B2B Telehealth Platform Truepill Raises $75 Million

Truepill, a business-to-business telemedicine platform that enables healthcare brands to deliver medication, birth control, and other prescription pills directly to customers, closed a $75 million Series C funding round.

Oak HC/FT led the funding round. Existing investors Optum Ventures, TI Platform Management, Sound Ventures, and YCombinator, also participated.

Truepill plans to use new funds to launch an at-home lab testing network. This new service will further expand its ecosystem of direct-to-patient capabilities, including a telehealth network, pharmacy fulfillment, a custom-built EMR, and more, according to the company.

The company also plans to launch its newest service, at-home lab testing, by the end of 2020. It is now partnering with direct-to-consumer health providers to offer at-home lab tests. Combining at-home testing with telehealth and prescription delivery unlocks exponential digital healthcare opportunity, enabling the diagnosis and management of the largest chronic disease states, including diabetes, heart disease, chronic kidney disease, and more.

Truepill’s direct-to-patient solutions include API technology, nationwide prescription fulfillment and delivery, a US-based network of licensed telehealth providers, white label packaging, and product design.

The latest funding round comes less than three months after a $25 million Series B funding round in July 2020. Founded in 2016, Truepill has raised $114 million to date. The company employs less than 500 people with an office in San Mateo, California.

“To create a comprehensive, effective digital healthcare experience, there are three essential pillars: pharmacy with extensive insurance coverage, at-home lab testing, and telehealth,” said Sid Viswanathan, Truepill Co-founder & President.

Sid Viswanathan said: By adding diagnostics to our suite of solutions, we will be able to deliver direct-to-patient healthcare at scale through one platform – Truepill. We envision a future where 80% of healthcare is digital. With diagnostics, telehealth, and pharmacy built on our foundation of API-connected infrastructure, Truepill will power that reality.”

Telehealth companies raised almost $1.9 billion in 1H 2020. Recently, Dialogue, a business to business telehealth platform for Canadian employers, announced a strategic commercial partnership and $32.7 million equity investment from Sun Life.

Image Credit: Truepill