TimelyMD, a telehealth service provider for colleges and universities, secured a $60 million investment from JMI Equity, a growth equity firm that invests in software companies focused on healthcare and higher education.
TimelyMD offers universities and colleges custom telehealth programs. The company currently provides telehealth programs to Duke University, Emory University, Georgetown University, Johns Hopkins University, Los Rios Community College District, University of Notre Dame, and Paul Quinn College. The company’s telehealth offerings include counseling, psychiatry, health coaching services, and immediate treatment for medical or mental health concerns from board-certified physicians and licensed counselors.
“Our mission at TimelyMD is to improve the well-being of college students by making virtual medical and mental health care accessible anytime, anywhere,” said CEO and co-founder Luke Hejl. “This investment from JMI enables TimelyMD to achieve our vision to empower students to be well and thrive, eliminate barriers to care for an exponentially greater number of students, and better serve a growing and diverse range of institutions.”
TimelyMD says teletherapy for students has been in high demand as the COVID-19 pandemic persists and the resulting new normal with uncertainty and disruption. As a national campus mental health crisis continues, more than 60% of all TimelyMD visits over the last ten months have been for mental health support versus 10% before the pandemic. The need for mental health and well-being support services is expected to continue as 75% of college students report consistently high stress and anxiety levels.
The company plans to use the new funds to enhance students’ virtual care experience, improve health literacy at partner schools, improve student outcomes through technological innovation, and grow its team to meet market demand.
In 2020, Telemedicine 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. Recently, Curai Health, an AI-powered virtual care startup offering chat-based primary care services, raised $27.5 million in a Series B funding round led by Morningside Ventures.