Lemonaid Health Raises $33M to Expand On-Demand Consumer Telehealth Platform

Lemonaid Health Closes oversubscribed $33M Series B to expand telehealth services
Lemonaid Health Closes oversubscribed $33M Series B to expand telehealth services

What You Should Know:

– Lemonaid Health, a direct to consumer telehealth company raises $33M in Series B funding to expand the company’s medical team and number of services being offered to patients.

– To date, the company has treated more than a million patients
online for a variety of medical conditions ranging from erectile dysfunction to sinus infections
to depression and anxiety for roughly $25/visit (less than a typical co-pay).

Lemonaid Health,
a convenient, affordable, on-demand platform for telehealth, has raised a $33
million Series B round of funding, bringing total financing to $55 million. The
oversubscribed round was led by Olive Tree
with participation from Artis
, Correlation Ventures, Hikma Ventures, Sierra Ventures and others.

COVID-19 Driving Telehealth Adoption

The coronavirus pandemic has accelerated the integration of
telehealth and transformed the way consumers interact with their healthcare
providers. Providers are seeing 50 to 175 times the number of patients via
telehealth platforms than they were before the outbreak, according to a McKinsey COVID-19 Consumer Survey.

Online Doctor’s Office & Medicine Delivery

Founded in 2013 by Co-Founders Ian Van Every and Paul
Johnson, Lemonaid Health offers patients direct access to the care they need,
from consultation through treatment nationally across the U.S. The company
leverages evidence-based guidelines and the most up-to-date clinical protocols
to provide quality care for less than typical co-pays. In just a few minutes,
patients are able to interact with a U.S.-licensed doctor or nurse practitioner
for conditions like anxiety and depression, urinary tract infections (UTIs),
birth control, hair loss, hypothyroidism, erectile dysfunction, genital herpes
and sinus infections. Patients are also offered free and fast delivery of
prescription medications through the platform to speed treatment.

For $25 per visit, patients can request prescriptions by
filling out a questionnaire and attaching a picture for the doctor to write out
the prescription, and then have it automatically sent to a locally preferred
pharmacy within a 2-hour turnaround time. The visit cost is much cheaper than a
co-pay, and an email summary of the care provided is sent for the
patient’s primary care doctor.

Expansion Plans

Lemonaid Health has seen a surge in demand for its services
and interest from prospective partners during the COVID-19 pandemic. Although
initially a direct-to-consumer provider, the company is starting to work with
partners within the existing healthcare system to further expand reach.

With the investment, Lemonaid Health will expand its team of
medical professionals and increase the number of services being offered to
patients, including treatment for asthma, hypertension, Type 2 diabetes and
more mental health services.

“The U.S. healthcare system has struggled to deliver
the services patients need in a way that is convenient and effective. The challenges
of providing routine care has been exacerbated recently as the majority of
health resources have been focused on responding to the coronavirus
pandemic,” said Paul Johnson, co-founder and CEO of Lemonaid Health.
“We founded Lemonaid Health with a vision to increase access to
affordable, high-quality healthcare. As more consumers have turned to
telehealth in the last six months, we’ve seen significant growth in demand for
our online services. With the additional financing, we will be able to help even
more patients get the care they deserve and expand our services in partnership
with other healthcare providers.”