LetsGetChecked, a company that connects customers to a variety of at-home lab tests for diagnosing certain STDs, fertility, or some types of cancer, just raised a $30 million Series B. The round was led by Leerink Transformation Partners (LTP).
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The round will be used to scale the company, which currently partners with CVS and Walmart. It says the injection of new capital will also help fuel development of its “core technology platform” and expand manufacturing and logistical capabilities throughout the U.S. LetsGetChecked also exists in Canada and Europe, too.
The company, founded in 2014 by Peter Foley, is operating in an increasingly competitive space. For example, Austin-based EverlyWell, which started in 2015, recently raised $50 million to work on at-home testing to track fertility, high-risk HPV, and more. Everlywell, which partners with Target, also offers an end-to-end care model for consumers interested in an independent physician consult and prescription.
In countries where healthcare is publicly funded, the cost of LetsGetChecked may not make a ton of sense, as Steve O’Hear of TechCrunch noted. But in the United States, where healthcare costs are rising and about 45 percent of U.S. adults from 19-to-64 are inadequately insured, alternative lab testing could be an affordable option.
Everlywell’s CEO, Julia Cheek, also made a fair point in regards to cost: In April, she told Crunchbase News that basic lab tests prescribed by her doctor cost over $2,000.
And when it comes to medical testing, cost isn’t the only factor to consider. Early diagnosis may change patient outcomes significantly.
“When I was younger, I had a condition whereby I benefited from getting screened early. I made a full recovery, but that isn’t always the case for people,” Foley said.
We’ll see how fresh funding helps LetsGetChecked and Everlywell balance cost and accessibility while convincing consumers that at-home lab tests are a helpful way to maintain health.
Illustration: Li-Anne Dias
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