The pandemic has reshaped the future of remote healthcare as accessibility to healthcare became paramount, leading to accelerated digital adoption. In fact, 23.6% of all healthcare interactions were via telehealth during the first four months of the pandemic, up from just .3% for the same period in 2019. LetsGetChecked is a virtual healthcare company that initially started by providing at-home diagnostic testing for the treatment and diagnoses of several ailments like sexual health, cholesterol, diabetes, and even COVID. Building on the 100+ at-home tests, the company has now expanded into telemedicine consultations and pharmaceutical fulfillment for these conditions. Through the pandemic, LetsGetChecked managed to grow revenue by more than 1500% as a result of increased interest in virtual care.
AlleyWatch caught up with CEO and Founder Peter Foley to learn more about how his own experience as a patient inspired the business, the impressive traction that led to the company reaching unicorn status, latest funding round, which brings the total funding raised to $263M, and much, much more.
Who were your investors and how much did you raise?
This is our Series D, in which we raised $150M. The funding is led by Casdin Capital with continued participation from CommonFund Capital, Illumina Ventures, Optum Ventures, Transformation Capital, HLM Venture Partners, and Qiming Venture Partners USA, and professional golfer Rory Mcllroy, through Symphony Ventures, an investment partnership.
Tell us about the product or service that LetsGetChecked offers.
LetsGetChecked is a virtual care company that allows customers to manage their health from home, providing direct access to telehealth services, pharmacy, and at-home diagnostics for a wide range of health conditions, including Sexual Health, Cholesterol, Diabetes, Thyroid, Coronavirus (COVID-19), and more.
The idea came together after having received my own cancer diagnosis late. It was a months-long process of going back-and-forth from the hospital to being sent home, then being tested and retested, coming up with a diagnosis, and eventually recovering. I realized then that people should have full control over the testing process so that they can act upon their diagnosis quickly, as time is the most important factor for having a better outcome.
How is LetsGetChecked different?
Today, LetsGetChecked is a leader in healthcare innovation. A differentiating factor is the fact that our business model is fully end-to-end meaning it includes manufacturing, logistics, lab analysis, affiliated physician support, and prescription fulfillment. This enables us to provide a seamless user experience and a convenient, reliable, and secure healthcare experience.
What market does LetsGetChecked target and how big is it?
LetsGetChecked is available nationwide in the United States and most EU countries.
Telehealth, which is expected to hit a $298.9 billion market size by 2028 globally.
What’s your business model?
At LetsGetChecked we make a promise to each and every one of our customers, a promise to provide them with trusted knowledge and support that will empower them to live longer happier lives. Delivering on this promise requires that we bring our collective experience, expertise, and energy to ensure our services are easier to access and simpler to use, the most reliable and trustworthy possible, and genuinely caring and supportive for everyone.
LetsGetChecked’s core offerings include telehealth services, pharmacy capabilities, and at-home diagnostics.
How has COVID-19 impacted the business?
In 2020, we saw a huge shift in the telehealth industry, as the way people engaged and thought about telehealth was radically changed and there was a massive influx of customers utilizing the industry. LetsGetChecked gained 1.7M patients through 2020, but we were lucky in that we had been building LetsGetChecked in anticipation of this moment for the last five years – a time where telehealth became the go-to for patient care – and we were able to meet the needs of those who sought our services for COVID tests, while also continuing to build out our other offerings. The pandemic showcased how quickly we, as a company, were able to adapt and scale to ensure people got the care they needed and deserved.
What was the funding process like?
We went to raise our Series D because we wanted to scale and grow the platform – we wanted to help more people live longer and happier lives. That’s the mindset we’ve had since raising our Series A and every Series since, we always feel the same importance of doing more and better for consumers seeking care.
What are the biggest challenges that you faced while raising capital?
I’m still involved in several of the day-to-day operations of the company, so running the business while raising capital was a difficult balance.
What factors about your business led your investors to write the check?
Over the last 5 years, we’ve proven our knowledge of the industry as well as our ability to meet needs and scale. We’ve grown our revenue by more than 1,500% year-over-year and continuously add customers.
What are the milestones you plan to achieve in the next six months?
With this Series D, we will be introducing care pathways, a new 360-degree customer care journey providing remote care for ailments and chronic conditions enabled by our core capabilities, including telehealth services, pharmacy capabilities, and at-home tests.
Where do you see the company going now over the near term?
We’re looking to expand upon the key pillars of our model to better serve a wider population. This means introducing new offerings for our at-home diagnostic test kits and launching expanded virtual customer consultation capabilities, including asynchronous chat and video to allow customers to have a telehealth visit with a LetsGetChecked-affiliated medical provider, receive a follow-up consult after an abnormal test result, speak with clinicians to get a prescription refilled or adjusted, and receive follow-up care.