Vitable Health Seed Stage

This is the Vitable Health pitch deck to raise a $1.6m seed round in 2020.

About

Vitable Health is a healthcare safeguard that gives acute and preventative coverage. At Vitable, they believe that the traditional urgent care experience is deeply flawed. The long wait times coupled with a lack of quality care from, at times, rude, unprofessional staff and complicated billing practices result in an unsatisfactory experience for patients. Vitable is disrupting the traditional Urgent Care experience by putting the patient at the centre. They work around their patients’ schedules. They provide quality, personable care at their patients’ homes. And they are always transparent about the cost of their visits.

The societal introspection triggered by the death of George Floyd is set to have far-reaching consequences even in the worlds of investing and technology.

After continued Black Lives Matter protests, businesses in the US and Europe further accepted a lack of diversity in their operations was a pressing issue.

SoftBank, the behemoth corporate behind the $100 billion Vision Fund which turned tech on its head in 2017, has launched a new vehicle to invest in underserved founders.

The $100 million SoftBank Opportunity Fund began this summer and has just made its first publicly announced investment, a $1.6 million round into Vitable Health, a healthcare startup from Philadelphia.

Vitable Health’s mission is to provide cheaper health plans for workers in the US who cannot afford expensive health insurance. Most trips to the emergency room are unnecessary, according to Vitable’s founder and CEO Joseph Kitonga, meaning the focus should be on preventative care and not costly trips to hospitals.

Vitable Health provides a health plan that could be 10 times cheaper than existing alternatives by focusing on home visits and virtual checkups. The startup provides in-home lab tests (including COVID-19 swabs), in-house imaging services like x-rays and ultrasounds, and prescription delivery.

“Navigating healthcare is complex and we want to be a companion for our members to navigate that,” Kitonga told Business Insider in an interview. “Covid has accelerated the trend away from bricks-and-mortar operations to virtual or at home care, especially with people wanting to avoid germy waiting rooms.”

The round was led by the SoftBank fun, but also included investment from Y Combinator, DNA Capital, Commerce Ventures, MSA Capital, Coughdrop Capital, and a series of angel investors. Y Combinator alumnus Kitonga moved to the US from Kenya and was an intern at Microsoft before founding Vitable.

“I moved to the United States at 13 and watched my parents live the American Dream to try and grow their business,” Kitonga told Business Insider in an interview. “The reasons that SoftBank started the Opportunity Fund are the same reasons I created Vitable.”

The funding round was completed over video calls after an introduction from a YC partner. Kitonga said the funding would be used to scale Vitable’s existing operations in Philadelphia, expanding its services and attracting new members. Similarly, the company plans to expand its coverage to New Jersey and Delaware.

Moving the needle

Venture capital is overwhelmingly white and male with a 2018 Harvard Business Review paper calling the “gender and racial makeup of the venture capital industry staggeringly homogeneous.”

SoftBank’s Opportunity Fund is a small step in the right direction. “Tech startups have the highest job and wealth creation in society but if a section of society is locked out of that it’s not right and it continues inequality,” Paul Judge, early-stage investing lead, at the Opportunity Fund, told Business Insider. “People of colour receive a far smaller amount of venture capital and SoftBank wants to redress that balance by aiding entrepreneurs of colour.”

The fund is understood to have made other investments but this is the first deal announced publicly.

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