The US digital healthcare provider FOLX Health has announced US$30m in funding to create a more equitable healthcare system for the LGBTQIA+ community.
FOLX will use the capital to expand its platform to service members, self-insured employers and their employee population.
The round was 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.
“Prior to finding FOLX, 78 per cent of our members did not have access to affirming healthcare and 71 per cent actively avoided seeking care for fear of discrimination,” said Liana Douillet Guzmán, FOLX CEO.
“It is our responsibility to provide offerings that enable folks to receive the care they need and deserve.
“This funding is a testament to the importance of our mission, and we are honoured that Lee and 7wireVentures are joining our efforts to create a more equitable healthcare system for the LGBTQIA+ community.”
Lee Shapiro said: “7wireVentures is proud to be partnering with FOLX Health during a pivotal moment in the company’s trajectory.
“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.”
The investment will help FOLX to invest further in their recently launched enterprise and virtual health offerings as well as new product offerings to support the LGBTQIA+ community across mental and behavioural health.
This would include expert-led support groups 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.
The support groups will consist of multi-week group sessions led by clinicians, followed by one-on-one consultations to implement individualised 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 for emotional and behavioural support.
This funding follow FOLX’s Virtual Healthcare platform launch, which offers community members in nearly all 50 states consults and prescriptions for general and sexual health, including access to birth control, treating infection and family planning.
