Morgan Health, JPMorgan Chase’s healthcare business unit, announced a $20 million strategic investment in home diagnostics startup LetsGetChecked.
The investment was made as part of a Series D-2 round led by Casdin Capital and Transformation Capital. LetsGetChecked closed a $150 million Series D round last year, building on raises in 2018, 2019 and 2020.
WHAT THEY DO
LetsGetChecked offers at-home tests, including ones for sexual health, cholesterol, diabetes, fertility hormones and COVID-19. Users can mail their samples and receive results online within days. Depending on test results, patients can consult with nurses on next steps.
The company also provides a virtual pharmacy for drugs like erectile dysfunction medications and contraceptives as well as a B2B service for health plans, employers, providers and the public sector.
“Timely access to clinical testing has a critical role in improving employee health. When patients delay or forgo recommended or routine tests, the consequences can be significant, as we have seen from the uptick in cancer diagnoses and disease progression during the COVID-19 pandemic,” Morgan Health CEO Dan Mendelson said in a statement. “LetsGetChecked is designed to serve and meet employees wherever they are, and most importantly, in the convenience and ease of their home to make sure that they get the care they need.”
MARKET SNAPSHOT
LetsGetChecked, an Irish unicorn founded in 2015, has made multiple acquisitions so far this year. In March, the company announced it would move into genomics with the purchase of Veritas Genetics and Veritas Intercontinental.
“By integrating Veritas Genetics’ and Veritas Intercontinental’s genetics offering with our scalable virtual care infrastructure, we are able to leverage the power of whole genome sequencing to launch a full lifecycle of personalized healthcare, which has always been our goal,” Peter Foley, LetsGetChecked CEO and founder, wrote in an email to MobiHealthNews at the time.
It also recently completed the acquisition of BioIQ, a company that works with employers and health plans to offer lab testing, health screening and vaccination services.
But, like a number of other digital health and health tech companies over the past few months, LetsGetChecked laid off an undisclosed number of workers earlier this summer. The company told the Business Post the reductions came as a result of the recent acquisitions.
LetsGetChecked isn’t alone in the home diagnostics space. Competitors include Everlywell, Cue Health and traditional lab company Labcorp.
