Virtual care company LetsGetChecked announced a $150 million Series D round to launch care pathways, its 360-degree customer care platform incorporating telehealth services, pharmacy capabilities and expanded at-home testing, to provide care for patients with chronic conditions.
“We want to continue to scale and grow the platform,” LetsGetChecked founder and CEO Peter Foley told Crunchbase News. “We want to help people lead longer, happier lives, and to do that, we need to provide the capabilities of long-term therapeutic pathways to manage a person’s care into the future and manage better outcomes.”
LetsGetChecked offers more than 100 validated at-home tests including screening for sexual health, cholesterol, diabetes, thyroid and COVID-19, as well as follow-up care through its telehealth and pharmacy offerings.
Casdin Capital led the round and was joined by CommonFund Capital, Illumina Ventures, Optum Ventures, Transformation Capital, HLM Venture Partners, Qiming Venture Partners USA, and Rory Mcllroy through Symphony Ventures.
This latest investment brings the total capital raised by New York-based LetsGetChecked to more than $260 million since its founding in 2015, according to Crunchbase data. It also comes just over a year after LetsGetChecked brought in $71 million in Series C funding, co-led by Illumina and HLM, to increase its supply, manufacturing and testing capabilities for COVID-19.
“We have spent time with Casdin over the past couple of years, and the company is at the right stage now to take an investment from them,” Foley said. “We are ready to make the next step, and they are the right investors to support that.”
Foley intends to use the funding to scale supply chain and technology development. The company has its own manufacturing facilities and laboratories and is also in the process of acquiring a pharmacy in Jupiter, Florida, to assist in its expansion effort. LetsGetChecked also intends to introduce new test offerings this year.
Between 2019 and 2020, the company grew its revenue by more than 1,500 percent. Foley expects a similar trajectory in 2021. To date, the company has more than 600 employees, delivered more than 2 million tests, and signed more than 300 enterprise clients.
LetsGetChecked is among many venture-backed health care diagnostics providers that felt tailwinds as the global pandemic shifted much of the health diagnostic market to at-home testing. Venture capital investment into health diagnostics companies peaked in 2020 with $4.8 billion going into the sector, according to Crunchbase data.
LetsGetChecked is among 1,129 health diagnostic companies raising venture funding since 2017. Overall, investors have infused nearly $20.3 billion into this sector since that time, according to Crunchbase data.
Todd Cozzens, co-founder and managing partner at Transformation Capital, said his firm invests in companies in digital health, health information technology, and novel tech-enabled health care services.
By starting out in the direct-to-consumer space by building out its own software around logistics, manufacturing the testing kits, and owning its own laboratories, Cozzens believes LetsGetChecked has set itself apart from others.
“Seventy percent of diagnosis comes from labs, so it is more than just at-home labs, it is really wellness and preventative care in the home with clinical science behind it,” he said in an interview. “I don’t see these guys replacing anything in the care process, but expediting it. They have perfected the consumer experience, and that is a big leg up. Their tests are easy to use and combine data from other sources, like wearables and electronic medical records, and you do it all from home, on your time.”