LetsGetChecked Secures $71M Series C Funding Amid Pandemic-Driven Demand for At-Home Health Testing

Recently, VCBeat learned that U.S. health testing service provider LetsGetChecked has completed a new round of financing amounting to $71 million. This round saw participation from new investors such as Illumina Ventures, HLM Venture Partners, and Deerfield, while existing investors Transformation Capital and Optum Ventures also joined in. The funds will be used to accelerate the expansion of LetsGetChecked’s manufacturing and supply capacity in the United States and the European Union, and to provide CLIA-certified laboratory testing capabilities for the company’s COVID-19 tests.

LetsGetChecked's Historical Financing

According to the latest data released by the World Health Organization, the cumulative number of confirmed COVID-19 cases worldwide has exceeded 4 million. This alarming figure continues to rise at an increasingly steep rate; however, when the turning point will arrive remains uncertain. To curb the spread of the epidemic and minimize casualties and losses as much as possible, the simplest and most effective measure currently available is to implement effective isolation, even though this may cause significant inconvenience to the public.

The virus is running rampant in the world outside, while urgent needs persist within. The public requires food and various daily necessities. Some patients need timely medical care to address their health issues; however, healthcare systems across countries are unable to function normally due to the disruption caused by the virus.

Telemedicine has witnessed significant growth during this period, with VR- and XR-enabled telemedicine, remote disease testing and diagnosis, and remotely guided rehabilitation training becoming the most sought-after medical services. Home-based health testing, examination, and diagnosis have never been as critical as they are now, and companies providing telemedicine services are striving to fill the gaps in national healthcare systems exacerbated by the pandemic.

LetsGetChecked is one of the many remote disease diagnostic companies that raised new funding during the COVID-19 pandemic.

LetsGetChecked was founded in 2014, with its headquarters in New York and offices in both New York City and Dublin. LetsGetChecked provides a platform for at-home health testing, covering a wide range of major health issues such as diabetes and cardiovascular disease. The company also offers testing options for cancer screening, sexual health, fertility, general wellness, and pharmacogenomics, available across the United States, Canada, and Europe.

LetsGetChecked connects customers with regulated laboratories for testing, enabling better management and control of individual health conditions. LetsGetChecked makes healthcare and diagnostic processes patient-centric, allowing people to access health tests in a simple and effective manner. This empowers consumers with greater control over their personal health.

Peter Foley, Founder and CEO of LetsGetChecked, initially studied medical law and corporate law at Dublin Business School, earning a Bachelor of Laws degree, and later pursued studies in diagnostic management, obtaining a master’s degree.

LetsGetChecked Founder and CEO: Peter Foley

Image source: LetsGetChecked official website

Peter has consistently strived to make consumers an integral part of the diagnostic testing process, thereby fostering patient-led healthcare. The founding of LetsGetChecked was rooted in his personal experiences.

“I have an uncle with cystic fibrosis who needs to go to the hospital every month for kidney function tests to monitor his health,” Peter recounted. “He has to treat hospital visits as a routine part of his life, but it is a very cumbersome process.”

Peter aims to address the frequent hospital visits patients make for diagnostic tests. He seeks to leverage technology and logistics to bridge the gap between traditional laboratory testing and consumers, enabling patients in need to complete relevant medical laboratory tests from the comfort of their homes.

The success of LetsGetChecked also demonstrates that patients are willing to pay for convenience. Through the platform provided by LetsGetChecked, patients no longer need to take time off work to undergo cumbersome tests at hospitals. The mailed test kits save patients the hassle of driving to emergency rooms, clinics, or hospitals. These self-service kits also help decongest waiting rooms, significantly reducing the time patients spend queuing for tests at hospitals. For certain urgent cases, LetsGetChecked offers priority processing, reflecting a highly patient-centric approach.

Prior to joining LetsGetChecked, Peter held numerous consulting roles, primarily focusing on healthcare strategy, planning, and facility development.

So, how exactly does LetsGetChecked’s testing platform work?

The LetsGetChecked platform connects users with a broad network of healthcare professionals and integrates laboratory partners and logistics support through personal health accounts into a global network. When customers order state-physician-approved laboratory tests via the LetsGetChecked official website or its partner retailers (such as convenience stores, Walmart, Amazon, etc.), LetsGetChecked manufactures and ships the test kits directly from its U.S.-based facility to the customer’s residence within 24 hours.

One of LetsGetChecked's At-Home Tests

Image source: LetsGetChecked official website

This testing kit is primarily designed for sample collection, typically involving finger-prick blood samples. Users can refer to the instructions included in the kit or watch tutorial videos in the associated app to learn the specific operational procedures.

LetsGetChecked's Mobile Application

Image source: LetsGetChecked official website

Next, customers need to activate their tests by answering some health-related questions in the relevant application or online. Then, customers must collect samples themselves and mail them to a CLIA-certified reference laboratory using the prepaid shipping label provided by LetsGetChecked for rapid processing within two days.

When users complete sample collection and ship their specimens, identification is performed solely via barcodes to ensure that the privacy of all patients remains protected throughout the entire process.

After the samples arrive at LetsGetChecked’s partner laboratory, they will be processed by a team of technicians. The results will then be reviewed and evaluated by board-certified clinicians and made available to customers via their accounts within two to five days.

Throughout the process, users receive status updates and can view their health information and risk scores.

Of course, some users may have concerns about the qualifications of LetsGetChecked physicians. What is the professional caliber of doctors registered with LetsGetChecked? How accurate are their assessments? Is there a risk of misdiagnosis?

They can be completely at ease on this point. Physicians registered with LetsGetChecked collectively order approximately 7 billion laboratory tests annually in the United States, 70% of which are for medical diagnostic purposes, and all hold board-certified credentials.

After the physician completes the evaluation of the patient’s test results, if the results are “positive” or “outside the normal range,” members of LetsGetChecked’s medical and nursing team will contact the patient to guide them through treatment and care options. The patient will receive a follow-up call for a real-time discussion with a physician. Upon completion of the discussion, the patient may also receive a complimentary prescription issued by a LetsGetChecked physician.

LetsGetChecked has partnered with global shipping companies to ensure that samples are delivered to laboratories quickly while maintaining their stability and validity.

Typically, when internet healthcare companies conduct online consultations with patients, many consultations are difficult to proceed without laboratory tests providing clinical data. To address this issue, LetsGetChecked has developed API tools to integrate remote medical services. By partnering with certain telehealth companies and helping them complete patient laboratory testing, these online healthcare providers can truly become primary care providers.

Currently, LetsGetChecked offers a range of health tests across all 50 U.S. states, Canada, and Europe through its online partners—including Walmart, Pharmaca, McKesson, and Amazon—as well as select offline convenience stores.

In addition to offering tests for male and female sexual health, such as male hormone testing, testosterone testing, PSA testing, female fertility testing, progesterone testing, ovarian reserve testing, female hormone testing, and HPV testing, LetsGetChecked also covers tests for herpes, hepatitis B and C, cholesterol, diabetes, heart health, colorectal cancer screening, cortisol, and CRP.

Overview of LetsGetChecked’s Core Testing Business, Chart by VCBeat

To date, LetsGetChecked has conducted over 127,746 tests across 30 markets, identifying 3,862 infections and detecting 3,756 abnormal results.

During the pandemic, LetsGetChecked mobilized its entire organization to ramp up its response to the coronavirus. Peter Foley, Founder and CEO of LetsGetChecked, stated that the company’s certified laboratory facilities at its manufacturing plant in Queens enable it to produce test kits in-house, thereby avoiding the supply chain disruptions that have affected other companies.

When asked about his views on the new opportunities created for the company by the pandemic, Peter stated that due to the high transmissibility and contagiousness of the novel coronavirus, most consumers have made every effort to avoid doctors, hospitals, and clinics out of concern for infection, which has largely compelled them to adopt telemedicine and remote testing services.

LetsGetChecked’s At-Home Coronavirus Test Kit

So, will telemedicine rapidly decline and revert to its previous state once the pandemic subsides? The answer is no. Peter stated that as an increasing number of people begin to use home healthcare services, the convenience and ease of use offered by telemedicine and remote testing services are likely to encourage continued adoption. In today’s era, “convenience” is undoubtedly the starting point for many of our decisions.

Nick Naclerio, Founding Partner at Illumina Ventures and a new board member of LetsGetChecked, also stated, “The rampant spread of the coronavirus has created a strong demand for at-home or workplace testing for infectious diseases, addressing some of the major barriers that have historically hindered the acceleration of telemedicine… This has created opportunities for LetsGetChecked that will have a lasting impact.”

Currently, the company is offering serological tests for SARS-CoV-2 (pending FDA approval) and PCR tests, and aims to further expand its testing portfolio. LetsGetChecked stated that initial testing primarily targeted first responders and populations at highest risk for COVID-19; however, as the rate of viral transmission has declined, the company is broadening the scope of individuals it serves.

Of course, LetsGetChecked is not the only startup developing and distributing home testing services for coronavirus. Everlywell and Scanwell Health are two other startups that are also developing and selling at-home health test kits.