Parsley Health, a New York-based personalized medicine provider founded in 2016, today revealed that it closed a $26 million series B funding round this summer, led by White Star Capital. The round included participation from FirstMark Capital, Amplo, Alpha Edison, Arkitekt Ventures, Trail Mix Ventures, Galaxy Digital, and individual investors Flatiron Health CEO Nat Turner and One Medical founder Tom Lee. The fresh funds bring the startup’s total raised to over $36 million, which founder and CEO Dr. Robin Berzin said will accelerate the hiring of additional doctors and team members and the rollout of Parsley’s new telemedical services.
Parsley Health’s latest raise comes ahead of the opening of the company’s flagship center in West Hollywood, Los Angeles this month. Separately, it coincides with the launch of Parsley’s new diagnostics products — Comprehensive Hormone Care — designed to provide prognoses to women suffering from PCOS, PMS, fatigue, weight gain, insomnia, and anxiety.
“Our health system desperately needs a makeover. According to the CDC, 60% of American adults have at least one chronic disease — that’s 153 million people. These are largely lifestyle-driven, preventable, and reversible conditions, and yet they account for 90% of our annual healthcare costs,” said Berzin, a Columbia-trained physician. “A revolving door of prescriptions, referrals to specialists, and band-aid solutions won’t fix this, and it won’t fix us. We need a new model of care, one that’s accessible, affordable, proven to address the root causes of chronic disease, and — thanks to technology — available from anywhere around the globe.”
Parsley Health charges around $5 (or $150 per month) for membership to its New York City, Los Angeles, and San Francisco clinics, which provide nutrition and lifestyle guidance, routine medical testing, and referrals to specialists. Members spend 75 minutes with a health team, during which they establish a baseline health profile that draws on microbiome assessments, toxicity reports, and more. Included in every Parsley plan is up to 10 visits without a copay, plus access to an online dashboard with nutrition, sleep, and supplement recommendations, in addition to medical records and customizable goal trackers.
Parsley subscribers don’t need to make an in-person visit with a doctor or health coach to get medical advice. Through a web app, they’re able to message their doctor, book appointments, or meet through a video call. And in the next six months Parsley will launch a new telemedicine membership plan with diagnostic testing and unlimited access to a care team, plus four hours of 1-on-1 sessions with a doctor.
The telemedical plan will be available in all 50 states in the next six months, the company says, starting with New York and California.
Parsely also offers employee health plans, including a seven-part personalized health plan that includes a physical exam, a 30-minute health coach visit, functional and performance testing of 1,000 biomarkers, and access to events and group classes. That’s in addition to fertility assessments, on-site workshops on functional nutrition, and more.
Parsely claims its healthcare professionals prescribe 60% fewer drugs than those with traditional primary care providers and that they spend over 250 minutes with patients, compared with the average general practitioner’s 19 minutes. It also says customers typically make fewer visits to specialists like dermatologists and gastroenterologists, and to urgent care.
“Parsley Health’s unique model not only fosters a better, stronger relationship between health practitioners and patients, but addresses the strong demand for functional medical services and easier access with their organic tech integration. We believe in Parsley’s noble mission and continue to be impressed by its fast growth in the U.S. and its model that enables the company to generate multi-channel revenue from care memberships to ecommerce,” said White Star Capital Founder’s Eric Martineau-Fortin. “With this new investment, we are incredibly excited to work with the Parsley team to help further scale its modern personalized approach — a critical need of the healthcare industry across the world.”
Parsley’s expansion into telemedicine comes as the global telemedical market, which encompasses tech that facilitates remote medical diagnosis and treatment, is expected to climb from its current $38.3 billion valuation to $130.5 billion by 2025. That might sound optimistic, but consider this: As of 2018, there were already 7 million telehealth users worldwide (up from an estimated 350,000 in 2013), and according to a recent survey by Becker Hospital Review, over 75% of Americans say they’re willing to attend a doctor’s appointment remotely.