Foundation Health, a San Francisco-based healthcare technology company, announced the closure of a $6 million seed funding round.
The investment seeks to slingshot the company into a period of growth backed by investors such as Garry Tan, CEO of Y Combinator, Transpose Platform, Tuesday VC, Alt Capital, Box Group, Liquid Ventures, Exceptional Capital, Calm/Storm Ventures and PageOne Ventures.
Angel investors Paul Johnson of Lemonaid and Meghan Fitzgerald of Grey Ghost Advisors also participated in the round.
WHAT IT DOES
Foundation Health focuses on redefining consumer healthcare experiences by empowering clients to develop and launch digital-first pharmacy and telemedicine solutions at scale.
The health tech company focuses on three major areas: APIs for telehealth prescribing and pharmacy services, virtual pharmacy services and virtual direct-to-consumer services.
Foundation Health will use the funds to work to provide healthcare companies with offerings that can be deployed quickly, often within days, at scale.
“Our vision is to grow Foundation Health into the definitive tech platform for powering and managing complex consumer healthcare operations globally. 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,” Umar Afridi, Foundation Health founder and CEO, said in a statement.
THE LARGER TREND
Other companies looking to expand SaaS products in the healthcare space include data protection company AvePoint, Salesforce SaaS, ProducTiv and Microsoft Azure.
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