Adaptive Healthcare participates in Lemonaid Health’s investment round enabling scaling
“Our goal is to identify and invest in opportunities driven by paradigm shifts in healthcare. Adaptive is excited to share exciting news on our forthcoming portfolio investments.”
LOS ANGELES, CA (PRWEB) MAY 24, 2017
Adaptive Healthcare, the first Southern California-based investment fund focusing on opportunities driven by healthcare transformation, has announced the second portfolio investment of its LaunchPad Fund in Lemonaid Health, a fast-growing provider of asynchronous telehealth services. Adaptive Healthcare joined Novartis Venture Fund, Hikma Ventures, Correlation Ventures, Vega Ventures, and 415 Ventures as part of an $11 million funding round.
Led by founders Ian Van Every and Paul Johnson, Lemonaid is a national leader in expanding the utilization of asynchronous telehealth, employing an innovative technology platform embedded with expert clinical protocols to provide low cost, high quality, easy-to-use telehealth solutions. Lemonaid presently treats a variety of common conditions, including UTI, flu, sinus, acid reflux, acne, erectile dysfunction, and hair loss, and is expanding to treat a broader range of conditions.
“Lemonaid Health’s brilliant leadership team and its record to date made this a compelling investment,” commented Adaptive Healthcare’s Fund Manager, Larry Gill. “We think Lemonaid’s team has cracked the code on a scalable telehealth model.” Harry Nelson, co-chair of Adaptive’s Investment committee and co-author of From ObamaCare to TrumpCare: Why You Should Care commented: “Our healthcare system currently suffers from the unfortunate trifecta of high cost, low quality, and inconvenient, poor patient experience. Lemonaid’s standardization, focused treatment offerings, and process efficiency solve all three problems in one strike, an irresistible combination that has eluded other telehealth companies.”
In connection with the investment of $1m, Adaptive Healthcare will provide advisory support to the company, consistent with its value proposition of offering “smart money,” including input on strategy and connecting the company with Adaptive’s network of leadership from all walks of the healthcare industry. “The advice of the Adaptive team has been invaluable,” said co-CEO Ian Van Every. “The group’s support and insight has already helped us attract significant additional funding, which we will be announcing in the near future.”
Adaptive Healthcare launched in 2016 with two funds, the LaunchPad Fund, which invests in early-stage technologies poised to capitalize on the paradigm shifts in healthcare, including aging in place technologies, digital health, telehealth, and care coordination, and the Expansionary fund offering debt funding to catalyze growth in mature healthcare companies. “Our goal,” commented Investment Committee Co-Chair Rob Fuller, is to “identify and invest in opportunities driven by paradigm shifts in healthcare. Adaptive is excited to share exciting news on our forthcoming portfolio investments.”