Folx healthcare8/26/2023 ![]() Since its last funding round, FOLX Health launched an enterprise solution, allowing employers to offer its solution to the LGBTQIA+ workforce, as well as its Virtual Healthcare platform, which offers community members in nearly all 50 states consults and prescriptions for general health, and sexual health. "This funding is a testament to the importance of our mission, and we are honored that Lee and 7wireVentures are joining our efforts to create a more equitable healthcare system for the LGBTQIA+ community." ![]() It is our responsibility to provide offerings that enable folks to receive the care they need and deserve," Liana Douillet Guzmán, CEO of FOLX Health, said in a statement. "Prior to finding FOLX, 78 percent of our members did not have access to affirming healthcare and 71 percent actively avoided seeking care for fear of discrimination. Patients pay a monthly subscription fee, which is determined by the area of focus is and what they need. This is the company's first funding since a $25 million round in February 2021.Īlong with the funding, it was also revealed that Lee Shapiro, Managing Partner of 7wireVentures and former Chief Financial Officer of Livongo Health, will join FOLX Health's Board of Directors.įOLX Health, which launched in late 2020, is a telehealth-based platform that, instead of just offering general primary care that connects patients to their doctors, offers care that more specific and tailored to the LGBTQIA community, providing hormore replacement therapy, PrEP, care navigation, content, and community through a network of queer and trans-specialized providers. On Wednesday, the company announced a new $30 million round of funding led by 7wireVentures, with participation from new investor Foresite Capital and existing investors, including Bessemer Venture Partners, Define Ventures, and Polaris Partners. That is why a company like FOLX Health, a digital healthcare service provider designed by and for the medical needs of the LGBTQIA+ community, is necessary. Over one-third of LGBT+ people reported at least one of these negative experiences, compared to fewer than one in five non-LGBT+ people. Yet, this population is also more likely to report negative experiences with a healthcare provider, including being accused of lying, having doctors suggest they were personally to blame for a health problem, having a provider assume something about them without asking, or having their concerns dismissed entirely. In addition, almost half of LGBT+ people report that they have an ongoing health condition that requires regular monitoring, medical care, or medication. There’ve been some headwinds in the telehealth space, with Hims & Hers losing 60% of market cap post listing and Thirty Madison merging with NURX.The company plans to use the funding to add mental and behavioral health servicesĭespite the the LGBTQIA+ community being a younger population than non-LGBT+, with more than half being between the ages of 18 to 35, they are also more likely to report that their health is fair or poor.What are the TAM expansion opportunities you see for FOLX? Does it want to grow horizontally, covering more medical conditions for the LGBTQIA+ community, or become a vertical healthcare provider for them?.How large do you think the market is for FOLX? How’s your view of the market size evolved as COVID started easing out and in-person doctor visits are picking up?.What are the key obstacles in scaling-up to all the states? Are there regulatory constraints regarding doctors’ presence or issues in the supply of qualified doctors?. ![]() Why do patients come to FOLX? Is it the convenience of virtual care, cost, the stigma associated with in-person consultations, or something else?.What are the current healthcare options for the LGBTQIA+ community, and how is FOLX better than it? What does FOLX usually replace for its patients?. ![]()
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