TimelyMD Receives $60 Million Investment from JMI Equity to Fuel Growth of Telehealth in Higher Education
FOR IMMEDIATE RELEASE
January 26, 2021
Contact: Katie Neal, email@example.com, 336-662-3080
Capital Will Fuel Increased Access to Teletherapy as Campus Mental Health Crisis Continues
(FORT WORTH, Texas) — TimelyMD, the only full-service telehealth provider solely focused on colleges and universities, today announced that it has received a $60 million investment from JMI Equity (“JMI”). A growth equity firm focused on investing in leading software companies, JMI brings 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. 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—all designed specifically for students and offered at no cost to them, without the hassle of traditional health insurance.
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.
Teletherapy for students has been in particularly high demand as the COVID-19 pandemic persists and the resulting new normal is plagued with uncertainty and disruption. The need for mental health and well-being support services is expected to continue as 75% of college students report consistently high levels of stress and anxiety. As a national campus mental health crisis continues, more than 60% of all TimelyMD visits over the last 10 months have been for mental health support versus 10% prior to the pandemic.
“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.
“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.”
Focused on improving the health of student populations, TimelyMD offers universities and colleges a comprehensive, custom program centered around telehealth. TimelyMD’s campus-wide solution gives students one point of contact – anytime, anywhere – to get quality care and immediate treatment for medical or mental health concerns from board certified physicians and licensed counselors. TimelyMD’s telehealth programs optimize clinic resources and support clinic staff in delivering quality care to the right students at the right times. Contact TimelyMD for more information.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 150 businesses in its target markets, successfully completed over 100 exits and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information visit jmi.com.
For JMI Equity
Chuck Dohrenwend / Will Braun
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