The McKinney Economic Development Corporation continues to put its Innovation Fund to use, with MyTelemedicine becoming the latest company to announce it will expand its presence in the city after receiving a grant through the program.
The Innovation Fund, launched this year, seeks to help emerging and startup companies in the city with growth, recruitment and expansion. The amount of money included the grant was not disclosed.
MyTelemedicine, with its flagship “Access a Doctor” brand, helps health care providers and patients connect remotely.
“We’ve seen nothing but enormous potential and growth prior to the elevated demand the telehealth industry has faced due to the COVID-19 pandemic,” Rey Colon, the company’s CEO, said in a news release.
With the grant, the company will add 40 jobs, bringing its workforce up to 63 in McKinney, with an average employee salary of $70,000, according to the MEDC.
The company is preparing to move its current staff and those new employees into the Cotton Mill at 610 Elm St., a space previously home to other startup success stories like Bossfight Entertainment, Words with Friends and Zynga.
Earlier this year, the MEDC also provided a grant to a health care delivery startup as the coronavirus pandemic spurs growth in those sectors, but MyTelemedicine was already seeing an increase in demand, according to the MEDC.
“McKinney continues to be a magnet for healthtech startups and being able to work with a fast growing and scalable company, with many notable accolades like MyTelemedicine is an amazing opportunity,” Danny Chavez, senior vice president at the MEDC, said in a news release. “Seeing success stories like these within our targeted industries for the fund, is proof of concept of our streamlined economic development process”.