After seven years bootstrapping a telemedicine platform that has helped tens of thousands of Canadians manage their hormone health, Science&Humans has turned to venture capital (VC) to accelerate its growth as interest in its services has heated up.
âWhen we started, this was not a category.â
Aftab Pashaw, Science&Humans
The Toronto-based healthtech company announced today that it has secured $10 million CAD in funding. That figure includes $7 million in equity and $3 million worth of venture debt as part of its Series A round, which closed in December and marks the companyâs first external financing to date beyond a prior, $1-million line of credit from BDC.
Science&Humans offers software that helps Canadian men and women digitally access personalized treatment for hormone health imbalances. It connects them with specialists to diagnose and address often-stigmatized issues like low testosterone, menopause, weight management, hair restoration, and sexual wellness with a combination of continuous care and prescription drugs, if necessary. Interest in hormone health is on the rise, and Science&Humans is part of a crop of new healthtech companies that have popped up to meet this demand.
In an interview with BetaKit, CEO Aftab Pashaw and CPO Hira Siddiqui said they think the startup can do much more than that. âThe opportunity that we have is to really go out and capture the market,â Pashaw said. âWe can run faster.â
Science&Humans has already been profitably growing. Pashaw did not share the companyâs valuation or current sales with BetaKit, but claimed that it is generating âseven figuresâ in annual revenue at the moment.
The all-primary, equity component of Science&Humansâ Series A round was led by Pender Ventures, with participation from fellow Vancouver firm Well Health Technologies, Michele Romanow, and undisclosed US healthcare investors, physicians, and longevity experts. CIBC Innovation Banking provided the venture debt.
Hormone health enters the âmainstreamâ
Hormones regulate a variety of core bodily functions, from metabolism to growth, mood, and reproduction. Hormone imbalances caused by factors like stress, diet, aging, or genetics can lead to symptoms ranging from fatigue to weight issues, mood swings, and infertility. They can be rectified with lifestyle changes and medical care.
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But Siddiqui and Pashaw noted that hormone health has historically gone undiagnosed or mistreated due to a lack of specialized training, long wait times, and social stigma.
âWhen we started, this was not a category,â Pashaw said. But he added that new research indicating the benefits of starting hormone treatments early, coupled with the emergence of digital health platforms, has made this more âmainstream.â
VC funding appears to have reflected this, as two of Science&Humansâ Canadian competitors, Toronto-based Phoenix and Felix Healthâwhich launched around the same time as Science&Humansâhave closed sizable rounds over the past year. MontrĂ©alâs Eli Health, which has developed a device for hormone monitoring, also closed a sizable round in the last year.
Image courtesy Science&Humans.
Pashaw views Science&Humansâ business-to-business (B2B) model, which works with major health insurer GreenShield and large companies to deliver care to plan members and employees, as a differentiator from other digital hormone health providers in Canada.
The CEO described Science&Humans as ânot a pharmacy-first model,â but rather âa care delivery model for outcomesâ that seeks to help patients address the root cause of their issues, the solution to which may or may not involve drugs. The startup has developed this approach with the help of chief health advisors Dr. Kristy Prouse and Dr. Fady Hannah Schmouni.
To date, Siddiqui said that Science&Humans has helped nearly 60,000 Canadians access hormone health treatment, facilitating upwards of 500,000 tests, almost 300,000 prescriptions, and approximately one million patient consultations.
Science&Humans claims that more than 80 percent of its patients reported meaningful symptom improvement within three to six months. Pashaw claimed the strength of Science&Humansâ 130-person teamâwhich includes about 78 employees and 52 contractor specialistsâprotocols, and care outcomes gives it an edge in the market.
During the pandemic, some online pharmacies have come under fire for prioritizing speed and business interests over patient safety and prescribing drugs too quickly without proper checks.
Pashaw said that Science&Humans typically requires patients to complete âthoroughâ intake forms, bloodwork, and virtual calls with nurse practitioners before prescriptions are issued. That process repeats with consultations every three months. He noted that only a small percentage of erectile dysfunction and hair loss treatments do not require virtual calls.
Targeting B2B growth
Science&Humans launched as a direct-to-consumer telemedicine platform focused on menâs health before expanding to cover womenâs health. Gender-affirming care is also part of the startupâs roadmap. Science&Humans generates revenue through consultation fees and subscriptions. It also charges pharmacy partners to list on its platform.
A year and a half ago, Science&Humans adopted its B2B model, where Pashaw says he sees âthe biggest opportunityâ to grow.
âWith a vertically integrated model that can scale through employers and insurers, the company is well positioned to deliver consistent, high-quality care at scale,â Pender principal Meryeme Lahmami argued in a statement.
Using its Series A funding, Science&Humans hopes to expand the B2B side of its business and scale nationwide. It also intends to expand its tech and AI capabilities as it looks to build what Pashaw described as a complete âhormone operating systemâ that fully integrates the pharmacy and lab.
Feature image courtesy Science&Humans.