Canadian telemedicine company Maple has landed a cool $14.5 million CAD ($10.9 million USD) in a new funding round. German VC firm Acton Capital led the round, with participation from SE Health.
This news comes less than two years after the company closed a $4 million Series A funding round, which at the time the company said would be used for growth and expansion.
WHAT THEY DO
Maple is a traditional virtual care company that connects patients to doctors through a telemedicine platform. For patients it offers 24-7 access to providers either through video chats or through secure messaging. The bulk of its business is making deals with insurers, employers, hospitals and government agencies including Morneau Shepell and GlaxoSmithKline. Users can also pay for their own visits; however, the service is not covered by Canadian provincial health plans.
The company has newly added a telehospitalist platform, which aims to staff hospitals with remote doctors. This system includes emergency department diversion capabilities as well as messaging and video communication.
WHAT IT’S FOR
Maple is looking to grow its services in Canada over the next two years, and said the new funds will help enable this.
MARKET SNAPSHOT
Maple isn’t the only telemedicine company to launch in Canada. American virtual care giant Teladoc officially launched its services in Canada in March.
While Teladoc and Maple are looking to expand in the region, Ontario Telemedicine Network, a nonprofit company that provides telemedicine services to the provincial government of Ontario, laid off 44 of its 265 employees in May amidst government cuts to the organization.
ON THE RECORD
"For millions of patients in Canada, Maple will enable direct and easy access to specialists or primary care," Dr. Hannes Blum, venture partner North America at Acton Capital, said in a statement. "Thanks to its superior quality support and a fast-growing network of experienced and dedicated physicians all over the country, Maple is improving professional healthcare coverage even in remote areas. It's deeply impressive what the team as a first mover has already accomplished. We are proud to support Maple as Canada's leading telemedicine provider on its way to further shape this thriving market."
