SteadyMD Raises $25 Million Series B Capital: Lux Capital Led the Round

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March 30, 2021

SteadyMD, a technology company and healthcare provider that delivers high-quality telehealth experiences in all 50 states, today announced a $25 million Series B capital raise to enhance the company’s platform services that now power the telehealth infrastructure of digital health businesses and employers.

Lux Capital led the round, with Partner Deena Shakir joining the SteadyMD Board of Directors and additional participation from Ashton Kutcher and Guy Oseary’s Sound Ventures, Acrew Capital, and other healthcare investors. The new capital comes after five years of strong growth within SteadyMD’s proven direct-to-consumer primary care offering and will support the recent expansion of its platform services, which enable telehealth providers across the care continuum to scale with a 50-state clinician workforce, legal and regulatory guidance, and supporting technology.

Founders Guy Friedman and Yarone Goren launched SteadyMD as a direct-to-consumer telehealth company in 2016, offering individuals and families unlimited, direct access to a primary care physician uniquely matched to their health and lifestyle. Since its Series A round in early 2020, led by Pelion Venture Partners and NEXT VENTŪRES, SteadyMD has capitalized on the technology and clinicians behind the success of its consumer business in order to help digital health companies and employers do the same for their patients and employees across all 50 states. SteadyMD currently works with leading employers and online-first companies delivering primary care, behavioral health, digital pharmacy, medical device, at-home lab, and other telehealth services.

“We launched SteadyMD to deliver the highest quality of care possible to patients nationwide, completely online,” said Guy Friedman, SteadyMD Co-founder & CEO. “We’ve solved the puzzle of delivering that care in all 50 states, which involves numerous product, technology, legal, clinical, and operational challenges. Today, leading healthcare organizations rely on SteadyMD for the key infrastructure to launch, scale, and grow their telehealth offerings in the massive and quickly expanding digital health market.”

“Our success on the front lines now enables us to work behind the scenes for companies with like-minded missions to design quality telehealth solutions,” said Yarone Goren, SteadyMD Co-founder & COO. “Between clinician management and staffing, predicting patient demand, patient-provider matching, legal and regulatory issues, and the technology infrastructure that goes into a best-in-class telehealth operation, we’re helping companies deliver the highest quality healthcare where patients are — online.”

In addition to Lux Capital, Sound Ventures, and Acrew Capital, several prominent healthcare executives and investment leaders participated in the Series B round, including Anne Wojcicki (co-founder of 23andMe) and Draper Associates.

“I have witnessed the transformation of virtual care over the last decade — as an operator and now as an investor — and I could not be more excited about the potential of telehealth to transform how care is delivered, research is conducted, and ultimately how health equity and health justice are achieved. The industry has only begun to scratch the surface, and the pressures of the pandemic have propelled telehealth into permanence,” said Deena Shakir, Partner at Lux Capital, who now joins SteadyMD’s board. “Guy and Yarone are exactly the type of founders we take pride in backing — mission-driven, execution-oriented, ambitious, and gritty. We are proud to be joining them on this journey to improve human health through technology.”

 

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