Foundation Health, a San Francisco, CA-based healthcare technology company, raised $6M in Seed funding.
Backers included Garry Tan (CEO, Y Combinator), Transpose Platform, Tuesday VC, Alt Capital, Box Group, Liquid Ventures, Exceptional Capital, Calm/Storm Ventures, and PageOne Ventures, with support from angel investors Paul Johnson (Lemonaid) and Meghan Fitzgerald (Grey Ghost Advisors).
The company intends to use the funds to accelerate product development and its expansion plans.
Led by Founder and CEO Umar Afridi, Foundation Health is a healthcare technology company that works to empower consumer healthcare experiences by delivering tech-enabled pharmacy and telehealth experiences at scale to help clients take control of healthcare delivery, streamline operations, and redefine the consumer healthcare experience worldwide.
Foundation Health’s offerings encompass three core B2B products:
- APIs for Telehealth Prescribing and Pharmacy Services: A tech platform that connects clients to telehealth providers and a network of pharmacies to provide prescription mail order delivery, same-day delivery, compounding, specialty medications, veterinary medications, and durable medical equipment (DME).
- Virtual Pharmacy: Digital pharmacy SaaS product that enables any company to launch their own white-label, custom virtual pharmacy. Features include pharmacist support 24/7, a variety of delivery methods, and clear, transparent pricing that allows patients to choose between cash or insurance. Expandable options include telehealth and clinical services such as brand-to-generic switching and MTM to help improve adherence and, ultimately, health outcomes.
- Virtual Direct-to-Patient (DTP) Service: A complete solution for pharmaceutical manufacturers to launch products direct-to-patient. It enables manufacturers to remove the middleman, set affordable pricing without rebates, and seamlessly get medication to those who need it.
While Foundation Health’s services currently span the US, UK, and EU markets, the company’s initial focus will be on driving innovation within the US healthcare landscape.
Commenting on the news, Umar Afridi said: “With this funding, we are equipped to accelerate product development, onboard customers currently on our waitlist, and continue engaging with new customers to ensure we’re delivering precisely what the market needs. We are thrilled by the initial demand for our products and anticipate reaching profitability in approximately 18 months.”
FinSMEs
12/03/2024