FOLX Health Raises $30M in Series B Funding Led by 7wireVentures; Launches Expert-Led Support Groups for LGBTQIA+ Community
The New Funding Enables the LGBTQIA+ Digital Healthcare Provider to Launch Mental and Behavioral Health Products and Further Invest in Direct-to Employer Offering
BOSTON, Oct. 12, 2022 /PRNewswire/ -- FOLX Health, the first digital healthcare service provider designed by and for the medical needs of the LGBTQIA+ community, today announced $30 million in new financing led by 7wireVentures, with participation from new investor Foresite Capital and existing investors, including Bessemer Venture Partners, Define Ventures, and Polaris Partners. Lee Shapiro, Managing Partner of 7wireVentures and former Chief Financial Officer of Livongo Health, will join FOLX Health's Board of Directors. With this capital, FOLX Health will continue expanding its best-in-class platform to service members, self-insured employers and their dedicated employee population.
"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. It is our responsibility to provide offerings that enable folks to receive the care they need and deserve," said Liana Douillet Guzmán, CEO of FOLX 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."
This strategic investment enables FOLX Health to invest further in their recently launched enterprise and virtual health offerings as well as new product offerings that will further engage and support the LGBTQIA+ community across mental and behavioral health. This includes new expert-led support groups launching this month, which will serve to support the community and their loved ones in areas such as fertility and family planning and parental support, with more categories to roll out in 2023. FOLX Health's expert-led support groups will consist of multi-week group sessions led by an esteemed clinician or expert, followed by one-on-one consultations to implement individualized plans for users. Members will be able to build a community around themselves with those on similar journeys through an expanded community platform. The company will also launch a companion iOS and Android app enabling real-time emotional and behavioral health support.
"7wireVentures is proud to be partnering with FOLX Health during a pivotal moment in the company's trajectory," said Lee Shapiro. "Now more than ever, there is a clear need to expand access to inclusive health services for the millions of Americans who identify as LGBTQIA+. By combining a network of clinicians highly attuned to the needs of the LGBTQIA+ community with convenient access to affirming content and peer connections, FOLX Health has established a new standard of queer and trans care for its members."
This funding comes on the heels of FOLX Health releasing its Virtual Healthcare platform, which offers community members in nearly all 50 states consults and prescriptions for general health, and sexual health - including access to birth control, treating infection, family planning, and more. This builds on the company's existing offering, which includes gender-affirming hormone replacement therapy, PrEP, care navigation, content, and community delivered through a diverse network of queer and trans-specialized providers. To learn more about FOLX Health, visit www.folxhealth.com.
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SOURCE FOLX Health
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