Maple raises $4 million in funding to advance virtual healthcare in Canada
TORONTO, March 9, 2018 /CNW/ - Maple is Canada's only app providing patients with 24/7 on-demand access to doctors by secure text or video for advice, diagnosis, and prescriptions. Since launching just over a year ago, Maple has rapidly grown its network of doctors and patients to service eight provinces and two territories across Canada. The company recently raised an additional $4 million in Series A funding from a group of strategic investors to further support Maple's growth and expansion.
The MaRS Investment Accelerator Fund, Ontario's most active seed fund focused on early stage technology companies, participated in the oversubscribed round led by a large private corporation with expertise in medical cost containment and operations, as well as Jeff Fettes, co-founder of 24-7 Intouch.
"Despite having access to some of the best quality care, Canadians have some of the longest wait times in the developed world. Maple's solution can offer significant relief for the overtaxed health care system," says Michelle McBane, senior investment director at MaRS IAF. "In addition to impacting the wellbeing of Canadian patients, Maple's solution impacts our economy, reducing time off work for doctor's visits and getting patients on the path to recovery sooner."
With nearly 20,000 patients and more than 100 Canadian licensed doctors on the platform, Maple promises patients a live chat or video visit within 5 minutes day or night - the shortest wait time for a doctor in Canada's virtual care industry.
"We initially launched Maple as another option for patients to get fast and convenient access to a doctor after-hours, right from their smartphone or computer. The feedback has been overwhelmingly positive and the demand for our service is rapidly growing - not just from patients, but also from employers, insurers, hospitals and more. We believe every Canadian needs to have access to this type of service," said Dr. Brett Belchetz, co-founder and CEO at Maple.
Currently the majority of provincial health plans do not cover patients for online or telephone consultations with doctors. Maple will use the new capital to make the service accessible to as many Canadians as possible, by continuing to build its distribution network of employers, benefit providers and insurers.
Sun Life Financial, one of Canada's largest insurers, recently partnered with Maple to make virtual healthcare more accessible to its clients. Dave Jones, SVP of Group Benefits says "Virtual care adds a new layer of access and convenience to the health care ecosystem. We're excited to be connecting with companies like Maple, as we work to provide Canadians with innovative solutions that can help them live healthier lives." Read the Sun Life Financial announcement for more information.
Maple is a technology platform allowing patients to connect directly with doctors for medical care in minutes right from their smartphone or computer: twenty-four hours a day, seven days a week, anytime, anywhere. Patients have the option to securely text or video chat with a Canadian licensed doctor for advice, diagnosis and treatment.
About MaRS IAF
The MaRS Investment Accelerator Fund (IAF) helps build and strengthen Ontario-based businesses in the cleantech, ICT, and life sciences & healthcare sectors. Funded by the Province of Ontario, the IAF program is managed by MaRS and delivered through the Ontario Network of Entrepreneurs. For more information and to apply, please visit marsiaf.com.
Lisa Liu, RNMKR, email@example.com, 647-405-3030