Walmart sells virtual care business to General Catalyst-backed company

Healthcare technology company Fabric acquired Walmart's virtual care business, MeMD, which serves 30,000 employers and has 5 million members.

Walmart announced plans in April to exit the healthcare provider space and closed its health centers June 28. The retail giant had acquired MeMD in 2021 to provide on-demand medical and behavioral health services. MeMD grew significantly over the last three years and now will contribute to Fabric's expansion strategy.

"The MeMD team built a leading virtual care offering, and we are excited to welcome them to Fabric," said Aniq Rahman, founder and CEO of Fabric. "This acquisition aligns with our strategic vision to transform healthcare delivery through innovative technology and exceptional patient care. The combination of our teams, technology, and clinicians strategically positions Fabric to quickly expand across payers, employers, and provider organizations."

Fabric will keep serving Sam's Club members after the acquisition.

Fabric's current customer base includes Cleveland Clinic, Intermountain Health in Salt Lake City and MUSC Health in Charleston, S.C. The company now has more than 200 employees and recently closed a $60 million Series A funding round.

General Catalyst, GV (Google Ventures, Salesforce Ventures and Thrive Capital are among Fabric's financial backers.

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