Acton Capital leads C$14.5 M funding round for Canada’s leading telemedicine provider Maple
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.”
“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”, says Dr. Hannes Blum, Venture Partner North America at Acton Capital. “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 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.