The home testing company will also provide telemedicine and pharmacy services to patients
Home testing has been around for a few years, with companies like Everlywell and LetsGetChecked offering kits that allow patients to test for conditions like STDs, cholesterol, lipids, diabetes, and thyroid disease without ever leaving the home. It’s a growing area, but like other aspects of digital health, it has exploded in the last year.
Now LetsGetChecked would like to grow beyond a test company for the home to a digital full-service platform and has launched a large new financing round to implement this strategy.
On Tuesday, the company announced a $ 150 million Series D round to be offered by Casdin Capital along with existing investors CommonFund Capital, Illumina Ventures, Optum Ventures, Transformation Capital, HLM Venture Partners, Qiming Venture Partners USA and the professional golfer Rory Mcllroy was led by Symphony Ventures. This brings the total capital of LetsGetChecked to more than $ 260 million.
LetsGetChecked was founded in 2015 and currently offers over 100 wellness and chronic health tests for the home that can be performed by the patient without having to see a doctor. These include tests for diabetes, cholesterol, thyroid, cancer screening, sexual health, fertility, and pharmacogenomic tests.
Once a test is purchased, users collect samples at home and send them back to the LetsGetChecked facility at no additional charge. Patients can access their results online within a few days.
Based in Dublin and New York, the company has made its tests available nationwide in the US and most EU countries; it has performed more than two million tests and served more than 300 corporate customers. In 2020, LetsGetChecked increased its sales by more than 1,500 percent.
Now that LetsGetChecked has this new funding, it plans to roll out what is known as “Nursing Pathways,” which basically means that it will be a comprehensive digital health platform that includes a telehealth solution that provides asynchronous chat and video consultations between patients and LetsGetChecked members enables medical providers. Patients can have a follow-up exam if their tests are abnormal, as well as speaking to a doctor to have a prescription refilled or adjusted, and for follow-up care.
The company also plans to expand its pharmaceutical services to include long-term care solutions for conditions such as cholesterol and thyroid management; To this end, the company is currently acquiring a pharmacy in Jupiter, Florida.
“We see an unprecedented demand for home diagnostics and care as an alternative to traditional face-to-face doctor visits and are expanding our offering to include telehealth and treatment services to help people live longer and happier lives,” said Peter Foley, Founder and CEO of LetsGetChecked said in a statement.
Companies in the home test market
Perhaps the most famous company in the home testing space is 23andMe, which has raised over $ 868 million. The company’s tests that assess genetic risks for 10 health conditions, including Parkinson’s and late-onset Alzheimer’s diseases.
The other big force in this space is Everlywell, who raised $ 275 million in three funding rounds last year, including a $ 175 million round in December; It raised a total of $ 325 million. Everywell offers home testing for over 30 conditions, including food sensitivity, sexually transmitted diseases, cholesterol and lipids, HPV, thyroid disease, Lyme disease, and fertility, among others.
There’s also Reperio Health, which raised $ 6 million in March. The company developed a home health assessment and biometric screening system that enables individuals to measure their own levels of total cholesterol, HDL, LDL, triglycerides and glucose, in addition to tests for blood pressure, resting heart rate, body mass index and Relative fat mass.
(Image source: letsgetchecked.com)