Two months after announcing its Series B investment, San Mateo-based Truepill is back with a $75 million Series C round of funding to launch an at-home lab testing network by the end of the year.
Subscribe to the Crunchbase Daily
We last caught up with Truepill in July when the 4-year-old startup was expanding its pharmacy fulfillment business. The company works with health plans, pharmaceutical manufacturers and consumer health brands by providing a business-to-business model for building direct-to-patient experiences from the ground up that includes a telehealth network, pharmacy fulfillment and a custom-built EMR.
The new at-home lab testing service adds the “third leg of the stool” to Truepill’s platform, Sid Viswanathan, Truepill’s co-founder and president, told Crunchbase News.
“COVID-19 has been an accelerator for everything in health care,” he said. “It was very clear that when we thought about the platform, there was a third piece missing of diagnostics to provide a true platform. Now, later this year, we will have all three. To think about the Series C, it is a testament to being the right company in the right circumstances.”
Oak HC/FT led the round with participation from existing investors Optum Ventures, TI Platform Fund, Sound Ventures and Y Combinator. Including the new funding, Truepill has raised $114 million since it was founded in 2016, according to Crunchbase data. That includes the $25 million Series B and a $10 million Series A investment led by Initialized Capital in 2019.
The new funding will be used to launch the testing network with hundreds of different tests available for women’s and men’s health, fertility, general panels, STIs and eventually COVID, Viswanathan said. In addition, Truepill is focusing on patients with chronic disease.
“You will be able to go from a telehealth visit with your doctor to the lab for tests and then get a drug for any treatment,” he added. “It is the end-to-end vision that we are making a reality.”
Illustration: Dom Guzman
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.
67.1K Followers