Canadian direct-to-consumer virtual care startup Felix announced last week it had raised C$18 million ($13.3 million).
The round was led by BDC Capital with participation from the Canadian Business Growth Fund (CBGF), Whitecap Venture Partners and Mantella Venture Partners.
WHAT THEY DO
Felix offers online consultations and prescriptions for birth control, PrEP, weight loss, hair loss, erectile dysfunction, acne, anxiety, depression and other conditions.
The startup said the latest influx of capital allows it to launch new, more complex care categories and therapeutic services.
“From a busy parent with no time to get to a pharmacy in person to a young adult in a rural community with no family doctor, we’re providing an option that helps patients get treatment on their terms,” Kyle Zien, cofounder and CEO of Felix, said in a statement. “This funding will accelerate our growth and further our mission of helping Canadians take control of their health and wellbeing. Through investments in our technology, our operations and our team, Felix will continue to expand its service by launching new and more comprehensive categories of care in 2023.”
MARKET SNAPSHOT
Launched in 2019, Felix raised a C$10 million Series A two years later. The company said it would use the funds to hire new staffers and add services for mental healthcare and PrEP prescriptions, a medication used to reduce the chances of HIV transmission.
Felix pitches its services as a way to improve access in the Canadian healthcare system. A poll conducted last year by the Angus Reid Institute found only 15% of Canadians reported “comfortable” access to care compared with 29% of Americans.
Another Canadian virtual care company is Maple, which received a C$75 million investment from Loblaw Companies Limited in 2020 and acquired virtual primary care company Wello early last year.
There are also several U.S.-based direct-to-consumer virtual care companies including Ro and Hims & Hers. Amazon also recently launched its own service, called Amazon Clinic, that will focus on common conditions like hair loss, heartburn, acne, dandruff and seasonal allergies.
Matthew Fisher will offer more detail in the HIMS23 session “A Confusing Muddle: Health Policy Post-Dobbs.” It is scheduled for Tuesday, April 18, at 3 p.m. – 4 p.m. CT at the South Building, Level 1, S100 C.