT. A Gurugram startup that pivoted from a digital health records app to 30 minute medicine delivery, now running pharmacies in Gurugram and Moradabad while it works toward
  • Metriport: Also in Healthcare IT. An open source platform that pulls a patient’s scattered records out of the national health information networks and returns them as one structured file

Sources

  1. Public recordForm D, Sappira Inc., CIK 0001756047SEC · Nov 28, 2018
  2. Public recordGoodRx Holdings Form S-1SEC · Aug 28, 2020
  3. Public recordGoodRx Holdings Form 8-K, Wheel Health asset saleSEC · Nov 10, 2022
  4. Public recordGoodRx Holdings Form 10-K, fiscal 2025SEC · Feb 26, 2026
  5. Public recordUnited States v. GoodRx Holdings, complaint, 23-cv-460FTC and DOJ · Feb 1, 2023
  6. Public recordGoodRx ordered to pay civil penaltiesDOJ · Feb 22, 2023
  7. IndependentGoodRx gets into prescribing medicationsBusiness Insider · Sep 27, 2019
  8. IndependentWheel to buy GoodRx backend tech for $19.5MMobiHealthNews · Nov 11, 2022
  9. CompanyGoodRx expands telehealth nationwideGoodRx investor relations · Sep 17, 2020
  10. CompanyHeyDoctor directory record, Summer 2018, acquiredY Combinator · 2026

Compiled from SEC, FTC and Department of Justice public records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Healthcare Venture Capital Fund holds no position in GoodRx Holdings, Inc. This page is not an offer to sell or a recommendation to buy any security.