Why the Time to Invest in LGBTQ+ Health is Now

We are proud to congratulate Define Ventures partner company FOLX Health (FOLX) on their $30M Series B financing round. FOLX is the market’s first virtual healthcare platform uniquely designed to address the needs of the LGBTQIA+ community. FOLX was incubated by Define Ventures in 2019 with Founder and Executive Chair A.G. Breitenstein. We are excited to continue our support with this fresh round of capital alongside a world-class syndicate of investment partners as we bring FOLX’s enterprise solutions to employers seeking meaningful ways of engaging with and supporting their LGBTQ+ employees and their families. We warmly welcome investors 7wireVentures and Foresite Capital to the syndicate alongside existing investors Bessemer Ventures Partners and Polaris Partners.

Joining the FOLX Board of Directors is Lee Shapiro, Managing Partner of 7wireVentures, whose deep roots in the employer enterprise will empower FOLX to expand the company’s direct-to-employer offering. Shapiro previously served as an operator and member of the Board of Directors at Livongo alongside Define Ventures Founder and Managing Partner, Lynne Chou O’Keefe.

“Define’s unparalleled experience in building leading digital healthcare companies that redefine healthcare has been instrumental in FOLX’s early success. Lynne and the team have been true partners as we work toward our mission of providing affirming, expert care to the LGBTQIA+ community.”
— FOLX Health CEO Liana Douillet Guzman

When we set out to incubate FOLX Health, we saw a critical unmet healthcare need in the LGBTQIA+ community. We deliberately wanted to build a brand that people would feel amazing about, that represents them as people in the world. The community is large: 10% of U.S. adults openly identify as LGBTQ+, with 20% of Gen Z identifying as LGBTQ+. However, the vast majority of people–76%–report negative experiences related to their identity, with 70% avoiding doctors due to negative experiences. At Define Ventures, we believe we need to do a better job as an industry in expanding access for the LGBTQ+ population, by supporting payers and employers in providing equitable, supportive, convenient, and enjoyable healthcare experiences for their members and employees.

“Employers and payers are starting to realize that properly caring for this community requires a built-for-purpose network of Queer & Trans competent providers. Most people in this community defer or avoid care for fear of discrimination or worse. And we know this results in lower quality and higher cost. This is an essential part of every employer’s workforce and we are proud to be the premier provider platform for the LGBTQIA+ community.”
— A.G. Breitenstein, Founder & Executive

FOLX Health recently released its Virtual Healthcare platform, which offers community members in nearly all 50 states consults and prescriptions for general health, and sexual health — including access to birth control, treating infection, family planning, and more. FOLX also recently expanded its offerings to support the mental and behavioral health needs of the LGBTQ+ community, providing expert and clinician-led support groups focused on serving the community and their loved ones in areas such as fertility, family planning, and parental support. These build on the company’s existing offering, which includes gender-affirming hormone replacement therapy, PrEP, care navigation, content, and community delivered through a diverse network of queer and trans-specialized providers. To learn more about FOLX Health, visit www.folxhealth.com.