Thirty Madison Raises $140 Million in Series C Financing Led by HealthQuest Capital

Key Takeaways:

- New investors HealthQuest Capital, Mousse Partners, Bracket Capital join existing investors Polaris Partners, Johnson & Johnson Innovation -- JJDC, Inc., Northzone, and others

- New funding round will focus on launching new conditions, driving outcomes at scale, and expanding partnerships to make Thirty Madison accessible to all

- Thirty Madison has raised a total of $210 million to date and is now valued at over $1 billion

News provided by

Thirty Madison

Jun 02, 2021, 10:00 ET

NEW YORK, June 2, 2021 /PRNewswire/ -- Thirty Madison, the premier healthcare company for people with chronic conditions, today announced a $140 million Series C round led by new investor HealthQuest Capital. Mousse Partners and Bracket Capital also participated in the funding, along with existing investors Polaris Partners, Johnson & Johnson Innovation - JJDC, Inc., Northzone, Greycroft, and others. Thirty Madison has raised a total of $210 million to date and is now valued at over $1 billion.

With this new round of funding, Thirty Madison will expand access to its specialist-level care model to the millions of Americans suffering from chronic conditions. This expansion includes enhancing the capabilities of Thirty Madison's proprietary platform underpinning its care model as well as launching new brands focused on driving superior health outcomes and better patient experiences across conditions. The investment will enable Thirty Madison to reach patients not only directly, but also through their employers and healthcare payor networks via innovative partnerships.

"We envision a future where the healthcare system puts the patient first — and that requires a complete reinvention of the experience so that it is high-quality, accessible, and even enjoyable," said Steven Gutentag, co-founder and CEO of Thirty Madison. "We're building a company where every individual with a chronic condition can turn to us for high-impact specialty care that significantly improves the way they live their life every single day. We're excited to have HealthQuest as our partner to accomplish this mission, as their deep expertise and relationships within the healthcare ecosystem will accelerate us forward."

"At HealthQuest, we look to identify transformative companies that are meaningfully improving patient outcomes. Thirty Madison has an incredible track record of creating innovative, specialist-level patient experiences and is disrupting the way care is delivered," said Randy Scott, Partner at HealthQuest Capital. "We're very impressed with the leadership team's expertise in creating a consumer-centric platform, and are excited about collaborating with them to deepen the pharma and enterprise verticals of the business and reach even more patients across numerous chronic conditions." Scott will join Jason Stoffer, Partner at Maveron, and Amy Schulman, Managing Partner at Polaris Partners, as a member of Thirty Madison's Board of Directors.

In 2020, Thirty Madison tripled its revenue, and the company now serves hundreds of thousands of patients across its offerings. Within the last year, Keeps became the largest direct-to-consumer brand for men's hair loss, with patients reporting a 92% medication adherence rate, far above average; Cove's migraine program has had 77% of its patients report an improvement in migraine severity; Evens expanded its treatment offering to better serve those with gastrointestinal conditions; and Picnic, Thirty Madison's newest brand, launched with a personalized approach to treat allergies.

About Thirty Madison
Thirty Madison is the premier healthcare company for people living with chronic conditions. Thirty Madison's unique care model delivers accessible, affordable care, and superior outcomes for hundreds of thousands of patients. This specialized care model is powered by the company's proprietary platform: the technology, services, and physical infrastructure needed to provide high-quality care to an increasing number of patients. With Keeps for men's hair loss, Evens for gastrointestinal conditions, Cove for migraine, and Picnic for allergies, Thirty Madison offers an extensible solution that best serves patients across the vast spectrum of chronic conditions. Learn more at ThirtyMadison.com.

About HealthQuest Capital
Based in the San Francisco Bay Area, HealthQuest Capital is a growth capital firm investing in commercial-stage companies that are optimizing value in healthcare by improving outcomes and reducing costs. With more than $925 million in capital under management, the firm focuses on fostering innovation across the healthcare spectrum, including medical technologies, diagnostics/tools, digital health and innovative services. The HealthQuest team combines decades of successful investing experience with deep domain expertise in all aspects of the healthcare industry. For more information, visit www.healthquestcapital.com.

SOURCE Thirty Madison