Health Firm Backed by Golfer McIlroy Hits $1 Billion Value
(Bloomberg) -- Virtual health-care startup LetsGetChecked has raised $150 million in new financing to expand its business after seeing a boom in demand for its services during the pandemic.
The funding round, which was led by Casdin Capital, valued the startup at more than $1 billion, Chief Executive Officer Peter Foley said in an interview. Other investors included CommonFund Capital, Illumina Ventures, Optum Ventures, and professional golfer Rory McIlroy through his investment firm Symphony Ventures, the company said in a statement.
LetsGetChecked lets customers order home-health tests for conditions -- involving sexual health, diabetes, and others -- order medications and receive follow-up care through digital consultations. The company saw 1.7 million patients through the platform in 2020 and revenues grow more than 15-fold from a year ago.
The pandemic “pulled the industry forward by about 10 years,” Foley said. “Everybody in the world knows what home diagnostics and telehealth is now.”
The boom in digital health care has led to a series of high-profile deals for startups in the space. Medical startup Babylon agreed to a deal to merge with a blank check company last week that values the business at about $4.2 billion.
Founded in 2015, LetsGetChecked has raised $260 million in total capital with the latest funding round. The company will use the new money to launch “care pathways,” which will provide remote services for patients with ailments and chronic conditions.
During the pandemic, the company, which is based in New York and Dublin, worked with organizations including American Airlines Group Inc. to offer testing, but the vast majority of their business isn’t related to the coronavirus.
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