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Toronto-based direct-to-consumer virtual care platform Felix Health closed a $53 million funding round led by Canadian Business Growth Fund.
Other participants in the round include Business Development Bank of Canada Women in Tech Venture Fund, BMO Capital Partners, Whitecap Venture Partners and H Venture Partners, with support from Scotiabank.
In a statement, the company said it achieved a $150 million revenue run rate in its current fiscal year, representing 80% year-over-year growth.
WHAT IT DOES
Felix Health offers online consultations and prescriptions for birth control, PrEP, weight loss, hair loss, erectile dysfunction, skin care, menopause, anxiety and mental health.
The company will use the funds to expand its team and provide more offerings in preventative care and testing. Felix said it will also scale its weight loss platform in anticipation of generic GLP-1s coming to the Canadian market in 2026.
According to the Canadian Broadcasting Corporation (CBC), less expensive versions of GLP-1s could be coming to the Canadian market as early as 2026.
The CBC reports that because Novo Nordisk, the manufacturer of GLP-1 drugs Ozempic and Wegovy, will lose its market exclusivity in Canada in January, it could pave the way for cheaper generic versions.
"Felix is building a new kind of healthcare company in Canada, one that provides an accessible and holistic care experience enabled by technology with the patient at the center," Kyle Zien, Felix's cofounder and CEO, said in a statement.
"This additional funding will accelerate our mission to empower millions of Canadians to take control of their health and well-being."
MARKET SNAPSHOT
Earlier this month, Felix Health launched Felix Longevity, a preventive health and wellness program aimed at helping people live longer and prevent disease.
Felix Longevity tests for more than 35 biomarkers, including metabolic health, vitamin levels and thyroid function. It is available to residents of Ontario, British Columbia and Saskatchewan.
In 2023, Felix raised C$18 million ($13.3 million). The company used the funds to launch more complex care categories and therapeutic services.
Other companies in the personalized health space include Numan, which in July raised $60 million in funding.
The financing round was an extension of the company's Series B round, which included a $30 million equity investment.
Numan offers a digital subscription service that targets men’s health issues, such as hair and weight loss, sexual health, supplements and diagnostics.
The funds were used for expansion into the female health arena and additional screening and preventive care programs.
Earlier this month, hybrid weight-inclusive primary and metabolic care provider knownwell announced an oversubscribed $25 million fundraise, which brought the company's total raise to more than $50 million.
The company is a hybrid weight-inclusive provider that offers primary care and metabolic health services, nutrition counseling and health coaching.
The funds will be used to boost patient outcomes and control costs.
In 2024, midlife women’s health clinic Midi Health added a group of female investors, including actress Amy Schumer, to its oversubscribed $63 million Series B round of funding through a $5 million Special Purpose Vehicle. A total of 80 investors participated in its Series B round.
The company offers women 40 years of age and older a virtual care platform with the ability to see nurse practitioners who specialize in perimenopause and menopause. The platform also provides interventions such as lifestyle coaching to prescription medication.
