US-based patient engagement software producer Truepill completed a $75m series C round on Wednesday that included Optum Ventures, healthcare services provider Optum’s strategic investment arm.
Growth equity fund Oak HC/FT led the round, which also featured investment advisory firm TI Platform Management, venture capital firm Sound Ventures and accelerator operator Y Combinator.
Founded in 2016, Truepill provides business-to-business (B2B) software that helps customers such as healthcare providers, drug producers and health insurers more fully interact with patients.
The series C funds will support the launch of an at-home testing service that will combine telehealth systems with prescription medicine delivery to help patients manage chronic diseases such as diabetes, heart disease or chronic kidney disease.
The round came just two months after the company closed a $25m series B round backed by Optum Ventures, Sound Ventures, TI’s Platform Fund and Initialized Capital that a valuation estimated by Forbes to be $300m.
Truepill was reportedly valued at $80m in a $13.4m series A round in March 2019 that was led by Initialized Capital and backed by Sound Ventures, Tuesday Capital and undisclosed others. Amity Ventures, Funders Club, Slow Ventures, NLI Strategic Investment Fund and Joe Montana are among its earlier investors.
Umar Afridi, co-founder and chief executive of Truepill, said: “Healthcare today is defined by silos and misaligned incentives, often leaving the patient to navigate an inefficient and inaccessible system. This divide can be a monumental barrier to care.
“Through our B2B healthcare platform approach, we aim to be the connective tissue that brings all the elements of digital health together. By providing an end-to-end solution, we’re levelling the playing field and empowering our customers with the tools they need to build innovative, consumer-first experiences.”
