On Wednesday, healthtech unicorn Thirty Madison announced it is merging with female-focused sexual healthcare tech startup Nurx.
Nurx and Thirty Madison will now have a combined reach of 750,000 customers when the deal closes later this year. The merger will unify the two online platforms and expand Thirty Madison’s offerings to include reproductive and sexual services.
Nurx currently offers users birth control, HIV prevention products, STI testing, Covid-19 testing and dermatology care for its users. Prior to the merger, Thirty Madison’s services focused on hair loss, migraines, allergies and digestive issues.
Nurx’s B2B model also provides Thirty Madison with access to pharmacy benefit managers, which helps the company expand beyond its current direct-to-consumer reach.
“While we don’t yet have the details on what users can expect, we see meaningful similarities in our operating values, our dedication to operating as one team and a bias to action, even as we scale. This gives us tremendous confidence about what we can build together,” Thirty Madison co-founder Steven Gutentag told Built In via email.
Thirty Madison President Michelle Carnahan initially met Nurx CEO Varsha Rao at the Nurx office in San Francisco. There, she found that “the first three values listed on [the Nurx] wall were the same as ours: patient first, better every day and one team,” Carnahan said in a statement. “It was a real value connection.”
When Built In last caught up with Thirty Madison in June, it had just reached a $1.04 billion valuation. Nurx was last valued at $322.5 million, according to PitchBook. Following the merger, Thirty Madison expects to bring in $300 million in revenue this year, according to the statement.
Varsha will stay with the company and transition from CEO to head of Nurx, under Thirty Madison.
“I’m thrilled that Nurx and Thirty Madison are joining forces. Both teams have deep expertise in delivering specialized, ongoing care in a way that’s more convenient, private, affordable and simply better for patients, and I’m so excited to see what we’ll do together,” Varsha said in a statement.
The financial terms of the transaction were not disclosed.
