Health tech startups Thirty Madison and Nurx announced Wednesday they intend to merge, hinting at the increasing maturity in the market for companies that make it easy to connect with a doctor and get a prescription delivered to your door.
Thirty Madison, which was founded in 2017 and last year raised $140 million at a valuation over $1 billion, provides care for chronic conditions under pleasant brand names, like Picnic, its service for people with allergies, or Cove, its offering for migraine sufferers. The company cleared $100 million in sales last year. Nurx, which was founded in 2016 and has raised $115 million to date, started as a birth control provider and has since expanded to other areas of sexual health as well as dermatology. The combined company will carry on under the Thirty Madison name and will offer services in 46 states. The terms of the deal and a new valuation weren’t disclosed.
Michelle Carnahan, the president of Thirty Madison, declined to explain how the existing companies will work together until after the merger closes, which is expected before mid-year. But she told STAT that the company hopes to triple the number of conditions it can treat in 2022, and that the merged companies will have over $300 million in revenue this year.
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