Lemonaid Health Secures $33 Million to Expand Telehealth Platform

Lemonaid Health Secures $33 Million to Expand Telehealth Platform

Lemonaid Health's proprietary technology platform integrates clinical algorithms and decision support tools with clinician care to provide quality care and improved outcomes.

FREMONT, CA: Lemonaid Health, a San Francisco-based telehealth platform and provider, secured $33 million in Series B funding. The new round was led by Olive Tree Ventures and included Artis Ventures, Correlation Ventures, Hikma Ventures, Sierra Ventures, and other unnamed backers. This latest round brings the company's fundraising total to $55 million.

Lemonaid intends to use the newly raised funds to increase the number of medical professionals under its roof and expand its offerings in asthma, hypertension, Type 2 diabetes, and additional mental health care. And although the company was initially focused on D2C telehealth, it also highlighted its increasing work with the existing healthcare system.

"As more consumers have turned to telehealth in the last six months, we've seen significant growth in demand for our online services," Paul Johnson, CEO and co-founder of Lemonaid Health, said. "With the additional financing, we will be able to help even more patients get the care they deserve and expand our services in partnership with other healthcare providers."

Canadian telemedicine provider Dialogue Technologies announced a $43 million financing round, the core of which was a $32.7 million equity investment from Sun Life that gives the firm a minority ownership stake. Other participants in the raise included prior investors Caisse de dépôtet placement du Québec, Portag3 Ventures, White Star Capital, HV Holtzbrinck Ventures, First Ascent Ventures, and Walter Ventures.

"The combination of innovative technology and the necessity of social distancing during the pandemic has rapidly changed the virtual health care landscape," Dave Jones, SVP of group benefits at Sun Life Canada, said in a statement. "Our investment in Dialogue represents Sun Life's commitment to helping Canadians live healthier lives through access to health care, whenever and wherever they need it. This investment is our next step, as we continue to innovate for our Clients and empower them to manage their health and well-being."