This is the Thirty Madison pitch deck to raise a $140m series-c round in 2021.
About
Thirty Madison believes affordable specialized care and treatment should be available to everyone. Millions of people still lack the access and support they need to successfully manage their chronic conditions. We’re changing that with condition-specific brands —Keeps, Cove, Evens — that provide end-to-end treatment for patients.
Thirty Madison, a startup that prescribes medicine and does online doctor’s visits, just became digital health’s most recent unicorn, or a company valued at more than $1 billion.
The company said it hit the valuation on June 2 in a $140 million funding round. Investors included Polaris Partners, Johnson & Johnson innovation, and investment firm HealthQuest Capital.
Thirty Madison treats more than 250,000 active patients with migraines, acid reflux, hair loss, and allergies with companies called Cove, Evens, Keeps, and Picnic, respectively. It plans to use the new funds to expand access to its specialists, launch new brands, and reach patients through employers and health plans, per the release.
Similar to the healthcare startups Ro and Hims, Thirty Madison’s business has been helped by the recent move to telemedicine during the coronavirus pandemic. In 2020, the company nabbed a partnership with Eli Lilly, tripled revenue, grew its subscriber base by threefold, and doubled its team.
But it’s also riding another wave, which is a deeper issue in healthcare, CEO Steven Gutentag told Insider in October: Not enough people have consistent relationships with primary-care physicians.
A run-in with hair loss kicked off the idea for a startup that prescribes and ships medications to your door
Gutentag and cofounder Demetri Karagas started the company in 2017 after working for Google’s ads group for the search page. Neither of them had healthcare experience other than as patients and sons of doctors, but Gutentag’s run-in with hair loss gave the pair an idea, he said.
“I’ve had Crohn’s my whole life, or almost my whole life. Funny enough, that was not the issue that did it,” Gutentag said. “It was more the vain health issue of hair loss that got me to wake up.”
For the first time, he said, he found himself having to navigate the healthcare system alone.
Thirty Madison’s goal is basically to spare patients the issue of “navigation” altogether by giving them treatment plans and long-term relationships with specialists. The startup is based in midtown Manhattan and named after Madison Avenue.
It offers memberships for about $30 per month and messaging with doctors for up to $5 per month or $5 per visit, depending on the condition. Treatment costs, like a $25-per-month hair-loss pill called finasteride, aren’t included in the membership, and they’re generally self-pay.
The hope is to connect patients with an otherwise strained supply of specialists for conditions like migraines, Gutentag said. There are about 40 million people in the US who suffer from migraines but fewer than 500 specialists, according to the Migraine Research Foundation.
More than 60% of Thirty Madison’s migraine patients have nine or more migraines per month, Gutentag said. As of August, 70% of them were seeing reductions in their severity, and 79% were visiting the emergency room less, the company said in its funding announcement.
How Thirty Madison convinced a pharma giant to invest in its model
Gutentag sees the model heading more toward Teladoc and Livongo’s soon-to-be massive primary-care network than Ro and Hims. In the funding round last August, he said investors, particularly Polaris and J&J, wanted in when they realized the company was building models of care delivery, not just consumer brands for drugs.
The startup’s physicians are employed or contracted by KMG Medical Group, and it sends drugs through the mail, with pharmacies licensed in all 50 states, including Amazon’s PillPack. It makes up a closed system for each condition that allows patients to get advice, treatment, and face time with physicians all from the same platform, the cofounder said.
“That’s why you’re seeing the rise of solutions that help patients beyond just one part of the health issue,” Gutentag said. “It’s not just about me being a better doctor’s office or a better pharmacy. It’s about actually helping someone drive to a better outcome over a longer period of time.”
In August, the startup raised $47 million from the venture firms J&J, Polaris Partners, Maveron, and Northzone. After the June haul, it’s raised a total of $210 million, per the company.
Funding rounds
|
Announced Date
|
Transaction Name | Number of Investors | Money Raised | Lead Investors |
| Jun 2, 2021 | Series C – Thirty Madison | 8 | $140M |
HealthQuest Capital
|
| Aug 14, 2020 | Series B – Thirty Madison | 5 | $47M |
Polaris Partners
|
| Mar 6, 2020 | Venture Round – Thirty Madison | 1 | — | — |
| Oct 16, 2018 | Series A – Thirty Madison | 8 | $15.3M |
Maveron, Northzone
|
| Nov 25, 2017 | Seed Round – Thirty Madison | 4 | $7.5M |
First Round Capital, Maveron
|
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