Telehealth startup Apricus Health raised $20 million growth capital from Virgo Investment Group.
The company plans to use the new funds to expand its telehealth services in the US. For the latest funding deal, Huron Transaction Advisory served as a financial advisor to Apricus Health. Snell & Wilmer provided legal advice to Apricus Health.
The company provides direct one-on-one telehealth services for a wide range of medical conditions. The company’s services include in-office visits, virtual care, personal care navigators, remote patient monitoring, and free home delivery of medications.
Apricus Health telehealth services are mainly focused on senior health management. According to the company, it has developed a new care model where each senior is assigned a dedicated team that includes a care navigator to help them traverse the complexity of healthcare and social determinants of health. Patients with chronic conditions are given remote monitoring devices and enrolled in a proactive chronic care management program for improved outcomes.
“We believe the time has come for the healthcare industry to accelerate its adoption of the next wave of innovation such as telehealth, care navigation, and connected care technology in a value-based setting to improve healthcare access and the patient experience,” said Pooja Goel, managing director overseeing the healthcare portfolio at Virgo Investment Group. “Apricus Health integrates innovative technology alongside high-touch service to improve healthcare outcomes, and we expect to see the company continue to grow across Arizona and beyond.”
Telemedicine companies led the digital health financing activity in 2020, raising a record $4.3 billion. The funding amount was a 140% increase in 2020, compared to $1.8 billion raised in 2019. In a massive funding round Ro (Roman), an online health startup, which started by selling hair loss supplements and erectile dysfunction medication to men, raised $200 million in a funding round at a $1.5 billion valuation.