TimelyMD, the Fort Worth-based full-service telehealth provider solely focused on colleges and universities, announced Jan. 26 that it has received a $60 million investment from JMI Equity, a growth equity firm focused on investing in leading software companies.
JMI has significant experience partnering with companies in both healthcare and higher education.
TimelyMD has experienced unprecedented growth as the demand for telemedicine and teletherapy increased exponentially during the COVID-19 pandemic, transforming the way college students receive care now and in the future, the company said in a news release.
With licensed providers available 24/7 in all 50 states, its success stems from offering a differentiated solution to higher education that includes on-demand medical, immediate and scheduled mental health counseling, psychiatry and health coaching services designed specifically for students and offered at no cost to them.
As an around-the-clock extension of student health and counseling centers on 80 college campuses – including Duke University, Emory University, Georgetown University, Johns Hopkins University, Los Rios Community College District, University of Notre Dame and Paul Quinn College—TimelyMD now serves 10 times as many students as it did in early 2020.
“Our mission at TimelyMD is to improve the well-being of college students by making virtual medical and mental health care accessible anytime, anywhere,” said CEO and co-founder Luke Hejl. “This investment from JMI enables TimelyMD to achieve our vision to empower students to be well and thrive, eliminate barriers to care for an exponentially greater number of students, and better serve a growing and diverse range of institutions.”
The company will use the funding to enhance students’ virtual care experience, improve health literacy at partner schools, improve student outcomes through technological innovation, and grow its team to meet market demand, the news release said.
“JMI is pleased to partner with TimelyMD, which has demonstrated tremendous market leadership and promise in tackling the unmet need in higher education for on-demand medical, mental health, and well-being telehealth solutions,” said Matt Emery, General Partner, JMI Equity. “We are excited about TimelyMD’s ability to continue to improve access to care and campus health at colleges and universities across the country.”