NEW YORK--(BUSINESS WIRE)--Tia, the modern medical home for women, today announced a $100 million Series B funding round led by Lone Pine Capital with additional participation from other investors including Threshold, Define Ventures, Torch Capital, ACME, Compound, Combine, The Helm, Human Ventures, Seae Ventures and Gingerbread Capital. The round marks one of the largest Series B investments ever for a healthcare company focused on women, signaling that Tia’s anti-fragmentation approach helps to shift women’s health from “niche” to mass market. This brings Tia’s total funding to $132 million.
Tia will use the fresh investment to scale its “whole-woman, whole-life” model to more than 100,000 women by 2023. The funding will also help Tia grow its virtual & in-person operations in existing and new markets while expanding its service lines to care for women throughout their entire lives -- from puberty to menopause. Since launching in 2017, Tia has grown to serve thousands of women aged 18-80 with blended in-person and virtual care in New York City, Los Angeles, Phoenix and soon San Francisco.
“Tia has created a holistic model that unlocks better and more focused care for the largest population of healthcare consumers in the U.S. – women,” said Kelly Granat, Portfolio Manager at Lone Pine Capital. “Just two years since treating its first female patient, Tia has proven it can be the leading and most trusted healthcare partner for women by building better, lasting relationships with them over the course of their entire lives. With a personalized approach that addresses the whole person, Tia’s full-service platform is well-positioned to become the premier destination for high-quality women’s healthcare.”
Even though women make up a larger portion of the population and control more than 80% of the $3.6 trillion annual healthcare spend, the most valuable U.S. healthcare consumer has been grossly misunderstood and underserved. To date, the healthcare system has fragmented women’s healthcare by body part or life stage, investing in an ineffective point-solution-driven model that doesn’t support their whole health. Women of reproductive age spend 90 percent more than men of the same age on healthcare, even as women’s health outcomes worsen across every metric - from maternal mortality and autoimmune disorders to anxiety and depression. Women of color, in particular, experience well-documented disparities in care and health outcomes.
Tia is shifting the paradigm in women’s healthcare by delivering comprehensive care both virtually and in-person, treating women across their whole lives and not just during a single reproductive stage or condition. Tia’s care model fuses primary, mental health and gynecological care with other evidence-based wellness services (e.g., acupuncture) in one seamless, coordinated and integrated experience, giving women a one-stop shop for all their healthcare needs.
“Women deserve their own medical home that treats them as a whole person and not a disparate set of parts. They need a model that delivers truly connected care that meets them where they’re at — online and offline ” said Carolyn Witte, co-founder and CEO of Tia. “Our vision is to replace transactional, condition-based healthcare with relationship-based care that can cater to women for their whole lives, from puberty to menopause. We know when we make healthcare work better for women, it works better for families, for communities — for everyone.”
The latest funding comes as Tia builds a differentiated model in women’s healthcare characterized by:
- deep trust and loyalty with women, as demonstrated by its 90 Net Promoter Score (NPS) on average over the last two years;
- diverse and culturally competent care, with more than 50 percent of Tia’s Care Team and 40 percent of Tia’s patients identifying as people of color;
- high-quality care at lower costs, delivering 40 percent lower cost per service compared to a typical primary care practice;
- virtual and in-person services, with more than 60 percent of care delivered virtually;
- integrated care with more than 50 percent of Tia’s patients using two or more preventive care service lines and mental health as its fastest growing service; and
- accessibility in accepting insurance for all its services, including mental health and acupuncture.
Tia also is forging partnerships with premier healthcare systems to ensure its patients can access and choose specialty care that Tia does not provide (e.g., obstetrical care and cardiology). Additionally, health system partnerships expand on Tia’s insurance offerings, enabling even more women to access Tia’s services in-network. By integrating with health systems, Tia extends its anti-fragmentation model beyond its “four walls” -- helping to make the standard of care better for women, their families, and their communities.
Founded in 2017 by Carolyn Witte and Felicity Yost, Tia is the modern medical home for women. The company is trailblazing a new paradigm for women’s healthcare that treats women as whole people vs. parts or life stages. Blending in-person and virtual care services, Tia’s “Whole Woman, Whole Life” care model fuses gynecology, primary care, mental health and evidence-based wellness services to treat women comprehensively. By making women’s health higher quality and lower cost, Tia makes women healthier, providers happier, and the business of care delivery stronger — setting a new standard of care for women everywhere. For more information, visit www.asktia.com.
About Lone Pine Capital
Founded in 1997, Lone Pine Capital LLC (“LPC”) is an investment adviser that employs long/short and long-only strategies to invest in public and private equities and equity-related investments based on bottom-up, fundamental analysis. LPC invests globally across a variety of industries and its deep-rooted culture of excellence and accountability is underpinned by broad employee ownership and an emphasis on collaboration, diversity and inclusion. The firm is headquartered in Greenwich, Connecticut, with research offices in San Francisco and New York.