Thirty Madison, a rising star in direct-to-consumer healthcare, has raised another $140 million in fresh Series C funding. The round was led by new investor HealthQuest Capital, with participation from familiar faces like Polaris Partners, Greycroft and Johnson & Johnson Innovation.
This news comes less than a year after Thirty Madison announced its $47 million Series B, and brings the four-year-old company’s valuation to more than $1 billion — making it the latest addition to a growing list of healthtech startups to hit unicorn status in the last year.
Online pharmacy (and Thirty Madison competitor) Ro hit unicorn valuation last summer, then raised another $500 million six months later. Earlier this year, Hims & Hers, another online pharmacy, hit a $1.6 billion valuation after going public via SPAC merger, joining other health startups like 23andMe, Oscar Health and GoodRx that also made their public debuts in the last year.
All of these companies say they’ve experienced a surge in use amid the pandemic, and Thirty Madison is no different. The company claims its revenue tripled in 2020 alone, and that it now serves hundreds of thousands of patients across the country.
What sets Thirty Madison apart is its ability to focus on a few specific chronic conditions and offer a range of treatment options for those conditions. The company started with Keeps, which treats men’s hair loss, in 2018. Next, it launched Cove to treat migraines and Evens to treat gastrointestinal issues last year. Picnic, Thirty Madison’s newest vertical, treats allergies.
The company’s pharmacy offerings are accessible nationwide, and its telemedicine service reaches more than 40 U.S. states. Eventually, Thirty Madison’s CEO and co-founder Steven Gutentag says he would like the company to be available internationally, with the goal of spearheading a “complete reinvention” of the healthcare system by putting the patient first.
“We’re building a company where every individual with a chronic condition can turn to us for high-impact specialty care that significantly improves the way they live their life every single day,” Gutentag said in a statement. “We’re excited to have HealthQuest as our partner to accomplish this mission, as their deep expertise and relationships within the healthcare ecosystem will accelerate us forward.”
Indeed, Thirty Madison says it plans to use this fresh funding to launch new treatment verticals, and expand into new partnerships so it can reach more patients through employers and healthcare payor networks. The company is also hiring, with more than 50 open tech positions available at its NYC headquarters.
