Vitable’s Next Chapter: We Raised $1.6M to Bridge the Gaps in Today’s Healthcare
I’m proud to announce that Vitable raised $1.6 million, led by the SoftBank Group Corp Opportunity Fund, including Y Combinator, DNA Capital, Commerce Ventures...
Despite hourly workers being the backbone of our economy, many are stuck uninsured — making too much to qualify for Medicaid and too little to afford traditional health insurance premiums. In fact, 42% of the American workforce makes less than $15 per hour and of the 30 million uninsured Americans, 87% make less than $15 per hour.
Without easy access to preventative care, people generally have lower life expectancies. Instead of seeing primary care providers, they over-utilize the ER (70% of ER visits are unnecessary) where each visit can cost thousands of dollars and perpetuate a cycle of debt that makes upward mobility extremely difficult.
I started Vitable because this is deeply personal for me. I grew up around the hard-working hourly workers my parents’ home care company employs. And like many small businesses, my parents struggled to find affordable, high-quality health benefits to offer their employees, given that the average health insurance plan costs over $600/month. My parents, like all small businesses that reach 50 employees, had to offer health insurance per the Affordable Care Act and even paid for the majority of the premium cost. Yet more than 80% of their employees decided to opt-out because it was still too expensive. Opt-out rates like this are the norm, not an exception.
Vitable brings primary and urgent care to people at their homes and workplaces for $50 per employee per month through our network of nurse practitioners. They deliver the full scope of care — everything from checkups and sick visits to blood draws and even X-rays — through virtual and in-person visits. All without copays. Because our providers visit patients where they live and work, we don’t have the expense of physical locations and are able to share those cost savings with our members.
Before, if an uninsured restaurant employee was worried they had COVID or felt ill, they’d be stuck without access to care or have to rush to the ER when the issue became more acute. With Vitable, they just log onto our app and can either be seen virtually or have a provider come to their home or place of work on their schedule without taking time off from work. Well visits work the same way. Everything is covered by the membership fee their employer pays, so there’s no bill to worry about after the fact.
Today we’re thrilled to announce that we’ve raised $7.2 million from First Round Capital, with Josh Kopelman joining our board. We also had participation from amazing angels like Jack Altman (CEO of Lattice), Michael Seibel (Managing Director at Y Combinator), Daniel Folkman (VP Biz Dev at GoPuff), and Toyin Ajayi (co-founder of Cityblock Health) and others.
Over the last year and a half, we’ve grown to work with hundreds of employers and now count almost 10,000 members in our first markets in Philadelphia and Delaware. Leading small and medium businesses like Somerset Academy, HumanWorks Affiliates, and Tria Restaurant Group rely on us to help them offer high-quality, affordable primary care to their hourly employees.
We’re also thrilled to have Juli Insinger, co-founder of Carrot Fertility, joining as our Chief Revenue Officer to help us scale our go-to-market motion. Starting today, we will be extending Vitable to include an affordable employer-sponsored mental health offering that provides counseling sessions through licensed clinical social workers. With new funding and a growing team, we’ll continue investing in our product and expanding to more markets in the North East over the next year.
To learn more about our plans, check out our website. If our mission to increase access to high-quality healthcare excites you, we’re hiring across the organization — from clinical to engineering to operations roles — and we’d love to build with you.