Alpha Medical secures 25M for women’s primary care
Alpha Medical closed a $24M Series B round to expand its women’s telehealth services including primary and urgent care.
Founded in Silicon Valley in 2019, the virtual care company has curated a network of 30 staffed primary care providers, PCPs, to treat female patients online for a standard membership fee of $120. The cost covers text messaging, provider visits and free shipping for prescriptions. Alpha Medical offers a separate mental health membership, which also includes provider visits and unlimited texting. Patients are able to fill out an online patient intake form and answer questions about their condition digitally. A PCP will then review the form and come back to the patient with a treatment plan.
Co-founder and CEO Gloria Lau told TechCrunch, “We give you a primary care physician who is fluent [in women’s health]. We do all of this online, asynchronously.”
Although, Alpha Medical’s services aren’t currently covered by insurance Lau states that the $120 subscription fee is affordable as the average income for an Alpha Medical user is $40,000 annually. The company also offers an à la carte feature of the service, where a visit costs anywhere from $15-$30.
Alpha’s new funding round brings the company’s total to $35 million, following the $11 million Series A round two years ago. The list of investors includes SpringRock Ventures, Margo Georgiadis, Outcomes Collective Growth Capital, FMZ Ventures, Samsung Next, Chamaeleon, AV8 Ventures and GSR Ventures. While the previous round focused on accelerating the company’s coverage, growing the company’s offerings from 10 states to 46. The new round will help the company to train and find providers who can manage even more conditions. It is also anticipated to aid the company’s expansion from direct to consumer services to B2B services.
“Far too many women go chronically underserved in our healthcare system across their lifetime,” said investor Margo Georgiadis in a press release. The Alpha Medical team is “leveraging technology and innovating clinical care models so that women everywhere can have access to the comprehensive primary healthcare experiences they deserve – more personal, accessible and affordable,” she said.
Alpha Medical is able to treat over 60 medical conditions, with services ranging from mental and behavioural health, women’s health, dermatology, and nutrition and weight loss.
“We’ve started talking to health plans and employers to bridge the gap,” says Lau. “We’re in lots of conversations with health plans, we have some very small employer contracts that are inbound — actually that’s how we started thinking about it in the first place.”
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