Phoenix Raises $50M to Strengthen Men’s Telehealth Services Across Canada

Canadian digital health provider Phoenix has secured $50 million in a Series A funding round, with Valspring Capital taking the lead. The round also saw renewed participation from Y Combinator and support from CIBC Innovation Banking. The capital injection will support Phoenix in scaling its operations, expanding its team, and increasing brand visibility as it aims to reach more men across Canada with its telehealth services.

Operating in a healthcare environment where over 6.5 million Canadians are without a regular healthcare provider, Phoenix focuses on conditions that often remain untreated due to stigma or lack of access—namely erectile dysfunction, hair loss, and weight management. Through its platform, patients can consult licensed physicians online and receive discreet, free delivery of medications. The company is currently active in several provinces including Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland.

In a statement, Kevin Bache, co-founder and co-CEO of Phoenix, said that despite the vast geography of Canada, the country's digital health infrastructure has not developed in line with its needs. He emphasized that the latest investment would allow the company to respond to growing demand and increase the resources available for virtual care: “The digital health landscape in Canada has been underdeveloped despite our widely dispersed population that stands to greatly benefit from increased access to care.”

The platform has seen consistent user engagement since its launch, with many patients opting for its remote and confidential services. Gavin Thompson, also co-founder and co-CEO, reflected on the early days of the startup and its impact on patients: “Since day one, Phoenix has resonated with patients. Only a few hours after launching, we had our first patient and we’ve heard from our patients ever since, sharing how Phoenix has changed their lives.” Thompson added that their personalized approach and focus on specific conditions have been key to their growth.

Phoenix plans to use the funding to grow its internal team, improve delivery infrastructure, and launch targeted outreach initiatives to make its services more accessible, especially in remote regions. The company emphasizes convenience, confidentiality, and continuity of care as its core principles.

Backing from institutional investors reflects confidence in Phoenix’s model. Yumin Choi, Managing Partner at Valspring Capital, noted the platform’s focus on regulatory compliance, integrated pharmacy services, and smooth physician interaction. “Phoenix has built an accessible, patient-first telehealth platform that has empowered men across Canada to take charge of their health,” he said.

With this round of funding, Phoenix is set to deepen its presence in the Canadian healthcare market by expanding its reach and enhancing digital tools to support men’s health needs.