Goodpath, a telehealth startup, raised $4 million in seed funding. Global Founders Capital (GFC), a stage agnostic venture fund, led the financing round with participation from Indicators Ventures, Switch Ventures, and Blindspot Ventures.
The global telemedicine market is projected to reach $155 billion by 2027, according to Grandview Research. The COVID-19 outbreak worldwide has resulted in increased demand for telemedicine solutions, due to lockdown implemented by many countries as a preventive measure to control the pandemic.
Goodpath works by first assessing individual patients online to determine whether they are eligible to receive care via its platform. Then, depending on the patient’s needs and medical conditions, Goodpath will set up virtual meetings with a dietitian, a physical therapist, a behavioral health specialist, or even a yoga coach.
The company offers doctor-approved personalized and self-care programs for back pain, sleep, and irritable bowel syndrome through its web platform or a mobile app. To use its programs, users pay a monthly fee, which varies from $48 to $125 based on the services they receive.
The programs include nutrition, supplements, fitness, lifestyle, mindfulness, meditation, coaching, and guidance through online access, video classes, and telehealth appointments. The program also includes a weekly consultation with a Goodpath coach and monthly care kit, including curated supplements, delivered to users.
Thirty-five telehealth companies raised $930 million in Q1 2020 compared to the $216 million Q4 2019, according to Mercom Q1 2020 Digital Health Funding Report. Recently, an on-demand telehealth company, Tyto Care, raised $50 million. Olive Tree Ventures, Insight Partners, and Qualcomm Ventures co-led the round with participation from existing investors, including Orbimed, Echo Health, Qure, and Teuza. Telehealth company Maven closed a $45 million in Series C funding round, led by Icon Ventures, with participation from existing investors, including Sequoia and Oak HC/FT.