Thirty Madison Raises $15.25M

Thirty Madison, the company rebuilding the healthcare experience for modern consumers, and the parent company of Keeps, announces a $15.25 million Series A funding round co-led by Maveron and Northzone with participation from Greycroft, Steadfast Venture Capital, First Round, ERA, HillCour and Two River. Additional investors include Divya Gugnani, co-founder of Wander Beauty, and Ben Cogan, co-founder & co-CEO of Hubble Contacts, as well as several other prominent individuals from the consumer and healthcare spaces. This brings the company's total funding to $22.75 million.

Thirty Madison will use funds from the Series A round to continue growing their first brand Keeps, the only service that offers a comprehensive solution focused on male pattern baldness. The investment will ensure that Keeps remains the best source for men experiencing hair loss to get access to affordable, backed-by-science, FDA-approved treatments for hair loss (a chronic medical condition that affects two out of every three men by the age of 35) and continue to enhance its high-quality customer care experience, which includes access to licensed independent physicians through telemedicine. They'll also use this funding to later this year launch Cove, a direct-to-consumer healthcare company that will offer personalized treatment solutions for migraine sufferers, and to continue to hire and scale a world-class team.

Since its launch in January 2018, Keeps has grown 60% month-over-month, with retention rates more than double that of leading brands employing a traditional model. Keeps is building a new market for hair loss treatments: 79% of customers have never before seen a doctor for hair loss, and almost 75% of customers have never tried either FDA-approved treatment that Keeps sells. Keeps also focuses on providing high-quality, immediate care: the average customer waits only three hours for a consultation and treatment plan, while more than half of customers receive their diagnosis and plan within one hour – a staggering improvement on the average American's 32.2 day wait time to see a dermatologist or 29.3 day wait to see a primary care physician. The Keeps customer care team has logged more than one million minutes supporting customers since launch. Keeps estimates it has already saved its current customers more than $10 million on annual hair loss treatments.

The early and immediate success of Keeps illustrates how Thirty Madison's end-to-end platform – combining expert diagnosis, affordable treatment, real-time patient support, and condition management tools to help consumers better manage their chronic health condition – can be leveraged and scaled. Thirty Madison is committed to raising the standard of care for all healthcare consumers. By connecting customers to personalized treatments, right-sized plans, and medical expertise, Thirty Madison is helping consumers access higher-quality, more affordable care and achieve better health outcomes. In the same way that Keeps makes it easy for men to take real action against hair loss, Thirty Madison's second brand Cove will make high-quality migraine care more accessible, affordable, and actionable than ever. Starting with a virtual consultation and maintaining connection through ongoing incident tracking, Cove not only helps patients finally find their unique migraine solution but also delivers it straight to their door.

"We know that consumers expect more from their healthcare than they're currently getting," said Steven Gutentag, co-founder of Thirty Madison. "Most young people no longer have a primary care physician, the costs of care are skyrocketing, and patients are increasingly thinking like consumers – yet the healthcare experience has not evolved to meet any of this. We want to change that. At Thirty Madison, we're rebuilding the healthcare experience to deliver better and more affordable outcomes for healthcare consumers. My co-founder Demetri Karagas and I have seen incredible traction with Keeps, and we're excited to do the same with Cove."

One in seven people suffer from migraines. That's 1 billion people globally. In the United States alone, almost 39 million people experience migraines. Despite their prevalence (migraines are the third most common disease in the world), medical expertise and treatment continue to fall short. Less than 50% of migraine sufferers seek care. And for those who do, 86% discontinue treatment within a year because they lack education about their options and ongoing condition management support. While a broad range of remedies is available, migraines (and treatments) affect everyone differently, making it difficult to pinpoint a lasting solution. Additionally, insurance hurdles have made effective treatments hard to find and expensive to pay for. Cove not only provides access to high-quality, specialized care to consumers, but it also offers treatment options at a significantly lower cost than most pharmacies.

"Today's consumers are looking for the most convenient way to manage their chronic conditions, all on their own terms. They want a service that provides personalized treatments with quality, customer-first care, and Thirty Madison was built to meet those needs. Steve and Demetri have a broad vision for making Thirty Madison the first truly customer-centric healthcare company, and they've proven with Keeps that they can successfully execute against it," said Jason Stoffer, Partner at Maveron. "Thirty Madison is transforming the healthcare experience by doing what no one else has, deeply understanding each chronic condition and building unique, targeted solutions that address what's most needed by these millions of healthcare consumers. We're so excited for what's next."

About Keeps

Keeps is a full-service healthcare company that combines virtual diagnosis and FDA-approved treatments to create access to preventative medicine and care for millions of men. Focused on male pattern baldness, a chronic condition that impacts two of out every three men by the age of 35, Keeps' licensed physicians prescribe treatments that are clinically proven to stop hair loss, and at the low cost of only $1 a day or less. Keeps customers receive treatment solutions specific to their needs with FDA-approved products that are 90% effective at reducing and stopping further hair loss and promoting regrowth. With a rigorous foundation in medicine and science, Keeps is on a mission to eliminate misinformation about the causes and solutions for hair loss. Its medical advisory board is led by Dr. Jerry Shapiro, MD and Dr. Antonella Tosti, MD, two of the world's leading hair loss experts. Co-founded by Steve Gutentag and Demetri Karagas, Keeps is based in New York City and is the first brand from Thirty Madison.

About Cove

One in seven people suffer from migraines. In the United States alone, almost 39 million people experience migraines. Despite the prevalence of migraines (they're the third most common disease in the world), medical expertise and treatment continue to fall short. There is no one-size-fits-all cure for migraines, and side effects, limited results, and exorbitant costs make it difficult for people to find the right affordable solution for their unique condition. Cove aims to empower migraine sufferers by providing direct access to high-quality, affordable migraine care, personalized to each customer and their specific needs. Starting with an easy virtual consultation with a licensed physician, and staying connected through ongoing progress tracking and high-quality support, Cove not only helps customers find their unique migraine treatment, but they eliminate the logistical headaches by delivering it straight to their door on a schedule that works best for them. More control and better days are on the way. Co-founded by Steven Gutentag and Demetri Karagas, Cove will launch later this year as the second brand from Thirty Madison.