Minneapolis, USA-based nationwide digital specialty care clinic Gem Speciality Health raised seed funding. The company announced the investment on September 11, 2023. HealthTrend Capital led the financing for the company. Meanwhile, existing investor Base10 Partners also joined in the round. New investors such as Mairs & Power Venture Capital also provided the investment. So far, the company’s total financing amounts to more than USD 5 million.
As a part of the deal, HealthTrend Capital’s Managing Partner, Bill Brinkman, and Sam Meckey, CEO of UpHealth (NYSE: UPH), joined GEM HEALTH’s Board of Directors.
Purpose of financing for Gem Speciality Health
With the latest financing, GEM seeks to expand its payment options by offering insurance coverage through more local and national health plans. The company has plans to make convenient care affordable to millions.
What the founder of Gem Speciality Health has to say
Brian Sauer, Founder and CEO, GEM HEALTH, said, “We started in obstructive sleep apnea because we witnessed firsthand the tradeoff many patients were making with regards to their care – trying to decide if they should go to traditional providers and wait 3-4 months for care or try an online option that does not accept insurance and may not have clinical rigour. Millions of patients just give up and continue to live with OSA. Patients do not want to have to choose between convenient, clinically sound, and insurance-covered. They want all those things in a single experience. We are proud to say that GEM has built this model and will be rapidly scaling it with the support of our latest investment.”
What the investors has to add
Bill Brinkman of HealthTrend said, “I am excited to partner with GEM in its mission to improve the sleep care experience. The company’s comprehensive approach streamlines the journey for patients navigating complex conditions, ultimately improving outcomes and reducing costs. I look forward to working with Brian and the broader GEM team to support their growth and success.”
About the company
In 2022, Brian Sauer launched Gem Speciality Health. GEM SLEEP, the company’s first product, helps the estimated 30 million people with obstructive sleep apnea find relief. GEM SLEEP provides a simple, guided experience through diagnosis, treatment, as well as ongoing support. It further helps to reduce the time to relief from months to weeks. GEM SLEEP treats patients in more than 48 states + DC. In addition, the company is already expanding reimbursement options through health plans and employers to ensure broad access to care.
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