Women’s virtual primary care Alpha Medical raised $24 million in Series B funding.
SpringRock Ventures, Margo Georgiadis, Outcomes Collective Growth Capital, FMZ Ventures, Samsung Next, Chamaeleon, AV8 Ventures, and GSR Ventures participated in the funding round.
The Series B round comes almost two years after the company closed an $11 million funding round. Including the latest round, Alpha Medical has raised over $35 million to date.
Alpha Medical offers single visit appointments as well as annual membership-based virtual healthcare services for women.
According to the company, the standard membership costs $120 and includes text messaging, provider visits – other than mental health and weight loss – and free shipping for prescriptions.
The company’s membership-based service also includes a separate mental health membership, including provider visits and unlimited texting. Patients can fill out an online form and answer questions about their condition. According to the company, a clinician will review the form and return it to the patient with a treatment plan; if needed, the clinician will prescribe medicine and ship it to patients for free.
The company treats over 60 medical conditions including, primary and urgent care, mental and behavioral health, women’s health, dermatology, nutrition, and weight loss.
The company said it plans to use the cash infusion to continue its growth and make its service more accessible. Currently, the company operates in 46 states and D.C.
“Alpha’s product is built by an exceptional team of scientists, physicians, and engineers and is the best approach we’ve seen to close the gap in women’s healthcare,” said Kirsten Morbeck, Managing Director at SpringRock Ventures.
“Tripling revenue in a year validates that the need and the approach are relevant. In the next chapter, we see a tremendous opportunity for Alpha’s growth as a primary care platform, and also partnering with payers and employers to provide affordable, high-quality healthcare to even more women stuck in a broken system.”
Telehealth companies raised a record $5 billion in 1H 2021, a 150% increase year-over-year compared to $2 billion raised in 1H 2020, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report. Babyscripts, a virtual maternity care app provider, has raised $12 million in Series B funding.