Maple has completed an oversubscribed Series A add-on round, raising $14.5 million including an investment from the Royal Bank of Canada (RBC) earlier in the year.
Acton Capital from Munich led the financing and was joined by Canada’s leading diversified home health institution, SE Health.
Maple announced an initial close of its Series A in March 2018 with $4 million funding led by a large private corporation with expertise in medical cost containment and operations, MaRS IAF and Jeff Fettes, co-founder of 24-7 Intouch.
Founded by Dr. Brett Belchetz, Roxana Zaman, and Stuart Starr, Toronto based Maple is a telemedicine platform that instantly connects patients and healthcare providers 24/7/365 days a year.
Maple intends to use new funding to expand its hospital and home care arms and will further strengthen Maple’s substantial user-facing platform, which provides online access to primary care and specialties like dermatology, psychotherapy, and naturopathy.
photo credit: Maple, Acton Capital
ACTON CAPITAL LEADS C$14.5 MILLION FUNDING ROUND IN CANADA’S LEADING TELEMEDICINE PROVIDER MAPLE
Investment being leveraged to strengthen Canada’s telemedicine system
Munich/Toronto, September 18, 2019 — Maple, the only Canadian telemedicine platform that instantly connects patients and healthcare providers 24/7/365 days a year, has raised CAD 14.5 million between an oversubscribed funding round and an investment from the Royal Bank of Canada (RBC) earlier in the year. This latest round, led by growth VC investor Acton Capital from Munich and supported by Canada’s leading diversified home health institution, SE Health, follows a record year in which Maple grew its revenue six times.
These record figures result from a year of rapid growth in which the company’s customer base surpassed 400,000 Canadians across its business and consumer platforms alone. This expansion was driven by heavy demand for Maple’s services as well as large-scale partnerships with employers, insurers, governments, and hospitals. Canadians’ growing appetite for technology that saves time and makes healthcare more accessible was showcased in a recent poll by the Canadian Medical Association, in which three-quarters of survey respondents said that virtual care would improve access and lead to more timely treatment.
“For millions of patients in Canada, Maple will enable direct and easy access to specialists or primary care,” said Dr. Hannes Blum, Venture Partner North America at Acton Capital. “Thanks to its superior quality support and a fast-growing network of experienced and dedicated physicians all over the country, Maple is improving professional health care coverage even in remote areas. It’s deeply impressive what the team as a first mover has already accomplished. We are proud to support Maple as Canada’s leading telemedicine provider on its way to further shape this thriving market.”
Maple’s growing roster of corporate partners includes some of Canada’s largest benefits and insurance providers, including Morneau Shepell and ENCON Group Inc., as well as employers such as pharmaceutical giant GlaxoSmithKline, which includes Maple in employee benefits programs. Traditional healthcare institutions have also been added to Maple’s expanding roster of clients with the launch of Canada’s first telehospitalist platform. Designed to allow physicians to remotely staff hospitals, Maple’s system has been keeping the doors open at PEI’s Western Hospital for over a year. The platform also includes ER diversion capabilities and a stand-alone messaging and video communication system, which can expedite everyday hospital procedures like discharge planning to address Canada’s hallway medicine epidemic.
This work with hospitals and other healthcare systems will increase in the coming year as SE Health, one of the largest home health institutions in Canada, comes on as an investor. Through this new strategic partnership, the healthcare trailblazer and Maple will develop innovative programs, enhancing the delivery of home care in Canada and around the globe. With integrated telemedicine solutions, the partnership will deliver better care, more efficient use of precious healthcare resources, and improved patient outcomes. “We’re thrilled to be working with Maple to expand access to virtual health experiences in a timely and efficient way, offering meaningful benefits to patients and their families,” says Shirlee Sharkey, CEO of SE Health. “With the growing demand for connected care, we’re excited to introduce this preeminent telemedicine platform to our network of hospital and community partners as we look to create impactful new models.”
In addition to expanding Maple’s hospital and home care arms, this investment will further strengthen Maple’s substantial user-facing platform, which provides online access to primary care and specialties like dermatology, psychotherapy, and naturopathy. With over 400 physicians providing care through the platform, Maple has become the largest national network of Canadian doctors on a single telemedicine platform by empowering them to provide care on their own schedule — be it on days off or between shifts — adding physician capacity to Canada’s healthcare system.
“We’ve always made the conscious decision to put Canada first in every service we develop,” says Dr. Brett Belchetz, co-founder and CEO of Maple. “As we move forward, we’ll use this new investment to build strategic solutions to improve Canadian healthcare. We’re creating a fully connected experience — one where anyone can access care in minutes whenever they need it and receive true continuity of care between providers.” The company’s ambitious goals will see its Toronto headquarters triple in size over the next 24 months as telemedicine becomes more widely accepted in Canada’s healthcare market.
Maple is a technology platform that tackles some of the world’s most meaningful issues in healthcare, starting with timely and convenient access to doctors and other healthcare providers. It allows patients to connect directly with doctors for medical care in minutes from their smartphone or computer 24/7, and also provides custom technology solutions for hospitals and clinics seeking to advance their delivery of care. Learn more at getmaple.ca.
About Acton Capital
Acton Capital is a leading growth venture capital investor, with presence in Munich and Vancouver. Since 1999, the Acton team supports digital pioneers on their way to market leadership. Acton Capital invests worldwide with strong focus on Europe and North America and on sectors like Future of Work, fintech, healthtech, ecommerce or SaaS. With two decades of investment experience and a deep understanding of digital business models, the team has invested EUR 500 million in nearly 80 companies across five fund generations. Among them Clio, ChefsPlate, Etsy, AlphaSights, iwoca, HomeToGo or healthcare startup audibene, now global leading contact center for hearing loss and hearing aids.
About SE Health
SE Health is a not-for-profit social enterprise applying knowledge, vision and drive to forever impact how people live and age at home, today and into the future. With Canadian roots and 110 years of expertise, the organization brings quality excellence and innovation to home care, seniors’ lifestyle, and family caregiving. Through its team of 9,000 leaders and professionals, SE Health delivers 20,000 care exchanges daily, totaling 50 million in the last decade alone. Visit us online at sehc.com.
ACTON CAPITAL PARTNERS
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Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.
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