Health start-up LetsGetChecked hits unicorn status in latest funding round
Health-care provider, which offers digital consultations, tops $1bn valuation after raising $150m in new financing
Virtual health-care start-up LetsGetChecked has raised $150m new financing to expand its business after seeing a boom in demand for its services during the pandemic.
The funding round, which was led by Casdin Capital, valued the start-up at more than $1bn, CEO Peter Foley said in an interview, giving it unicorn status, defined as having a private market valuation of above $1bn. Other investors included CommonFund Capital, Illumina Ventures, Optum Ventures, and professional golfer Rory McIlroy through his investment firm Symphony Ventures, the company said in a statement.
LetsGetChecked lets customers order home health tests for conditions — involving sexual health, diabetes, and other ailments — order medications and receive follow-up care through digital consultations. The company saw 1.7-million patients through the platform in 2020 and revenues grow more than fifteenfold from a year ago.
The pandemic “pulled the industry forward by about 10 years”, Foley said. “Everybody in the world knows what home diagnostics and tele-health is now.”
The boom in digital health-care has led to a series of high-profile deals for start-ups in the space. Medical start-up Babylon agreed to a deal to merge with a blank cheque company last week that values the business at about $4.2bn.
Founded in 2015, LetsGetChecked has raised $260m in total capital with the latest funding round. During the pandemic, the company, which is based in New York and Dublin, worked with organisations including American Airlines to offer testing, but the vast majority of their business is not related to Covid-19.
Bloomberg News. More stories like this are available on bloomberg.com
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