Folx Health, a telehealth service provider for the LGBTQIA+ community, raised $25 million in a new financing round led by Bessemer Venture Partners.
Existing investors Define Ventures and Polaris also participated in the round. FOLX Health came out of stealth in December 2020, raising $4.4 million in seed funding, led by Polaris.
The company plans to use the new funds to drive national expansion and expand its sexual health and family creation offerings later in 2021 and early 2022.
“Our partnership with FOLX is a historical moment. It is challenging to articulate how transformative FOLX is for our community. We are so mindful of the brilliant and brave Queer and Trans people who fought for this moment to happen,” said Morgan Cheatham of Bessemer Venture Partners.
FOLX Health also announced the launch of new products and clinical offerings for the LGBTQIA+ community. The new offerings include Hormone Replacement Therapy (HRT: testosterone or estrogen) with monthly plans starting at $59 a month, Erectile Dysfunction (ED) treatment, and at-home STI Testing and Treatments. According to the company, all its services will include on-demand clinical support with at-home lab testing and home-delivered medications.
“As a non-binary lesbian and healthcare industry veteran, I have seen and experienced firsthand just how broken the current system is for the queer and trans community,” said A.G. Breitenstein, Founder and CEO of FOLX Health. “Whether it is HRT, PrEP, sexual health, or family creation, health care is essential for us to be who we are. It’s about time we build a platform for ourselves, so Queer and Trans people feel seen, heard, and celebrated.”
In 2020, Telehealth companies raised $4.3 billion, a 139% increase YoY, compared to $1.8 billion in 2019, according to the latest Mercom Digital Health Funding & M&A report. Emjoy, a sexual health and wellness app for women, raised $3 million in seed funding led by JME Ventures, with existing investor Nauta Capital.