Thirty Madison has successfully raised $183.2 million over eight funding rounds, achieving a valuation of over $1 billion. The company focuses on providing specialized healthcare services through virtual means.
Keep reading to explore the intricacies of Thirty Madison's fundraising journey and the investors backing this innovative platform.
What Is Thirty Madison?
Thirty Madison, founded by Edvard Engesæth and Hans Gangeskar, is a New York City-based company specializing in virtual-first healthcare services. Established to address ongoing health conditions, the company operates multiple brands like Keeps, Cove, Picnic, Facet, and NURX.
With a workforce of 501-1000 employees, Thirty Madison emphasizes personalized treatments and care. Their proprietary care model ensures accessible and effective treatments for various health issues.
For more information, visit their official website or explore career opportunities on their Wellfound page.
How Much Funding Has Thirty Madison Raised?
- Pre-Seed
- Amount Raised: $120,000
- Date: March 2016
- Motivation Behind the Round: To kickstart the company and develop initial product offerings.
- Series A
- Amount Raised: $5,300,000
- Date: November 2016
- Lead Investors: Union Square Ventures
- Motivation Behind the Round: To expand research and development operations, primarily through hiring engineers.
- Seed
- Amount Raised: $7,500,000
- Date: November 2017
- Motivation Behind the Round: To further develop the company's technology and expand its market reach.
- Series B
- Amount Raised: $36,000,000
- Date: July 2018
- Lead Investors: Kleiner Perkins
- Motivation Behind the Round: To scale clinical teams, pharmacies, and geographic reach.
- Series A
- Amount Raised: $15,250,000
- Date: October 2018
- Motivation Behind the Round: To support the launch of new brands and expand existing services.
- Unknown
- Amount Raised: $20,000,000
- Date: August 2019
- Motivation Behind the Round: To enhance the company's infrastructure and support rapid growth.
- Series C
- Amount Raised: $52,000,000
- Date: August 2019
- Lead Investors: Silicon Valley Bank, Kleiner Perkins
- Valuation at Round: $300M
- Motivation Behind the Round: To expand the company's product offerings and market presence.
- Series B
- Amount Raised: $47,000,000
- Date: August 2020
- Lead Investors: Polaris Partners
- Motivation Behind the Round: To provide direct-to-consumer treatments for hair loss, migraines, and indigestion.
Thirty Madison has raised a total of $183.2 million and is currently valued at $300 million.
Key Investors
- Union Square Ventures
- Details: Union Square Ventures is a venture capital firm based in New York City. They are known for investing in internet services and mobile applications.
- Investment Focus Areas: Internet services, mobile applications, technology.
- Notable Investments: Twitter, Etsy, Tumblr.
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm that has been investing in early-stage and growth companies since 1972. They are renowned for their investments in technology and life sciences.
- Investment Focus Areas: Technology, life sciences, healthcare.
- Notable Investments: Google, Amazon, Twitter.
- Polaris Partners
- Details: Polaris Partners is a venture capital firm that invests in healthcare and technology companies. They have a strong focus on innovation and growth.
- Investment Focus Areas: Healthcare, technology.
- Notable Investments: Akili Interactive, Ironwood Pharmaceuticals.
- Johnson & Johnson Innovation – JJDC, Inc.
- Details: JJDC is the corporate venture arm of Johnson & Johnson. They focus on investing in healthcare and life sciences innovations.
- Investment Focus Areas: Healthcare, life sciences.
- Notable Investments: Various healthcare startups and innovations.
- Maveron
- Details: Maveron is a venture capital firm that focuses on consumer brands. They aim to back companies that create exceptional consumer experiences.
- Investment Focus Areas: Consumer brands, direct-to-consumer businesses.
- Notable Investments: eBay, Allbirds.
What's Next for Thirty Madison?
Thirty Madison stands at the cusp of significant growth opportunities. With the increasing demand for remote therapies and virtual care, the company is well-positioned to expand its treatment areas beyond hair loss, migraines, and indigestion. The pay-what-you-will model for urgent care consultations also opens new avenues for accessibility and affordability in healthcare.
Given the current momentum and investor interest, Thirty Madison is likely to attract more funding rounds. The involvement of major investors like Johnson & Johnson Innovation – JJDC, Inc. suggests potential for future strategic investments or partnerships. However, the company will need to navigate challenges such as competition from better-funded rivals like Hims and Ro, ensuring the quality and continuity of care, and maintaining regulatory compliance.
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