Felix, a direct-to-consumer telehealth company focused on birth control and erectile dysfunction treatments, announced the closing of a $10 million Series A financing round.
The round was led by new investor Whitecap Venture Partners, with participation from existing investors Mantella Venture Partners, BrandProject, and H Ventures.
As part of the investment, Russell Samuels, Partner at Whitecap Venture Partners, will join the Felix board of directors.
Felix allows users to request a diagnosis on the company’s website by sharing their medical history and symptoms in an online quiz.
Once the request is accepted, a licensed Canadian doctor will review the information confidently and chat directly with the patient through a secure messaging platform. The doctor will issue a prescription, which will be then filled and shipped, with packaging, by an authorized pharmacy.
In addition to birth control and erectile dysfunction treatments, Felix also offers end-to-end online doctor consultations and medication delivery for acne, cold sores, hair loss, genital herpes, allergies, and emergency contraception.
The latest funding round, which follows a Seed round of $2.5 million in November 2019, will bring the company’s total funding to date to over $12.5 million.
“Healthcare innovation was already happening in Canada, but the last 11 months have been a major accelerant. Launching pre-pandemic and being a first mover in the space has put Felix in a strong position to thrive in a rapidly changing environment. We’re proud to partner with the team at Felix,” said Russell Samuels, Partner at Whitecap Venture Partners.
“We will continue our patient-centric mission to empower Canadians to take control of their health and wellbeing as we expand our offering and dive deeper into areas of healthcare people may find sensitive or inaccessible.” Felix co-founder and CEO Kyle Zien said.
Felix also plans to use the new funding to more than double its team in 2021 as the company accelerates the development of technology and product experiences within its ecosystem of patients, doctors, and pharmacies.
Telehealth companies secured a record $4.3 billion VC funding during 2020. The funding amount was a 140% increase in 2020, compared to $1.8 billion raised in 2019. Recently, telehealth startup Apricus Health raised $20 million growth capital from Virgo Investment Group.