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Folx Health Closes $30 Million Series B Fund Led by 7wireVentures

The new capital will go toward improving and expanding the telehealth platform’s offerings.

Folx Health, a telehealth platform specifically designed for the LGBTQ community, has closed a $30 million Series B fund round led by 7wireVentures. 

Additional investments come from previous partners Bessemer Venture Partners, Define Ventures and Polaris Partners, as well as new partner Foresite Capital. As a part of this raise, managing partner of 7wireVentures Lee Shapiro will join Folx Health’s board. The digital health care service provider previously raised $25 million in Series A funding in 2021. 

The telehealth platform offers an array of medical services including virtual health care, fertility and family planning, gender-affirming care, support groups, educational content and sexual health care. Chief executive officer Liana Douillet Guzmán, who joined Folx Health last February, explained this round comes from a major community need. She noted 50 percent of the Folx Health community said they had previously experienced discrimination in the health care setting and 71 percent avoided health care for fear of discrimination. Another 78 percent said they “did not have access to affirming health care.” 

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When speaking about Folx Health’s mission in meetings, Douillet Guzmán said investors understood the need for the platform, which has nearly 10,000 users.

“We found that every firm we spoke to understood the opportunity and was really excited about it,” she said. “These are folks who are maybe not in the community and are not actively thinking about our challenges day to day. I found that people were excited to take the call…and were excited to dig in once they started to see some of the numbers that I was sharing and how real the need was for this community. That was also reflected in some of our early growth.”

The platform, which launched in December 2020, experienced double-digit revenue growth within its first year. 

“Now more than ever, there is a clear need to expand access to inclusive health services for the millions of Americans who identify as LGBTQIA+,” Shapiro of 7wireVentures said in a statement. “By combining a network of clinicians highly attuned to the needs of the LGBTQIA+ community with convenient access to affirming content and peer connections, Folx Health has established a new standard of queer and trans care for its members.”

With this raise, Folx Health plans to build and expand on its current health service offerings and implement new ones, including expert-led support groups set to launch this month and iOS and Android apps

“Our mission is to be the leading health and wellness provider for this community across the full spectrum of needs. To me this raise just brings us one step closer to that,” Douillet Guzmán said.

She explained this raise will allow them to further invest in beta tests around virtual healthcare, mental and behavioral health, expert-led support groups, content and community, as well as enterprise offerings. With this information, Douillet Guzmán said they will be able to build out teams and establish the “additional infrastructure needed to be able to really deliver this care at scale.”

“We can create better health outcomes for this community and create a space where people feel seen and heard and valued and where we can meet their most basic needs,” said Douillet Guzmán.