Walmart Sells MeMD Virtual Care Subsidiary to Startup Fabric
Walmart Inc (NYSE: WMT) has sold its MeMD virtual care subsidiary to healthcare technology startup Fabric for an undisclosed sum. The acquisition builds upon MeMD’s previous technology partnership with Fabric to streamline patient intake and documentation.
After five years in the business, Walmart announced in April 2024 that it was closing 51 Walmart Health centers as well as Walmart Health Virtual Care.
Fabric said the acquisition would help it expand its employer and payer solutions and advance the company's behavioral health strategy.
MeMD, founded in 2010 and acquired by Walmart in 2021, provides on-demand medical and behavioral health services to millions of members nationwide.
In February 2024, Fabric announced its $60 million Series A investment led by General Catalyst with continued participation by Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, Box Group, and Atento Capital. At the time the company said the investment was a “validation of our care enablement system that improves patient access while driving clinical and operational efficiency from symptom onset through virtual and in-person treatment and post-visit engagement.”
The company said its enterprise customer base includes Luminis Health, OSF HealthCare, MUSC Health, Highmark, and Intermountain Health.
“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, in a statement. “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.”
