Parsley Health Launches New Digital Services on Tail of $26M in Series B Raise
Parsley Health, the leading national provider of holistic personalized medicine designed to reverse chronic illness and optimize health, announced the launch of two new telemedicine services and a round of Series B funding today. Since Parsley Health’s Series A in April of 2018, the company has raised an additional $26M in new funding.
White Star Capital, the global multi-stage technology investment platform, led the Series B round with additional investments from funds including FirstMark Capital, Amplo, Alpha Edison, Trail Mix Ventures, Arkitekt Ventures, and Galaxy Digital, as well as individuals including, Nat Turner, founder and CEO of Flatiron Health, and Tom Lee, Founder of One Medical. The Series B round officially closed in the summer of 2019.
“Our health system desperately needs a makeover. According to the CDC, 60% of American adults have at least one chronic disease – that’s 153 million people. These are largely lifestyle-driven, preventable and reversible, conditions and yet they account for 90% of our annual healthcare costs,” said Dr. Robin Berzin, CEO & Founder of Parsley Health. “A revolving door of prescriptions, referrals to specialists and band-aid solutions won’t fix this and it won’t fix us. We need a new model of care, one that’s accessible, affordable, proven to address the root causes of chronic disease and – thanks to technology – available from anywhere around the globe.”
On the tail of its Series B raise, Parsley Health launched a suite of fully-digital offerings, including a telemedicine membership plan for ongoing care and two new at-home diagnostics products.
The telemedicine membership will allow people across the country to take advantage of the same offerings found at Parsley’s brick-and-mortar locations: advanced diagnostic testing, personalized medical care from doctors trained in Functional Medicine, health coaching and unlimited online access to their care team 365 days a year – all from the comfort of their own homes. The features are fully integrated to support members through nearly 4-hours of 1-1 sessions with their Board Certified doctor, allowing Parsley to help telemedicine members get to the root cause of their health concerns, using the best of both conventional medicine and modern holistic care.
Parsley’s new diagnostics products provide individuals with in-depth testing, an analysis of their specialty lab results, and a personalized doctor-designed plan to improve their health. Parsley’s first diagnostics product line, Comprehensive Hormone Care, is designed to help women suffering from conditions and symptoms like PCOS, PMS, fatigue, weight gain, insomnia, and anxiety detect the root cause and get back to feeling like themselves again. Comprehensive Hormone Care will include options to receive either a one-time analysis with a health plan or join as a member to receive health coaching and re-testing to track progress over time. Additional issue-specific at-home diagnostics products are expected to launch in the year ahead.
At the outset, telemedicine services will be available statewide in New York and California with plans to scale to 50 states in the next six months.
“Parsley Health’s unique model not only fosters a better, stronger relationship between health practitioners and patients, but addresses the strong demand for Functional Medical services and easier access with their organic tech integration. We believe in Parsley’s noble mission and continue to be impressed by its fast-growth in the US and its model that enables the company to generate multi-channel revenue from care memberships to e-commerce,” said White Star Capital Founder and Managing Partner, Eric Martineau-Fortin. “With this new investment, we are incredibly excited to work with the Parsley team to help further scale its modern personalized approach – a critical need of the healthcare industry across the world.”
America spends $3.5 trillion on healthcare each year – much of this goes to diseases that are data-proven to be effectively treated, prevented and reversed with lifestyle and nutrition interventions. Guided by advanced testing and diagnostics, Parsley Health’s outcomes-focused approach has the potential to help patients across the country feel better while saving the healthcare system billions of dollars.
“Parsley Health is delivering the future of primary care,” said Nat Turner, Founder and CEO of Flatiron Health. “From the advanced clinical model designed to reduce chronic illness while optimizing health, to the tech-enabled consumer-grade user experience, they are proving novel ways to improve outcomes and lower costs. I’m proud to join them again as an investor in their latest round of funding and to watch the company scale nationally.”
Following the launch of their suite of remote services, Parsley Health will open its California flagship center in West Hollywood, Los Angeles in October 2019. Like Parsley’s first flagship center in New York City, the West Hollywood location will be tech-integrated and engineered to boost health by using biophilic design principles.
Parsley Health will use this latest funding to hire additional doctors and team members, expand to new cities and increase its remote services.