Human beings are known to be good across many different areas, and yet the most valuable element in our arsenal is that tendency to grow on a consistent basis. This tendency, in particular, has allowed us to hit upon some huge milestones, with technology appearing as a unique member of the stated group. The reason why technology’s credentials are so anomalous is largely down to its skill-set, which, by the way, introduced us to a reality we couldn’t have possibly imagined otherwise. Nevertheless, if we dig a little bit deeper, it will become clear that the whole runner is also predicated upon how we applied those skills in a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, including a well-timed appearance on our healthcare block. Technology’s linkup with healthcare was so perfect in terms of the timing because it came right when the sector was beginning to struggle against its own obsolete structure. Fortunately enough, this dynamic went through a complete overhaul under the new regime, but even after achieving something so monumental, the emerging medtech concept will somehow continue to produce all the right goods. The same has only turned more and more evident on the back of our recent progression, and a new funding does a lot to take that a step ahead.
Folx Health, the first digital healthcare service provider designed by and for the medical needs of the LGBTQIA+ community, has successfully secured over $30 million in series A financing. Led by 7wireVentures, the round saw further participation coming from the likes of Foresite Capital, Bessemer Venture Partners, Define Ventures, and Polaris Partners. According to certain reports, the company will use the newly-raised cash to significantly expand its services. This, notably enough, spells the introduction of clinician-led support groups. Now, while these support groups are going to touch upon several different healthcare aspects, the one we know about so far is the group that will focus on LGBTQ fertility and family planning, an area where the company’s customers were actively looking for more resources. But how will the groups work? Well, they’ll consist of multi-week group sessions led by an esteemed clinician or expert. The stated sessions will be followed up by one-on-one consultations so to create a more customized experience for each and every user. In terms of the bigger picture, though, the idea is to help members in building a community around themselves with those on similar journeys through an expanded community platform.
The funding in question comes shortly after the launch of Folx Health’s Virtual Healthcare platform, which offers consultations and prescriptions for general health, and sexual health – including access to birth control, treating infection, family planning, and more. Hence, once you partner the new platform with the company’s existing services like gender-affirming hormone replacement therapy, PrEP, care navigation etc, as well as the latest cash injection, you get an avenue that has the potential to revolutionize healthcare for LGBTQIA+ community.
When quizzed regarding the company’s pathway, Folx Health’s CEO, Liana Douillet Guzmán said:
“Prior to finding FOLX, 78 percent of our members did not have access to affirming healthcare and 71 percent actively avoided seeking care for fear of discrimination. It is our responsibility to provide offerings that enable folks to receive the care they need and deserve. This funding is a testament to the importance of our mission, and we are honored that Lee and 7wireVentures are joining our efforts to create a more equitable healthcare system for the LGBTQIA+ community.”
