Growth equity firm JMI Equity has invested $60 million in TimelyMD, a telehealth provider based in Fort Worth, Texas, focused solely on colleges and universities.
TimelyMD has grown as demand for telemedicine and teletherapy increased during the Covid-19 pandemic. With providers available 24/7 in all 50 states, the company’s services to higher education include on-demand medical attention, immediate and scheduled mental health counselling, psychiatry, and health coaching services, offered at no cost to students without the need for traditional health insurance.
The company stated it now serves 10 times as many students as it did in early 2020 and has an around-the-clock extension of student health and counselling centres on 80 college campuses, including Duke University, Emory University, Georgetown University, Johns Hopkins University, Los Rios Community College District, University of Notre Dame and Paul Quinn College.
TimelyMD said it will use the new funding to enhance students’ virtual care experience, improve health literacy at partner schools, improve student outcomes through technological innovation, and grow its team to meet market demand.
Luke Hejl, founder and chief executive of TimelyMD, said: “Our mission at TimelyMD is to improve the wellbeing of college students by making virtual medical and mental health care accessible anytime, anywhere. This investment from JMI enables TimelyMD to achieve our vision to empower students to be well and thrive, eliminate barriers to care for an exponentially greater number of students, and better serve a growing and diverse range of institutions.”
Matt Emery, general partner at JMI Equity, added: “JMI is pleased to partner with TimelyMD, which has demonstrated tremendous market leadership and promise in tackling the unmet need in higher education for on-demand medical, mental health, and wellbeing telehealth solutions. We are excited about TimelyMD’s ability to continue to improve access to care and campus health at colleges and universities across the country.”
JMI Equity focuses on investing in software companies and is headquartered in La Jolla, California.
Date published: 29 January 2021