Women’s health platform to broaden access to quality care across the country via virtual providers and expansion of in-person footprint, including first New York Metro location
HerMD (the “Company”), the female-founded physician-led women’s health provider committed to revolutionizing women’s healthcare, has secured $18 million in an oversubscribed Series A-1 round led by existing investor JAZZ, with participation from B-Flexion and Amboy Street Ventures. This new investment brings HerMD’s total funding to nearly $30 million.
This strategic round of investment is expected to help accelerate HerMD’s mission to transform women’s healthcare through patient-centric, women-powered and inclusive care that empowers women to take control of their health journeys. With this capital, the Company plans to expand its geographic footprint through the opening of new brick-and-mortar locations, broaden its virtual care offerings and invest in team growth through a series of strategic hires. In addition, this funding will support the further development of HerMD University, the company’s proprietary education platform to provide healthcare providers with the critical qualifications to serve women. The Company, which was founded by Chief Medical Officer Dr. Somi Javaid, opened its first location in 2015 in Cincinnati and has since grown to serve patients across the United States through five locations, in addition to virtual care.
“At HerMD, we’re dismantling the status quo, which hasn’t worked for patients or providers for a very long time,” said Dr. Javaid. “I founded HerMD because I knew that we could fix the current model of healthcare and construct a better model for women that is specifically designed for the issues they face. Leveraging my deep understanding of both the patient and the provider experience for women in healthcare, coupled with my own experiences, I created an inclusive model that truly works for women.”
“Women deserve a healthcare model in which their concerns are addressed, no matter how personal they are, or how blind they feel in navigating them,” said HerMD CEO Kathy McAleer. “By 2025 there will be 1.1 billion women in menopause, but with only 20% of providers nationwide trained in menopause and sexual health, we are working to address this disparity and close the tremendous gaps in our healthcare system.”
HerMD offers comprehensive women’s healthcare under one umbrella via in-person and virtual care offerings, with an emphasis on menopause and sexual healthcare. All appointments last between 20 and 60 minutes and all medical services are insurance and Medicare based. HerMD also prioritizes the provider experience, which is crucial when it comes to addressing the failings of the existing healthcare system.
“Provider satisfaction is a key component of our strategy, because it’s impossible to deliver the care patients deserve without engaged, fulfilled providers,” continued Dr. Javaid. “By doing so, we’re able to ensure our providers experience less burnout and are best positioned to create successful patient outcomes.”
“We have long believed in HerMD’s mission to bring menopause and sexual healthcare to women through evidence-based treatment options. This remarkable team has created a scalable model of accessible healthcare that delivers quality treatment options with superior outcomes to a population that has been ignored by our healthcare system for far too long,” says Sharon Knight of JAZZ.
Investor Carli Sapir of Amboy Street Ventures said, “HerMD’s traction and growth is no surprise. They’re delivering an outstanding standard of menopause and sexual healthcare – two spaces that are underserved. At Amboy Street Ventures, we’re proud to back startups that progress the women’s health and sexual wellness space, and as a HerMD patient, I am personally grateful for their expertise.”
Over the next few months, HerMD will open additional locations, including the first in the New York Metro area and a second location in Nashville, unveil new data to deepen understanding of underserved women’s health issues and grow its team of providers.
Source: Techwithat/PRNewswire/Victory Public Relations
