Foundation Health announced the closing of a $6 million seed funding round. The participants in the round include industry leaders Y Combinator Garry Tan, Transpose Platform, Tuesday VC, Alt Capital, Box Group, Liquid Ventures, Exceptional Capital, Calm/Storm Ventures, and PageOne Ventures, with support from angel investors Paul Johnson and Meghan Fitzgerald.
Foundation Health focuses on redefining the consumer healthcare experience by enabling clients to quickly develop and launch modern, digital-first pharmacy and telehealth solutions at scale. Offering easy-to-integrate APIs and white-label products, the company enables health plans to disintermediate pharmacy benefit managers (PBMs) and take control over pharmacy services, facilitates direct-to-patient organizations for pharmaceutical manufacturers and enables digital health brands to easily launch on-brand experiences.
Foundation Health’s offerings encompass three core B2B products:
- APIs for Telehealth Prescribing and Pharmacy Services – A tech platform that connects clients to telehealth providers and a network of pharmacies to provide prescription mail order delivery, same-day delivery, specialty medications, veterinary medications, and durable medical equipment (DME).
- Virtual Pharmacy – A digital pharmacy SaaS product that enables companies to launch their own white-label custom virtual pharmacy. The features include pharmacist support 24/7, a variety of delivery methods, and clear, transparent pricing that allows patients to choose between cash or insurance. And expandable options include telehealth and clinical services such as brand-to-generic switching and MTM to help improve adherence and, ultimately, health outcomes.
- Virtual Direct-to-Patient (DTP) Service – A complete solution for pharmaceutical manufacturers to launch products direct-to-patient. Fully white-label and customizable for delivering an intuitive patient experience end-to-end. DTP also enables manufacturers to remove the middleman, set affordable pricing without rebates, and seamlessly get medication to those who need it.
Even though Foundation Health’s services currently span the US, UK, and EU markets, the company’s initial focus will be on driving innovation within the US healthcare landscape.
KEY QUOTES:
“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.”
“Patients want clear pricing, lower costs, and convenient access to healthcare. These are not outrageous demands, yet solutions that meet them are few and far between. At Foundation Health, we believe traditional multi-month, multi-million dollar builds are the enemy of innovation and progress. We’re focused on providing affordable solutions that are intentionally built for speed and scale. Our services can be implemented within days, offering unparalleled speed-to-market for our clients at substantially lower costs than alternatives.”
- Foundation Health founder and CEO Umar Afridi
