Thirty Madison, the healthcare startup behind the hair loss brand Keeps, has brought in a $15.25 million Series A co-led byMaveron and Northzone.The company provides a subscription-based online marketplace for mens hair loss prevention medications Finasteride and Minoxidil.
Keeps sells these drugs direct-to-consumer, working with manufacturers to keep the costs low.On Keeps, a subscription of Minoxidil, an over-the-counter topical treatment often referred to by the brand name Rogaine, is $10 monthly.
A subscription to Finasteride, a prescription drug taken daily, is $25 per month.Its an end-to-end platform that is the single best place for guys who are looking to keep their hair, Thirty Madison co-founderSteven Gutentag told TechCrunch.Keeps is tapping into a big market.
According to the American Hair Loss Association, two-thirds of American men experience some hair loss by the age of 35.You may have heard of Hims, a venture-backed mens healthcare company that similarly sells subscriptions to hair loss treatments, as well as oral care, skin care andtreatments for erectiledysfunction.
Keeps is its smaller competitor.
For now, the company is focused solely on haircare, though with the new funds, Thirty Madison plans to launch Cove, a sister brand to Keeps that will provide treatments to migraine sufferers.The company was founded last year byGutentag andDemetri Karagas with a plan to develop several digital healthcare brands under the Thirty Madison umbrella.Going through this process myself of starting to experience hair loss, I was not sure where to turn, Gutentag said.
I went online and looked up why am I losing my hair, and if you search on Google, really for any medical condition, you usually walk away thinking youre going to die Iwas so fortunate that I got access to this high-quality specialist who could help me with my problem and I was in the position to afford those treatments, but most peopledont get that access.Keeps also providedigital accessto a network of doctors at a cost of roughly $30 per visit.TechCrunchs Connie Loizos wrote last year that its never been a better time to be a man who privately suffers from erectile dysfunction, premature ejaculation or hair loss because of advances and investments in telemedicine.
Since then, even more money has been funneled into the space.Hims has raised nearly $100 million to date and is rumored to be working on a line of womens products.
Roman, a cloud pharmacy for erectile dysfunction, raised an $88 million Series A last month and is launching a quit smoking kit.
And LemonaidHealth, which also provides prescriptions to erectile dysfunction medications and more, secured $11 million last year.Greycroft, Steadfast Venture Capital, First Round, ERA, HillCour and Two River also participated in Thirty Madisons fundraise, which brings its total raised to date to $22.75 million.