We are excited to announce a new member of the Golden Crash – Curatio! Curatio has merged with RxMx to form RxPx (Prescription Medication, Patient Experience), a platform that will allow doctors to quickly onboard and support patients with specialty medications while providing patients with ongoing peer-to-peer support, coaching, and content. Curatio Co-Founder and CEO, Lynda Brown-Ganzert, will lead the newly combined digital health company as CEO.
According to the World Economic Forum, there are 7,000 diseases affecting roughly 475 million people worldwide (about 1 in 10) today. Specialty drugs and therapies are complex and, as a result, challenging to manage, monitor, and adhere to. Curatio is a privacy and regulatory compliant patient healthcare network working with the largest pharmaceutical companies in the world including Novartis, Sanofi and AstraZeneca. Patients join specialized communities for specific diseases or therapies and connect with other patients sharing the same journey. Curatio’s social patient platform has proven to improve adherence and patient health outcomes. For pharmas and providers, it is traditionally difficult to track the efficacy of drugs and therapies consistently and at scale. Curatio provides real-world data and evidence that pharmas and healthcare providers use to understand how patients respond to drugs and therapies without jeopardizing their privacy.
Since our investment in 2020, Lynda and her team made great strides in supporting patients and scaling the business. Curatio played a key role assisting in patient outcomes at the onset of the COVID-19 pandemic through the “Stronger Together” program in partnership with Penticton Regional Health (Interior Health) and the Digital Technology Supercluster. They successfully scaled revenue bookings by 4x through acquiring net new accounts while retaining and expanding existing accounts, demonstrating >100% Net Dollar Retention and relentlessly evolving the product to provide holistic digital patient support including telehealth, AI and human coaching, curated health literacy programs, and personalized health tracking. The platform has since grown to serve patients in over 100 countries in 20 different languages.
This transaction was successfully executed in one of the most challenging technology financing markets in decades. Over the past year, founders have faced uncertainty as they watch public market software valuations decline from record highs and observe as many, once prominent, investors pull back from making investments. For context, according to the Bessemer Cloud Index median, businesses were trading around 20x next twelve month revenue when acquisition conversations first started which have fallen to 5x today. Despite the challenging macro and market backdrop, the success of this transaction is a testament to the strong product Curatio has built, their continued execution on landing and expanding contracts, and a strong leadership team that, throughout market cycles, has been focused on operating efficiently.
Lynda started Curatio in 2013 after experiencing firsthand the disconnected system for patient therapies. In 2016, Lynda pitched to Dragon’s Den and successfully secured pre-seed funding. In 2020, Rhino and Conexus led the Series A round. On a limited budget, Lynda and her team successfully endured the – at times, painfully long – global pharma company sales cycle, and eventually acquired industry leading customers such as AstraZeneca, Novartis, Janssen and Sanofi. As the CEO of the now combined business, RxPx, Lynda will solve the end-to-end patient journey from drug onboarding to delivering personalized patient support from the beginning to the end of a journey; a truly important societal mission.
We wish Lynda and the RxPx team nothing but the best as they continue to bring digital change to health care globally.