Parsley Health Secures $26M Series B Funding to Expand Digital-First Primary Care Platform

VCBeat (WeChat ID: vcbeat) has learned that on October 10, personalized primary care company Parsley Health announced the completion of a $26 million Series B financing round. The round was led by White Star Capital, a global multi-stage technology investment platform, with participation from FirstMark Capital, Amplo, Alpha Edison, Trail Mix Ventures, Arkitekt Ventures, Galaxy Digital, and individual investors including Nat Turner, Founder and CEO of Flatiron Health, and Tom Lee, Founder of One Medical.

This marks Parsley Health’s second round of financing since its $10 million Series A in April 2018. The Series B round was officially completed in the summer of 2019. Parsley Health will use the proceeds from this round to hire more doctors and team members and expand its telehealth services to additional cities.

Parsley Health is a company providing primary care services, founded in 2016 by Robin Berzin, M.D.

“The U.S. healthcare system is in urgent need of transformation. According to data from the Centers for Disease Control and Prevention (CDC), 60% of American adults—approximately 153 million people—suffer from at least one chronic disease. These conditions, which are primarily caused by unhealthy lifestyles, are preventable and reversible, yet they account for 90% of annual healthcare expenditures in the United States,” said Dr. Robin Berzin, CEO and founder of Parsley Health. “Prescriptions, specialist referrals, and band-aid solutions fail to address the root causes. We need a new model of care that is accessible, affordable, and capable of tackling chronic diseases at their source, while also being scalable globally through technology.”

As its Series B funding round neared completion, Parsley Health launched a fully digital product suite, including a telemedicine membership program for continuous care and two new at-home diagnostic products.

The Parsley Health telemedicine membership program enables individuals across the United States to access its services, which include advanced diagnostic testing, personalized medical care from physicians trained in functional medicine, health coaching, and unlimited online access to its care team throughout the year. Members can receive these services from the comfort of their own homes.

Parsley Health offers fully integrated services. Through nearly four hours of one-on-one consultations with board-certified physicians, members can access healthcare remotely and identify the root causes of their health issues, leveraging the combined strengths of conventional medicine and modern integrative approaches.

Parsley Health’s new diagnostic offering provides in-depth testing that analyzes results from specialized laboratories, along with physician-designed personalized plans to improve members’ health. The first line of Parsley Health’s diagnostic products is an integrated hormonal care program aimed at helping women experiencing symptoms such as polycystic ovary syndrome (PCOS), premenstrual syndrome (PMS), fatigue, weight gain, insomnia, and anxiety identify the root causes of these issues and regain their sense of well-being.

Comprehensive hormone care primarily includes two service components: first, consumers receive a one-time health plan analysis service; second, consumers join the care plan as members to receive health guidance and retesting, along with long-term data tracking and analysis to improve their health status. It is expected that in 2020, Parsley Health will also launch more at-home diagnostic products targeting other specific issues.

Parsley Health’s telemedicine services will be rolled out in New York and California, with plans to expand to all 50 U.S. states within the next six months.

“Parsley Health’s unique care model not only fosters better and stronger relationships between healthcare providers and patients, but also meets the strong demand for functional medicine services. We are impressed by Parsley Health’s rapid growth in the United States and its multi-channel revenue model, which spans from membership-based care to e-commerce,” said Eric Martineau-Fortin, Founder and Managing Partner of White Star Capital. “With this investment, we will help Parsley Health further expand its modern, personalized approach, which is urgently needed in the global healthcare industry.”

The United States spends $3.5 trillion annually on healthcare, with the majority allocated to diseases that data have proven can be effectively treated, prevented, and reversed through lifestyle and nutritional interventions. Guided by advanced testing and diagnostic methods, Parsley Health’s outcomes-focused approach will help patients across the nation improve their health while saving the U.S. healthcare system billions of dollars.

Flatiron Health founder and CEO Nat Turner stated, “Parsley Health is outlining the future of primary care. From initiatives aimed at reducing the incidence of chronic diseases and optimizing clinical models to delivering technology-driven, consumer-grade user experiences, they are demonstrating new approaches to improving outcomes and lowering costs.”

With the launch of its telehealth service kit, Parsley Health will open its California flagship center in West Hollywood, Los Angeles, in October 2019.

White Star Capital is an international venture capital firm founded in 2007 and headquartered in New York, USA. As an early-stage venture capital fund, White Star Capital primarily invests in technology companies in North America and Europe.

FirstMark Capital is an early-stage venture capital firm based in New York City. Founded in 2008 and headquartered in New York, USA, the company partners with founders of outstanding enterprises such as Pinterest, Shopify, Riot Games, InVision, and Airbnb to change the world by solving meaningful problems.

Amplo is a global venture capital firm founded in 2017 and headquartered in Texas, USA. The company primarily invests in early-stage startups.

Alpha Edison is a venture capital firm focused on technology-driven innovation, founded in 2016 and headquartered in Los Angeles, California, USA.

Trail Mix Ventures is an early-stage investment firm founded in 2016 and headquartered in New York, USA, specializing in micro-venture capital and venture capital.

Arkitekt Ventures is an emerging early-stage fund that specializes in investing in companies applying healthcare and cutting-edge technologies to the medical field. Founded in 2017, Arkitekt Ventures is headquartered in New York, USA.

Galaxy Digital is a web-based social solutions company that primarily serves nonprofit organizations, healthcare organizations, and small businesses. Founded in 2009, Galaxy Digital is headquartered in North Carolina, United States.

(Compiled by Cheng Xiaoqin)