US-based specialised care provider Thirty Madison received $140m yesterday in a series C round featuring Johnson & Johnson Innovation – JJDC, the corporate venture capital arm of pharmaceutical group Johnson & Johnson.
Growth equity firm HealthQuest Capital led the round, which included Bracket Capital, Greycroft Partners, Northzone, Mousse Partners and Polaris Partners. The deal valued the company at more than $1bn and helped lift its funding to $210m since it was founded in 2017.
Thirty Madison provides treatments for specific chronic conditions. Its brands include Keeps, which prevents male pattern baldness, as well as migraine relief medicine Cove and over-the-counter heartburn and acid reflux medication Evens.
The money will be used to expand the company’s offering to cover additional chronic illnesses in addition to a partnership with employers and healthcare providers in order to further engage with patients.
Johnson & Johnson Innovation – JJDC had already backed Thirty Madison’s $47m series B round in August 2020, which was led by Polaris Partners and filled out by Maveron and Northzone.
Maveron and Northzone had co-led a $15.3m series A round for the company in 2018 that included ERA, First Round Capital, Greycroft, HillCour, Steadfast Venture Capital and Two River. It came after $7.5m in seed funding from First Round, Greycroft, Maveron and Imaginary Ventures the year before.
