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American Well Corporation
American Well Corporation (Amwell) provides a telehealth platform for health systems and payers. Founded 2006 by Ido and Roy Schoenberg.
American Well Corporation
American Well Corporation was founded in 2006 by brothers Ido Schoenberg (CEO) and Roy Schoenberg (President), both physicians, to build a telehealth infrastructure that could scale across the fragmented US healthcare system. The company is incorporated in Delaware and now runs three main offices — Boston, Philadelphia, and Indianapolis — with the corporate headquarters in Boston. American Well's core strategy centers on its Amwell Converge platform, a software-as-a-service offering that allows health systems, insurers, and employers to embed virtual care into their existing workflows. The company serves over 200 health systems and 150 health plans, including major names like Cleveland Clinic and UnitedHealthcare. It generates revenue through subscription fees and per-visit charges. Geographic coverage is US-only, with the platform active in all 50 states. As of 2025, American Well has not disclosed total deployment or team size. The company went public in September 2020 via a merger with a special-purpose acquisition company, raising approximately $700 million in gross proceeds. In February 2024, American Well announced a restructuring plan to reduce headcount by 25% and focus on its Converge platform over legacy offerings (per Axios, February 2024). The company maintains no separate philanthropic or operating-company vehicles. American Well's structural differentiator lies in its hybrid model: it is a public company with a SPAC-originated capital structure, but its telehealth platform competes with both private ventures (e.g., Teladoc Health) and health-system-owned virtual care units. Its focus on B2B infrastructure rather than direct-to-consumer visits creates a moat based on deeply integrated health system contracts that are costly to replace.
General information
Firm type
other
Year founded
2006
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Boston
Corporate office
Boston, MA, United States
Additional offices
Philadelphia, PA, United States · Indianapolis, IN, United States
Sector focus
Frequently asked questions
Who runs investment decisions at American Well?
American Well is a publicly traded company (NYSE: AMWL) with a board of directors overseeing strategy. Day-to-day operations are led by Ido Schoenberg, MD (CEO) and Roy Schoenberg, MD (President). Investment decisions, including capital allocation, are guided by the executive team and board, not external investors.
How does American Well generate revenue?
American Well generates revenue through two primary channels: subscription fees from health systems and health plans that license the Amwell Converge platform, and per-visit fees for virtual care sessions conducted on the platform. The company reported $259 million in revenue for fiscal year 2024 (per SEC filings).
Is American Well a family office or an operating company?
American Well is an operating company — specifically a publicly traded telehealth technology firm. It is not a family office; the Schoenberg brothers are founders and controlling shareholders but do not operate a family office structure. The firm's capital is deployed into product development and sales, not into external investments.
What investment stages does American Well typically target?
American Well does not target external investment stages — it is an operating company, not an investment firm. It has made strategic acquisitions, such as the 2021 purchase of telehealth technology provider Aligned Telehealth for an undisclosed amount, but these are operational integrations, not investment mandates.
Which sectors does American Well explicitly avoid?
American Well focuses exclusively on healthcare delivery via telehealth. It does not expand into adjacent sectors like insurance, pharmacy, or wellness directly, though its platform supports these services through integration partners. The company has publicly eschewed direct-to-consumer telehealth in favor of B2B infrastructure (per the firm's 2024 investor presentation).
Does American Well maintain philanthropic structures?
American Well does not publicly disclose a separate philanthropic foundation. The company's corporate social responsibility efforts are limited to pro-bono telehealth services during the COVID-19 pandemic, which ended in 2022. Nonprofit foundations associated with the Schoenberg family are not reported in public filings.
How does American Well's SPAC origin affect its governance?
American Well went public in September 2020 via a merger with special-purpose acquisition company Deutsche Telekom's DTEGY SPAC, raising around $700 million. This structure placed it under SEC reporting requirements and public shareholder scrutiny, but the Schoenberg brothers retained significant voting control. The SPAC structure also led to higher-than-normal cash reserves at IPO, which have been drawn down for operations (per SEC filings).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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