May 8
2019
LetsGetChecked Announces $30 Million in Series B Financing
LetsGetChecked, the direct-to-consumer at-home health testing platform increasing access to laboratory and self-testing, today announced the closing of $30 million in its Series B round. LTP, a Boston-based growth equity investment firm focused on healthcare IT, led the round. Existing investors Optum Ventures and Qiming Venture Partners USA also participated in the round.
LetsGetChecked will use this funding to continue scaling the company’s consumer brand in diagnostics, as it currently serves the entire U.S., Canada and Europe. The funding will also be made to fuel development of the core technology platform and on expanding manufacturing and logistical capabilities throughout North America.
“When I was younger, I had a condition whereby I benefited from getting screened early. I made a full recovery, but that isn’t always the case for people. We have all experienced family or friends getting diagnosed with something too late and conditions that should be manageable, get way out of hand. Early diagnostics through consumer-led screening can help solve this problem and lead to better clinical outcomes from everyone,” said Peter Foley, CEO and founder, LetsGetChecked. “Support from investors like LTP who have a proven track record of helping to modernize healthcare aligns well with our mission and company goals of bringing specialized health testing and insights direct to consumers. I’m grateful for LTP’s investment and involvement.”
“LetsGetChecked is taking lab testing and personal health management to the home through tight coordination of existing certified reference labs and logistics platforms,” said Todd Cozzens, managing partner, LTP, who has worked in the healthcare industry as CEO and founder at Marquette (IPO and subsequent sale to GE) and Picis (acquired by UnitedHealth Group), as well as an investor at Sequoia. “This creates a convenient and seamless consumer health testing experience, allowing timely access to results, follow-up care and professional guidance.”
Users can order in-state physician-approved laboratory tests via LetsGetChecked.com or through partner retailers, including CVS (NYSE: CVS), Walmart (NYSE: WMT), Pharmaca, and McKesson (NYSE: MCK) online stores. Anonymized tests are then shipped from the company’s ISO accredited facility by next day delivery and individuals can complete and return the samples for rapid processing within as little as two days. Tests are performed by leading CLIA-certified reference labs.
Throughout the process, patients are connected with in-state board-certified physicians to discuss any abnormal results and determine the best course of action for treatment and care. Patients also receive a nurse call to discuss the results live, which can be accompanied by an e-prescription at no additional cost to the pharmacy of their choice. LetsGetChecked’s portfolio of testing procedures currently includes wellness testing (cholesterol, thyroid, etc.), cancer screening, sexual health testing, fertility testing, genetic testing, and pharmacogenomic testing among others.
Partnered with connected health devices such as Apple Health, Fitbit and Garmin, LetsGetChecked provides customers access to a range of health data via its dedicated health dashboard. By combining lab results with real-time wearable data, users can receive risk assessments and scores such as their cardiovascular health and others to determine the probability of developing a heart attack within a given timeframe.
The company has integrated with large reference labs and health systems, and is building partnerships with a growing number of healthcare insurers for personalized screening and home testing procedures. For shipping and handling, LetsGetChecked has logistics partnerships with UPS, USPS and FedEx to provide a seamless and convenient consumer experience with quick turnarounds for testing results.
“We have seen LetsGetChecked grow and expand successfully over the time we have been involved. We are dedicated to investing in companies that solve real life problems. This is why LetsGetChecked stands out to us,” added Mark McDade, managing partner, Qiming Venture Partners USA. “We’re excited to help the company continue to grow at a time when people want more control over their own health.”