What you should know:
Sesame, the only company proven to lower the price of medical care for American consumers, raises $27 million in Series B funding to expand its domestic market for high-quality, ultra-affordable medical care for all Americans, whether insured or not.
– The round was led by GV (formerly Google Ventures) with participation from TeleSoft Partners and FMZ Ventures, alongside existing investors General Catalyst, Industry Ventures, Coefficient Capital, Giant Ventures and Alumni Ventures Group. Led by CEO David Goldhill, a transformative figure in US health care policy and reform, Sesame has now raised $75 million to date
Millions of Americans are excluded from accessible care
Sesame is a two-sided market populated solely by doctors and patients. As with other online marketplaces, consumers can search and buy a doctor – and book an appointment – with the same price transparency and zero friction that they experience when making other purchases.
Using innovation to succeed where legislation and bureaucracy have failed, Sesame provides quality medical care at half the cost, ensuring that no American is denied access to the primary and specialty care they need. In fact, the average price paid for care on the Sesame Marketplace is less than $40, while the company maintains a Net Promoter Score, and nearly 80% of Sesame Marketplace doctors have 5-star reviews.
Due to these market dynamics, Sesame has seen prices for all types of care drop by up to 67% in 2021. Sesame offers comprehensive, longitudinal healthcare delivered in person or via telehealth, and includes primary care, acute and chronic consultations. care management, specialty medicine, dentistry, labs, imaging and more – all for as little as $25 per visit nationwide. Healthcare providers in the marketplace are leveraging Sesame’s tools to maximize the value of their time and equipment, just like in any other industry, to offer variable pricing based on peak and off-peak times .
Sesame will use the Series B product to scale its Sesame membership product from beta to general availability. Sesame membership works on the basis of a monthly subscription and entitles its members to free services, significant discounts and exclusive access to all the most important daily care services: primary care visits, prescriptions, dental care, laboratories, imaging, etc. The beta launched in November 2021 and has seen tremendous uptake among Sesame patients, who book 33% more appointments than non-members.