Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. Their portfolio includes pinterest, shopify, twilio, yelp, linkedin, pagerduty, docusign, wix, fiverr, and toast, and has $19 billion of assets under management.

Bessemer Venture Partners

Polaris Partners invests in healthcare and biotechnology companies. Their healthcare portfolio companies' care delivery models include digital health, consumer-centric businesses, patient-provider solutions, data science, and analytics. Their life sciences and biotechnology portfolio companies focus on molecules and platforms, therapeutics, and genomics.

Polaris Partners

Define Ventures is an early-stage venture capital firm solely focused on investing in digital health companies. They partner with entrepreneurs with the digital health focus and expertise that they deserve to redefine healthcare.

Define Ventures

Foresite Capital is a healthcare and life sciences investment firm. They take a data-driven approach to invest in startups that employ biology and big data to improve healthcare, such as 10x Genomics, Relay Therapeutics, Element Biosciences, and Inscripta.

Foresite Capital

The 7wire Ventures’ vision is to use the power of mobility, connected devices, the cloud, and sophisticated analytics to further advance industries like healthcare and education. We like to make a difference in things that matter.  The firm was founded on the concept of disrupting the status quo—supporting new ideas, technologies, approaches, and business models for solving society’s most important problems.  7wire Ventures provides funding and operating guidance to companies that challenge the “way things are done.” Through the creation of new businesses, investments in early and growth stage companies, and by complementing funds with insight and experience, we have a track record of transforming great ideas into world-class companies.

7wire Ventures

Folx Health

Folx Health is a telehealth platform that provides digital healthcare services designed for the LGBTQIA+ community. The platform builds a medical service marketplace tailored toward the queer community. It combines access to a specialized network of queer and trans clinicians with a tailored focus on clinical offerings that are typically marginalized in traditional health settings. The startup focuses on providing patients with gender-affirming hormone therapy, sexual health, and family creation services. Folx Health was launched in 2020 and is based in Boston, Massachusetts, United States.

<div><p>Folx Health is a membership-based telehealth platform serving the LGBTQIA+ community through 24/7 virtual consultations and messaging. The company&rsquo;s service offering included hormone replacement therapy and Erectile Dysfunction treatments ranging from USD 59 - 200 per month. In May 2021, the company announced its plans to release HIV pre-exposure prophylaxis (PrEP) for HIV prevention as well as sexual health and wellness services, such as at-home STI (sexually transmitted infections) testing and treatments, customized for the LQBTQIA+ community. Folx&rsquo;s services will also include unlimited on-demand clinical support for home testing and home-delivered medications. In addition, the company&rsquo;s FOLX Library offers free content on queer and trans-focused health.     Founded in December 2020, the company provides care in 42 states to 10,000 people as of October 2022.</p></div>

More important now than ever, telehealth will long outlast the pandemic that drove its growth.

Telehealth

<div>
  <p>
    Folx Health is a membership-based telehealth platform serving the LGBTQIA+ community through 24/7 virtual consultations and messaging. The company&rsquo;s service offering included hormone replacement therapy and Erectile Dysfunction treatments ranging from USD 59 - 200 per month. In May 2021, the company announced its plans to release HIV pre-exposure prophylaxis (PrEP) for HIV prevention as well as sexual health and wellness services, such as at-home STI (sexually transmitted infections) testing and treatments, customized for the LQBTQIA+ community. Folx&rsquo;s services will also include unlimited on-demand clinical support for home testing and home-delivered medications. In addition, the company&rsquo;s FOLX Library offers free content on queer and trans-focused health. 
    Founded in December 2020, the company provides care in 42 states to 10,000 people as of October 2022.
  </p>
  <p>
    In June 2022, the company launched an enterprise solution for its LGBTQ+ telehealth offerings. The platform offered end-to-end virtual primary care, gender-affirming care, and care advocacy through employers. Parents of LGBTQ+ youth also have access to these offerings along with additional services such as support groups, educational content, and care referral programs. 
  </p>
  <p>
    <b>Funding and financials</b>
  </p>
  <p>
    In October 2022, the company raised USD 30 million in a Series B funding round led by 7wireVentures. The funds were set aside to include mental and behavioral health services in its offering with the end goal of developing a full suite of services. Initially, the company planned to roll out expert-led support groups targeting areas such as fertility, family planning, and parental support. These support groups are supplemented with one-on-one consultations. Additionally, the company planned to add more support groups in 2023, along with launching an iOS and Android-based companion app to improve access to these services.
  </p>
</div>


<div>
  <p>
    Nice Healthcare is a US based telehealth company with a focus on primary care services to business-to-business (B2B) clients. Once the employer signs its employees with Nice (at a cost of USD 30 to USD 36 per employee per month), employees do not have to incur out of pocket expenses for Nice services and can schedule virtual or home visits within the time frames specified by the company. It connects patients with practitioners through a mobile app over video calls or text messages. Members can also request home visits which will be completed within a few hours, as claimed by the company. As of March 2022, Nice was operating in twelve states, and had over 400 small and medium enterprises (SMEs).
  </p>
  <p>
    In March 2022, the company raised USD 30 million in Series A financing led by DNA Capital which has been earmarked to expand its platform&rsquo;s reach among small and medium businesses. Additionally, the company is hiring three members for its management team to support the continuing growth of the organization.
  </p>
  <p>
  </p>
</div>


Nice Healthcare

<div>
  <p>
    Amicomed is a cloud-based Software-as-a-Service (SaaS) platform which provides blood pressure monitoring services. It collects blood pressure data of patients from at-home devices, applies algorithms, and assesses the fluctuations in the blood pressure. Physicians can be connected and provided with blood pressure data of their patients in order to facilitate their workload, enabling more personalized management of patients regarding medication and lifestyle indications. 
  </p>
  <p>
    Amicomed can also recommend actionable and personalized lifestyle interventions such as daily diet and exercises via virtual coaching.
  </p>
</div>


Amicomed

<div>
  <p>
    Winston is a men&rsquo;s health telemedicine platform that treats common issues impacting men such as sexual problems, hair loss, acne, and cold sores. Winston allows patients to consult doctors, place orders for prescription drugs, and offers free delivery to the homes of patients. 
  </p>
  <p>
    The Toronto-based company aims to avoid men deferring doctor visits or withholding sensitive information. The consultation fee is covered by the provincial health plan, but the prescriptions are billed to the customer.
  </p>
</div>


Winston

<div>
  <p>
    Eko Health is a cardiopulmonary digital health company that aims to improve heart and lung care for patients using sensors and artificial intelligence. The company produces connected handheld digital stethoscopes with electrocardiogram functionality to detect heart rhythm abnormalities using artificial intelligence (AI) algorithms. In 2020, the company obtained 501(k) FDA clearance for multiple algorithms that help detect heart murmurs and atrial fibrillation, or AFib. These algorithms were used in 2022 to develop the Eko App, which pairs to the company's stethoscopes for report generation, information sharing and carrying out examinations. 
  </p>
  <p>
    The company operates on a fee per unit B2B2C model and a D2C model, where it provides its technology to medical practitioners or patients for diagnostic purposes.
  </p>
  <p>
    In February 2023, Eko 
    <a href="https://sp-edge.com/updates/16677">
      launched SENSORA
    </a>
    , a cardiac disease detection platform that combines the company&rsquo;s existing digital stethoscopes with a machine learning-based platform. The platform enables primary care physicians to detect structural murmurs and assess heart arrhythmias by using a database of heart sounds to compare and identify anomalies in a patient's heart beat. 
  </p>
  <p>
    <b>Funding and financials</b>
  </p>
  <p>
    In March 2022, raised a further USD 30 million in an extension to its Series C round, which began November 2020. The total funds raised by the company stood at USD 126 million as of March. These funds have been allocated to support further commercialization efforts and develop new products for the company.
  </p>
  <p>
  </p>
  <p>
  </p>
  <p>
  </p>
</div>


<div>
  <p>
    Dialogue partners with employers and health insurers to offer telehealth services to their employees and members. The users have 24/7 access to doctors, nurses, and other healthcare professionals via audio, video, and chat options for wide arrays of physical and mental health needs, artificial intelligence-enabled (AI-enabled) triage, referrals, and prescription renewals. 
  </p>
  <p>
    The company launched its trademarked Integrated Health Platform in January 2021 to consolidate its virtual care,  wellness programs, mental healthcare services, and Employee Assistance Program (EAP) onto a single platform. The company claims to be the only integrated health and wellness B2B platform in Canada. 
  </p>
  <p>
    <b>Key Customers and partnerships</b>
  </p>
  <p>
    Dialogue had direct relationships with over 2,000 customers across Canada and Germany as of December 2020 and served around 50,000 organizations through these partnerships. In addition, the number of members with access to the virtual platform topped 1 million in January 2021. 
  </p>
  <p>
    <b>Fundings and financials</b>
  </p>
  <p>
    As of March 2021, Dialogue was planning to raise CAD 100 million (USD 80 million) from an initial public offering that will be listed on the Toronto Stock Exchange under the ticker symbol &ldquo;CARE.&rdquo; 
  </p>
  <p>
    In Q2 2023, net losses reduced significantly YoY to CAD 5.8 million (USD 4.3 million) from CAD 8.4 million (USD 6.3 million) in Q2 2022. Top-line revenue met internal expectations, growing 17.2% YoY to CAD 25.5 million (USD 19.0 million), driven by &nbsp;an increase in new members (by 18.6% YoY), 
    an expansion of the attach rate as existing customers added more services, and full-quarter contributions from Tictrac.
     
    Dialogue Health has not provided any forward-looking guidance as the company has entered into an agreement to be 
    <a href="https://investors.dialogue.co/English/news/news-details/2023/Dialogue-to-be-Acquired-by-Sun-Life/default.aspx">
      <u>acquired by financial services company Sun Life Financial</u>
    </a>
     for a consideration of CAD 365 million (USD 270 million) or CAD 5.15 (USD 3.82) per share. The transaction is expected to close in Q4 2023. Post acquisition, Dialogue will delist from the Toronto Stock Exchange but will continue to operate as a standalone entity under the &ldquo;Sun Life Canada&rdquo; brand from its head office in Qu&eacute;bec. 
  </p>
  <p>
  </p>
</div>


Dialogue

Some players offer technology and platforms to healthcare providers, converting physical-only services into virtual services

Specific telehealth offerings focus on diversity and inclusion, providing care to LGBTQ+ or BIPOC populations

All telehealth players are involved in digital health via virtual offerings

IoT is used by most telehealth providers to operate virtual services

Industry players offer varying degrees of personalization for each target audience

A digital platform that offers specialty care services to address the specific needs of a patient or demographic, including consultations where patients are generally reluctant to meet practitioners face-to-face.

Folx Health

EDGE Insights

EDGE100: The rising startups at the forefront of innovation

Liana Guzmán, CEO of Folx, on the $400B market for LGBTQIA healthcare

Recent Updates

Folx Health raises USD 30 million in Series B funding

Folx Health launches enterprise-focused solution and onboards new CCO

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