Total amount raised
$23 Millions
Latest funding date
02/01/2022
Location
Getlabs has successfully raised significant funding to support its mission of providing at-home lab collection and delivery services. The company has attracted a diverse group of investors who believe in its innovative approach to healthcare.
Keep reading to explore the intricacies of Getlabs' fundraising journey and the investors backing this transformative platform.
What Is Getlabs?
Getlabs is a pioneering platform that offers at-home lab collection services, making healthcare more accessible and convenient. Founded in 2018, the company is headquartered in the United States and operates nationwide.
The company was founded by Kyle Michelson, who envisioned a more patient-centric approach to lab testing. Getlabs sends mobile phlebotomists to patients' homes to collect samples, which are then delivered to Labcorp and Quest Diagnostics for testing.
With a growing team, Getlabs continues to expand its services, providing comprehensive diagnostics, including labs, vitals, and advanced diagnostics for healthcare partners. The company is dedicated to enhancing patient care through innovative solutions.
How Much Funding Has Getlabs Raised?
- Seed Round
- Amount Raised: $3 million
- Date: April 2021
- Lead Investors: PivotNorth Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch and expand services in Phoenix, Philadelphia, and Dallas, and to partner with telemedicine services.
- Series A Round
- Amount Raised: $20 million
- Date: February 2022
- Lead Investors: Emerson Collective and the Minderoo Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To hire more healthcare workers, expand coverage, and form partnerships with telehealth companies.
In total, Getlabs has raised $23 million. The current valuation is not publicly disclosed.
Key Investors
- Emerson Collective
- Details: Emerson Collective is a social change organization founded by Laurene Powell Jobs. It focuses on education, immigration reform, the environment, media, and health.
- Investment Focus Areas: Social change, education, health
- Notable Investments: AltSchool, XQ Institute
- Minderoo Foundation
- Details: Minderoo Foundation is a philanthropic organization founded by Andrew and Nicola Forrest. It supports initiatives in health, education, and the environment.
- Investment Focus Areas: Health, education, environment
- Notable Investments: Various health and education initiatives
- Tusk Venture Partners
- Details: Tusk Venture Partners is a venture capital firm that invests in early-stage startups, particularly those in regulated industries. It was founded by Bradley Tusk.
- Investment Focus Areas: Early-stage startups, regulated industries
- Notable Investments: Bird, Lemonade
- Labcorp
- Details: Labcorp is a global life sciences company that provides comprehensive clinical laboratory services. It partners with healthcare providers to deliver diagnostic solutions.
- Investment Focus Areas: Clinical laboratory services, life sciences
- Notable Investments: Various clinical laboratory services and life sciences companies
- Healthworx
- Details: Healthworx is the innovation and investment arm of CareFirst BlueCross BlueShield. It focuses on transforming healthcare through strategic investments and partnerships.
- Investment Focus Areas: Healthcare innovation, investment
- Notable Investments: Various healthcare startups
What's Next for Getlabs?
Getlabs is poised to capitalize on the growing demand for at-home healthcare services. With the U.S. ordering about 14 billion lab tests annually and telehealth use stabilizing at 38 times its pre-pandemic level, the opportunity for expansion is immense. The company plans to increase its service coverage from 45% to 60% of the U.S. population by the end of the year, integrating more deeply with telehealth platforms and expanding its workforce of phlebotomists.
Future fundraising opportunities are likely as Getlabs continues to grow. The company may attract additional investment from telehealth companies and healthcare providers looking to enhance their service offerings. However, challenges such as expanding to rural areas, managing logistics, and facing competition from other startups and established providers will need to be addressed. As the demand for hybrid care models grows, Getlabs' innovative approach positions it well for future success.
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