LetsGetChecked, a virtual care company, announced the completion of a $150 million Series D financing round.
Casdin Capital led the funding round with participation from CommonFund Capital, Illumina Ventures, Optum Ventures, Transformation Capital, HLM Venture Partners, Qiming Venture Partners USA, and professional golfer Rory Mcllroy through Symphony Ventures, an investment partnership.
The latest financing brings the total capital raised by LetsGetChecked to more than $260 million. LetsGetChecked plans to use the new funds to launch care pathways, a customer care journey that will provide remote care for patients with ailments and chronic conditions.
With the latest funds, LetsGetChecked plans to launch expanded virtual customer consultation capabilities, allowing customers to have a telehealth visit with an affiliated medical provider, receive a follow-up consultation, and follow-up prescription refilled or adjusted.
The company also plans to use the proceeds to expand the pharmaceutical services to include long-term care solutions for cholesterol and thyroid management, and to extend its at-home diagnostic test kits directly to customers for sample collection and processing utilizing its diagnostic laboratories and end-to-end model and introduce new test offerings in 2021.
“With the pandemic accelerating the shift to at-home healthcare, LetsGetChecked has grown its revenue by more than 1,500 percent year-over-year and added customers, including health plans, employers, and government organizations, among others,” said Eli Casdin, Chief Investment Officer at Casdin Capital. “We’ve been thrilled by the team’s ability to scale thoughtfully while delivering quality care to more than one million consumers in the last year.”
LetsGetChecked currently provides customers access to more than 100 validated at-home tests, including Sexual Health, Cholesterol, Diabetes, Thyroid, and Coronavirus (COVID-19), as well as follow-up care through its telehealth and pharmacy offering. The company has delivered more than two million tests and served more than 300 corporate customers with testing services and biometric screening solutions since it was founded in 2015.
“I was first introduced to LetsGetChecked in 2018 as an Irish start-up with innovative technology and a vision to put healthcare into the hands of consumers,” commented professional golfer Rory McIlroy, an early investor in LetsGetChecked. “I’m delighted to invest in a business that is working tirelessly to make health screening more accessible to people all around the world.”
The telehealth category witnessed a massive influx of VC funding during the first quarter (Q1) of 2021, raising a total of $2.4 billion, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report. In total, the telehealth sector has gathered over $12 billion since 2010, according to Mercom data.