Toronto-based telehealth startup Dialogue has raised $43 million CAD led by Canadian life insurance company Sun Life Financial.
The round consists of a $32.7 million equity investment from Sun Life, as well as follow-on investments from existing investors Caisse de dépôt et placement du Québec, Portag3 Ventures, White Star Capital, HV Holtzbrinck Ventures, First Ascent Ventures, and Walter Ventures.
“Having strong support from partners such as Sun Life allows us to remain focused on providing quality care and expanding our services.”
As a result of the acquisition, Sun Life will hold a minority ownership stake in Dialogue and has the rights to acquire additional equity, although Sun Life did not disclose how much of Dialogue it will own.
According to The Globe and Mail, the funding will be used by Dialogue to make acquisitions in the tech and healthcare provider sectors, as well as expand its offering to include virtual care treatment for chronic diseases and women’s healthcare.
“Virtual care will remain an essential resource now and in the future,” said Cherif Habib, CEO of Dialogue. “While we navigate the changing health care landscape, Dialogue is proud to provide a virtual health care service that is easy, convenient and helps keep Canadians safe at home. Having strong support from partners such as Sun Life allows us to remain focused on providing quality care and expanding our services to help millions of Canadians stay healthy.”
Founded in 2016 and incubated in Diagram Ventures, Dialogue has created a telemedicine solution targeted to employers, offering services to access front-line healthcare providers through its virtual care platform. Dialogue’s last funding was a $40 million Series B round, raised in June 2019.
The fundraise comes approximately four months after Sun Life launched Lumino Health Virtual Care, its own virtual care service for Sun Life’s group benefits clients. At the time of the launch, Sun Life stated the new solution would be powered by Dialogue.
“Our investment in Dialogue represents Sun Life’s commitment to helping Canadians live healthier lives through access to health care, whenever and wherever they need it,” said Dave Jones, senior vice president of group benefits at Sun Life Canada. “This investment is our next step, as we continue to innovate for our clients and empower them to manage their health and well-being.”
Image source Dialogue.