Your Source for Venture Capital and Private Equity Financings

Massinvestor/VC News Daily

Nurx Grabs $22.5M Series C

2020-08-11
SAN FRANCISCO, CA, Nurx announced today it raised an additional $22.5 million in funding in May for its Series C round.
Nurx, the largest digital practice for women's health, announced today it raised an additional $22.5 million in funding in May for its Series C round and expects to reach profitability by early 2021. New investors Trustbridge, Comcast Ventures, and Wittington Ventures participated in the round along with existing investors Union Square Ventures and Kleiner Perkins Digital Growth Fund. The company, which has raised $113 million, will use the capital to support rapid patient growth and introduce new sensitive health services, including treatment for headaches and migraines this month.

Today Nurx provides care to more than 300,000 patients on a monthly basis, offering an "all in one" service by connecting patients, medical providers, and pharmacies in a single platform, eliminating many of the traditional access barriers to healthcare while enabling an efficient and affordable way to deliver patient-centred care. The company is focused on providing high quality care for "sensitive health" needs, such as contraception, HIV prevention with PrEP, STI testing and treatment, and herpes treatment, which can be difficult to access and often carry shame and stigma. Nurx is also one of the few digital practices that accepts health insurance while also offering affordable pricing for patients without insurance.

Building on the company's growth over the last year, Nurx expects to reach profitability by early 2021 and has provided over 1 million virtual consultations. Further, the COVID-19 pandemic has driven increased demand for the company's services with a 75 percent increase in new patient requests for birth control during the first half of the year, totaling over 250,000 new patient requests. Nurx has also received twice as many requests for STI home testing and treatment, PrEP for HIV prevention, and oral and genital herpes treatment services in recent months.

"Nurx has demonstrated consistent growth over the last year and as the pandemic placed strain on our healthcare system, the company was well positioned to capture the sudden surge in demand for telemedicine services," said Sam Landman, Comcast Ventures Managing Director. "The Nurx team has established a leadership position with birth control and women's health while also steadily taking market share across several additional sensitive health conditions. We're eager to see the team continue their accelerated growth, bolstered by shifting consumer expectations and offerings in new categories."

Nurx will leverage the funding to continue investing in sensitive health services, starting with personalized treatment for headaches and migraines in the coming weeks. Considering that women are three times more likely than men to experience migraines, largely due to hormonal fluctuations1, Nurx is well positioned to expand access to treatment within its current patient community of over 300,000 women. Despite being one of the most prevalent health conditions and having a significant impact on everyday well-being, headaches and migraines are often misunderstood and misdiagnosed. In a survey of Nurx patients who experience migraines, nearly 1 in 2 said they have had their headache symptoms dismissed by a doctor and 1 in 4 have experienced a lack of support from their friends and family members.2

Nurx's comprehensive service will include an extensive online consultation, recorded patient video, personalized treatment plan, and ongoing check-ins with the Nurx medical team. The video exam requires patients to upload videos completing a series of tasks that test cognitive abilities, cranial nerves, and motor control. As with all of its healthcare services, Nurx accepts health insurance and offers transparent pricing for those without coverage.

"As the largest and most trusted digital practice for women's health, our team was well positioned to leverage our momentum over the last year and meet the surge in demand for our services when the COVID-19 pandemic hit and uprooted our healthcare system," said Nurx CEO Varsha Rao. "I'm proud of our team's dedication to providing our patients with the best care possible so they can remain safely at home. Over the last few months we've further accelerated our patient growth across all of our services. We're excited to build on our vision of treating and managing more sensitive healthcare needs that carry stigma and largely impact women by launching our migraines and headache service."

In order to support record patient volume, the company has grown its medical team by 50 percent in recent months. Nurx also plans to use the funding to continue expanding its clinical, operations, and engineering teams in the near future. Today Nurx is available to 90 percent of the U.S. population and has been recognized by a New England Journal of Medicine study for providing a safe and high-quality experience for patients, including when compared to in-person settings. To learn more about the company, visit www.nurx.com

About Nurx

Nurx is a health tech company providing convenient, affordable, and personalized care for sensitive health needs. By reimagining the healthcare experience, Nurx offers patients transparent pricing and judgement-free care whenever and wherever works best for them. Nurx believes everyone should have the freedom to live well and be in charge of their healthcare decisions, regardless of their circumstances. From diagnosis to delivery, Nurx makes every part of getting healthy and staying healthy, better.

Sources

1Migraine Research Foundation
2This survey was conducted using the online survey platform Surveymonkey with a sample of 441 Nurx patients.
(c)2011-2020 by Massinvestor, Inc. For contact info, please check out our about page.
>> Click here for in-depth research on 9,000 startups and 5,000 VC investors