Lemonaid Health Raises Oversubscribed $33 Million Series B to Expand Telehealth Offering
Online platform connects over one million patients to doctors and prescriptions without having to leave home
Lemonaid Health, a convenient, affordable, on-demand platform for accessing healthcare online, has raised a $33 million Series B round of funding, bringing total financing to $55 million. The oversubscribed round was led by Olive Tree Ventures with participation from Artis Ventures, Correlation Ventures, Hikma Ventures, Sierra Ventures and others. With the investment, Lemonaid Health will expand its team of medical professionals and increase the number of services being offered to patients, including treatment for asthma, hypertension, Type 2 diabetes and more mental health services.
The coronavirus pandemic has accelerated the integration of telehealth and transformed the way consumers interact with their healthcare providers. Providers are seeing 50 to 175 times the number of patients via telehealth platforms than they were before the outbreak, according to a McKinsey COVID-19 Consumer Survey.
As an independent healthcare provider, Lemonaid Health offers patients direct access to the care they need, from consultation through treatment nationally across the U.S. The company leverages evidence-based guidelines and the most up-to-date clinical protocols to provide quality care for less than typical co-pays. In just a few minutes, patients are able to interact with a U.S.-licensed doctor or nurse practitioner for conditions like anxiety and depression, urinary tract infections (UTIs), birth control, hair loss, hypothyroidism, erectile dysfunction, genital herpes and sinus infections. Patients are also offered free and fast delivery of prescription medications through the platform to speed treatment.
Lemonaid Health’s proprietary technology platform integrates clinical algorithms and decision support tools with clinician care to provide better quality care and improved outcomes.
“The U.S. healthcare system has struggled to deliver the services patients need in a way that is convenient and effective. The challenges of providing routine care has been exacerbated recently as the majority of health resources have been focused on responding to the coronavirus pandemic,” said Paul Johnson, co-founder and CEO of Lemonaid Health. “We founded Lemonaid Health with a vision to increase access to affordable, high-quality healthcare. As more consumers have turned to telehealth in the last six months, we’ve seen significant growth in demand for our online services. With the additional financing, we will be able to help even more patients get the care they deserve and expand our services in partnership with other healthcare providers.”
Lemonaid Health has seen a surge in demand for its services and interest from prospective partners during the COVID-19 pandemic. Although initially a direct-to-consumer provider, the company is starting to work with partners within the existing healthcare system to further expand reach.
“The current pandemic and surge in COVID-19 cases pushed health systems to the brink. Services like Lemonaid Health has helped alleviate the burden on health systems, giving patients a safe and speedy alternative to in-person care,” said Alejandro Weinstein, general partner at Olive Tree Ventures. “By connecting directly with patients in need and seamlessly providing consultative services and treatments, Paul and his team are taking a cutting-edge approach to addressing the backlog of need in today’s healthcare environment. We are excited to partner with Lemonaid Health to realize the full potential of technology in re-envisioning the future of healthcare.”