Telehealth Company Thirty Madison Raises $47 Million in Series B

Thirty Madison, a New York-based telehealth company, focusing on treating chronic health conditions, raised $47 million Series B funding.

Polaris Partners led the funding with existing investors – Maveron and Northzone participating.

Johnson & Johnson Innovation (JJDC) also participated in the round as the new investor.

The company was established in 2017 with a vision to treat chronic conditions – hair loss, migraine, and acid reflux. Thirty Madison provides telemedicine services under three brands Keeps (hair loss), Cove (migraine), and Evens (acid reflux).

Along with these treatments, the company also partners with healthcare companies to provide patients expanded access to the latest treatment options and offer cost savings. With this funding, the company plans to further expand expert care delivery and launch new brands to treat more chronic conditions.

Steven Gutentag, co-founder and CEO of Thirty Madison, notes, “We are excited to have JJDC as an investor, given Johnson & Johnson’s leadership across healthcare and consumer health, and their commitment to putting consumers and patients first.”

Amy Schulman, the managing partner at Polaris Partners, said, “Over 59% of Americans suffer from at least one chronic condition, but few resources exist to help them connect the dots of their care,” said Schulman. “I have spent much of my career finding and implementing solutions predicated on putting patients first, and Thirty Madison represents the type of progress in healthcare that has become even more necessary and timely during this current moment.”

According to the latest Mercom Funding and M&A Report, Telehealth companies raised a record $1.9 billion in the first half of 2020.

Recently, Cecelia Health, a provider of telehealth services for diabetes and other chronic diseases, completed a $13 million Series B funding round.

Image credit: National Cancer Institute