Nurx, citing 200,000 current patients and a monthly growth rate as high as 20%, has raised $32 million in Series C equity funding in a round co-led by existing investors Kleiner Perkins and Union Square Ventures. The company has also secured $20 million in debt, bringing total new capital to $52 million.
The San Francisco-based digital health startup, which seeks to make birth control more accessible and affordable by shipping it direct to consumer, has raised more than $90 million in debt and equity funding to date, with the latest infusion bringing its valuation to nearly $300 million, according to stock authorization filings uncovered by PitchBook. Nurx declined to comment on its valuation.
The goal, Nurx chief executive officer Varsha Rao explains, is to become a telehealth platform focused on all sensitive health needs.
“We see there is a need to help people that may have issues that often carry stigma and judgment by providing a streamlined platform,” Rao tells TechCrunch. “What the company is doing in terms of providing more accessibility form a physical and economic perspective to critical health services is very inspiring for me.”
The fresh bout of funding comes four months after a scathing New York Times report highlighted irresponsible practices at the company, including reshipping returned medications and attempting to revise medical policy on birth control for women over the age of 35.
Nurx’s Rao, who joined from Clover Health just one week before the article was published, says she feels good about how the company has scaled: “I want to make it clear, patient safety was never at risk even then; having said that, we are super committed to always investing in compliance and patient safety and all of the things that are important.”
The business plans to use the funding to double its engineering team and launch additional “sensitive” healthcare services of which Rao declined to further outline. In addition to shipping birth control D2C, including the pill, shot, ring and patch, Nurx provides emergency contraception, STI and HPV testing and screening kits, and PrEP medication, the once-daily pill that reduces the risk of getting HIV.
The company added STI testing kits to its line up last month and has since performed tests for 1,000 patients, Nurx says.
Nurx’s service is currently live in 26 states and Washington, D.C. The company plans to be accessible to 90% of the U.S. population by the end of the year, with additional launches, including the state of Nebraska, expected this month.
A graduate of Y Combinator, Nurx investors also include Reproductive Health Investors Alliance, Dreamers VC, Lowercase Capital and debt & equity provider Triple Point Capital.
https://ift.tt/eA8V8J Birth control delivery startup Nurx approaches $300M valuation https://ift.tt/2ZasbTo
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