Thirty Madison Raises $140 Million

Tech healthcare company Thirty Madison raised $140 million in a Series C round of funding and is now worth over $1 billion.

Thirty Madison, the premier healthcare company for people with chronic conditions, announced a $140 million Series C round led by new investor HealthQuest Capital. Mousse Partners and Bracket Capital also participated in the funding and existing investors Polaris Partners, Johnson & Johnson Innovation – JJDC, Inc., Northzone, Greycroft, and others. Thirty Madison has raised a total of $210 million to date and is now valued at over $1 billion.

With this new round of funding, Thirty Madison will expand access to its specialist-level care model to the millions of Americans suffering from chronic conditions. This expansion includes enhancing the capabilities of Thirty Madison’s proprietary platform underpinning its care model as well as launching new brands focused on driving superior health outcomes and better patient experiences across conditions. The investment will enable Thirty Madison to reach patients not only directly, but also through their employers and healthcare payor networks via innovative partnerships.

“We envision a future where the healthcare system puts the patient first — and that requires a complete reinvention of the experience so that it is high-quality, accessible, and even enjoyable,” said Steven Gutentag, co-founder and chief executive officer of Thirty Madison. “We’re building a company where every individual with a chronic condition can turn to us for high-impact specialty care that significantly improves the way they live their life every single day. We’re excited to have HealthQuest as our partner to accomplish this mission, as their deep expertise and relationships within the healthcare ecosystem will accelerate us forward.”

“At HealthQuest, we look to identify transformative companies that are meaningfully improving patient outcomes. Thirty Madison has an incredible track record of creating innovative, specialist-level patient experiences and is disrupting the way care is delivered,” said Randy Scott, partner at HealthQuest Capital. “We’re very impressed with the leadership team’s expertise in creating a consumer-centric platform, and are excited about collaborating with them to deepen the pharma and enterprise verticals of the business and reach even more patients across numerous chronic conditions.” Scott will join Jason Stoffer, Partner at Maveron, and Amy Schulman, Managing Partner at Polaris Partners, as a member of Thirty Madison’s Board of Directors.

In 2020, Thirty Madison tripled its revenue, and the company now serves hundreds of thousands of patients across its offerings. Within the last year, Keeps became the largest direct-to-consumer brand for men’s hair loss, with patients reporting a 92 percent medication adherence rate, far above average; Cove’s migraine program has had 77 percent of its patients report an improvement in migraine severity; Evens expanded its treatment offering to serve those with gastrointestinal conditions better; and Picnic, Thirty Madison’s newest brand, launched with a personalized approach to treat allergies.

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