Photo courtesy of Tia
Tia, a hybrid virtual care and brick-and-mortar women’s healthcare company, announced a $100 million Series B funding round Tuesday.
The round was led by Lone Pine Capital with participation from Threshold, Define Ventures, Torch Capital, ACME, Compound, Combine, the Helm, Human Ventures, Seae Ventures and Gingerbread Capital.
The company said the new funding brings its total raise to $132 million.
WHAT IT DOES
Tia combines virtual and in-person care for a variety of women’s health needs, providing primary, mental and gynecological care, as well as acupuncture.
“Women deserve their own medical home that treats them as a whole person and not a disparate set of parts. They need a model that delivers truly connected care that meets them where they’re at – online and offline,” cofounder and CEO Carolyn Witte said in a statement.
“Our vision is to replace transactional, condition-based healthcare with relationship-based care that can cater to women for their whole lives, from puberty to menopause. We know when we make healthcare work better for women, it works better for families, for communities – for everyone.”
WHAT IT’S FOR
The women’s health company plans to use the capital to expand its care model to more than 100,000 women by 2023.
It also wants to grow its virtual and brick-and-mortar services in the cities it already serves and move into new markets. Tia currently operates in New York City, Los Angeles and Phoenix, and it plans to open in San Francisco this year.
The company is partnering with health systems so its members can access specialty care not offered at Tia clinics, like obstetrics.
“Tia has created a holistic model that unlocks better and more focused care for the largest population of healthcare consumers in the U.S. – women,” Kelly Granat, portfolio manager at Lone Pine Capital said in a statement.
“Just two years since treating its first female patient, Tia has proven it can be the leading and most trusted healthcare partner for women by building better, lasting relationships with them over the course of their entire lives. With a personalized approach that addresses the whole person, Tia’s full-service platform is well-positioned to become the premier destination for high-quality women’s healthcare.”
MARKET SNAPSHOT
Last year, Tia raised $24.27 million in a Series A funding round and hired three new members for its executive leadership team.
The company was founded in 2017 and raised $2.5 million that year for its app on women’s sexual health. Tia opened its first clinic in New York City in 2019.
Other digital women’s health startups include Maven Clinic, Ovia Health and London-based Bia Care.
Though femtech investment is expected to grow, it still makes up a relatively small amount of overall digital health deals.
“Women control more than 80% of the U.S. healthcare dollars, and we make the healthcare decisions on behalf of our children, partners, parents and of course ourselves. What this means when we think about digital health and leadership, women as founders, women as funders, we need to be building for the most powerful customer in healthcare, and that is by and large women,” Tia’s Witte told MobiHealthNews in March.
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