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Jordan’s Hikma Takes A $11 Million Bet On An American Healthcare Services Platform- Valutrics

Lemonaid Health, an online platform offering healthcare services, has raised $11 million in a Series A round of funding, led by Hikma International Ventures and Development LLC (Hikma Ventures) and Novartis Venture Fund.

Hikma Ventures is the venture capital arm of Jordanian pharma firm Hikma Pharmaceuticals PLC.

Correlation Ventures, Adaptive Healthcare Fund, Vega Ventures and 415 Ventures, among others, also participated in Lemonaid Health’s latest funding round, Hikma said in a statement.

Now available in 14 states in the US, Lemonaid Health leverages evidence-based guidelines and clinical protocols to provide quality care for less than typical co-pays.

In just a few minutes, it claims to enable patients to get care for conditions such as acid reflux, erectile dysfunction, flu, hair loss, urinary tract infections (UTIs) and for birth control medication.

If needed, Lemonaid Health’s doctors recommend a treatment and send a prescription to the pharmacy of the customer’s choice.

Lemonaid Health’s partnership with Phil, Inc also allows users to have prescriptions delivered to their home.

The service can be accessed from any modern web browser or on the iOS or Android app.

“Millions of people are looking to lower their healthcare costs and gain more convenient access to physicians and the medicine they need,” said Lana Ghanem, managing director of Hikma Ventures.

Ghanem said Lemonaid Health’s technology, algorithms, and machine learning opportunities would improve the quality of care while decreasing the time and hassles required to get it.

“Lemonaid Health gives patients better access to physicians and care providers, supporting the overburdened healthcare system while delivering high-quality care,” said Campbell Murray, managing director at Novartis Venture Fund.

The capital will accelerate our development of future product capabilities while expanding Lemonaid’s operating footprint, said Paul Johnson, Co-CEO of Lemonaid Health.

In June 2016, Amman-based Hikma Pharmaceuticals launched a $30 million strategic fund to invest in digital health startups through its investment arm Hikma Ventures.

Hikma has been around since 1978 and is traded on the London Stock Exchange (LSE). But Hikma Ventures, which was founded in August 2015, is its first venture capital fund.

The fund will focus on wearables (such as monitoring vests), mobile wellness apps, big data analytics, mobile apps, as well as healthcare marketing platforms.

In terms of regional and global focus, the fund aims to bring international products and services to MENA to expedite their growth and open up new markets.