SAN FRANCISCO, March 11, 2024 (GLOBE NEWSWIRE) -- Foundation Health, a pioneering healthcare technology company, today announced the closure of a $6 million seed funding round. Propelling Foundation Health into an exciting phase of growth, participants in the round include industry leaders Garry Tan (CEO, Y Combinator), Transpose Platform, Tuesday VC, Alt Capital, Box Group, Liquid Ventures, Exceptional Capital, Calm/Storm Ventures, and PageOne Ventures, with support from angel investors Paul Johnson (Lemonaid) and Meghan Fitzgerald (Grey Ghost Advisors).
Foundation Health is dedicated to redefining the consumer healthcare experience by empowering clients to quickly develop and launch modern, digital-first pharmacy and telehealth solutions at scale. Featuring easy-to-integrate APIs and white-label products, the company enables health plans to disintermediate PBMs and take control over pharmacy services, facilitates direct-to-patient experiences for pharmaceutical manufacturers, and empowers digital health brands to easily launch innovative, on-brand experiences.
"Our vision is to grow Foundation Health into the definitive tech platform for powering and managing complex consumer healthcare operations globally," said Foundation Health founder and CEO, Umar Afridi. "With this funding, we are equipped to accelerate product development, onboard customers currently on our waitlist, and continue engaging with new customers to ensure we're delivering precisely what the market needs. We are thrilled by the initial demand for our products and anticipate reaching profitability in approximately 18 months."
Foundation Health's offerings encompass three core B2B products:
- APIs for Telehealth Prescribing and Pharmacy Services: A tech platform that seamlessly connects clients to telehealth providers and a network of pharmacies to provide prescription mail order delivery, same-day delivery, compounding, specialty medications, veterinary medications, and durable medical equipment (DME).
- Virtual Pharmacy: Digital pharmacy SaaS product that enables any company to launch their own white-label, custom virtual pharmacy. Features include pharmacist support 24/7, a variety of delivery methods, and clear, transparent pricing that allows patients to choose between cash or insurance. Expandable options include telehealth and clinical services such as brand-to-generic switching and MTM to help improve adherence and, ultimately, health outcomes.
- Virtual Direct-to-Patient (DTP) Service: A complete solution for pharmaceutical manufacturers to launch products direct-to-patient. Fully white-label and customizable to deliver an intuitive, delightful patient experience end-to-end. DTP enables manufacturers to remove the middleman, set affordable pricing without rebates, and seamlessly get medication to those who need it.
"Patients want clear pricing, lower costs, and convenient access to healthcare. These are not outrageous demands, yet solutions that meet them are few and far between,” said Afridi. “At Foundation Health, we believe traditional multi-month, multi-million dollar builds are the enemy of innovation and progress. We’re focused on providing affordable solutions that are intentionally built for speed and scale. Our services can be implemented within days, offering unparalleled speed-to-market for our clients at substantially lower costs than alternatives."
While Foundation Health's services currently span the US, UK, and EU markets, the company's initial focus will be on driving innovation within the US healthcare landscape. For more information about Foundation Health and its healthcare solutions, visit www.foundationhealth.com.
About Foundation Health:
Foundation Health is a pioneering healthcare technology company on a mission to power the next generation of consumer healthcare experiences. By delivering affordable, tech-enabled pharmacy and telehealth experiences at scale, Foundation Health empowers clients to take control of healthcare delivery, streamline operations, and redefine the consumer healthcare experience worldwide. With a commitment to innovation and accessibility, Foundation Health is backed by industry leaders including Garry Tan (CEO, Y Combinator), Transpose Platform, Tuesday VC, Alt Capital, Box Group, Liquid Ventures, Exceptional Capital, Calm/Storm Ventures, and PageOne Ventures, with support from angel investors Paul Johnson (Lemonaid) and Meghan Fitzgerald (Grey Ghost Advisors).
Media Contact:
Emily Fox
Press@foundationhealth.com
