On September 14, 2021, Tia, the modern medical home for women, announced a $100M Series B funding round led by Lone Pine Capital. The round marks one of the largest Series B investments for a healthcare company focused on women. Founded in 2017 as an online chat service to help answer questions about birth control and health, Tia has since opened physical locations in New York City, Los Angeles, San Francisco and Phoenix, and plans to expand to 15 new clinics in 2022. Pre-Covid 19, all of Tia’s services, which include primary care, gynecology, mental health and acupuncture, were delivered in person, but it has since shifted 60% of its care to be delivered virtually.
How are other brands in the space adapting their healthcare offering?
Tia’s hybrid model is on the rise across the industry, as customer demand grows for more holistic and accessible options. Earlier in March, Oula, the modern maternity center, announced its first clinic in Brooklyn, serving as the physical extension of its popular virtual offerings. Kindbody, the leading fertility and family-building company with a bricks-and-mortar model alongside Telehealth, raised $62M in Series C funding this past June. Similarly, HerMD (a bricks-and-mortar and Telehealth hybrid focussing on all women’s health services) raised a $5m Series A round earlier this year. Finally, Origin, the women’s virtual physical therapy platform, has opened three physical locations in California since August 2020.
Mounting pressure for healthcare evolution
We believe this recent trend is here to stay, as a McKinsey study reported 40% of surveyed consumers stated they will continue to use Telehealth going forward, compared to 11% prior to Covid-19. Consumers are looking for a broader set of health solutions, including digital front doors and lower-cost, virtual-first plans. As such, pressure mounts on companies within the ecosystem to innovate and find winning models that will provide sustainable, competitive advantage in this quickly evolving space. This is good news for consumers and patients, as we are likely to continue seeing increased innovation in virtual care delivery models.
Head over to our blog page to read more ASV Insights. Next time, ASV Insights discusses the success of the connected devices business model following Elvie’s $97 million Series C fundraise earlier this summer.
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