FOOLX Health, a telehealth company serving the LGBTQIA+ community, has closed a new round of $30 million in funding, which it will use to expand its new support groups feature.
The company provides reassurance and comprehensive care through services such as hormone replacement therapy, PrEP prescriptions, general and sexual health services.
FOOLX also recently began offering multi-week support groups led by a clinic or professional, followed by one-on-one consultations to create personalized programs for users. The new funding will be used to support existing programs, but also to start and expand these expert-led groups.
In addition to the teams, Folks Health CEO Liana Douillet Guzman said, “We’ve really been able to move people from being afraid of health care to being an active participant in their health.” “I would add that part of our model is really this idea of holistic care. So instead of being a point solution focused on one location, we believe we can provide this professional care across a range of needs.”
Currently, the company is providing care to 10,000 individuals in 42 states, and wants to expand to all 50 in the near future.
Although FOOLX is pushing for affirmative care, Republican lawmakers have called for bills that would ban or limit this and other LGBTQ+-focused services. Many bills specifically target transgender individuals and youth. According to the ACLU, more than 20 states have introduced bills to ban caregiving, and some have gone so far as to make providing gender-affirming care a Class C felony.
In a survey conducted by FOLX, 78% of its members were not receiving affirmative care before finding FOOLX, and 71% avoided seeking health care for fear of discrimination.
Although the company has pushed to provide comprehensive care for LGBTQ+ individuals, Guzman told TechCrunch that their biggest challenge is “in a sea of opportunity, how do we focus?”
“We are still a weak team,” Guzman said. “And I think it’s classic that we don’t do the shiny toy thing that a lot of startups do and really focus on the expansion of the intended product.”
Image of FOOLX packaging for HRT.
FOOLX has raised $30 million in Series B led by 7wireVentures, with Forsyth Capital as a new investor, as well as existing investors Bessemer Venture Partners, Define Ventures and Polaris Partners. The company has raised nearly $60 million in funding, including a $25 million Series A last year.
Lee Shapiro, managing partner of 7wireVentures, said in the news release: “Now more than ever, there is a need to expand access to universal health care for the millions of Americans who identify as LGBTQIA+. By combining a network of clinics tailored to the needs of the LGBTQIA+ community, Folks Health has set a new standard for queer and trans care for its members. .
