In less than a year, Denver-based Plume has expanded its transgender health care services from 10 states to 28, rapidly expanding access to care for the trans community.
Now, the company has brought on additional capital as it looks to take its services nationally and become the largest trans health care provider in the world.
Plume announced a $14 million Series A funding round this week, led by Craft Ventures with participation from General Catalyst, Slow Ventures and Town Hall Ventures.
The company, co-founded by Dr. Matthew Wetschler and Dr. Jerrica Kirkley, provides gender-affirming care through the convenience of a smartphone.
Membership to Plume costs a flat rate of $99 per month and operates outside of traditional health insurance. With that fee, patients receive an initial evaluation, labs, prescriptions, virtual access to care and, most importantly, hormone therapy.
Since its launch in December 2019, Wetschler and Kirkley said the demand for Plume’s services has increased greatly and made this Series A crucial to the company’s growth plans.
Plume will use the funds to scale nationally, invest in talent that specializes in trans health and expand its reach in new markets.
“Our vision is to transform health care for every trans life and that starts with ensuring every trans person in the U.S. has immediate access to gender-affirming hormone therapy,” Wetschler said.
In the last year, Plume has grown its clinical staff from five to nearly 30 medical professionals, maintaining that 80% of that team is queer or trans-identified.
“We’re firmly, 100% caring for the trans community and part of that is building a team that reflects that,” Kirkley said.
As the company expands its care offerings, Wetschler and Kirkley said Plume aims to be a complete, end-to-end solution for those in the trans community. Whether it’s medical care or emotional support, Plume wants to provide a broad range of services for its community.
“While there’s a few medications that are very important to the trans community, the trans journey is lifelong and multifaceted. We strive not to become a transactional space where people can access medications, but a lifelong partner for that journey,” Wetschler said.
Wetschler said, to his knowledge, this round is the largest amount ever received by a trans-focused company. This deal comes after the company closed a $2.9 million funding round in June 2020 from General Catalyst and Slow Ventures, with participation from Springbank Collective.
"Access to gender-affirming care can be lifesaving for those who need it," said Lainy Painter, principal at lead investor Craft Ventures, in a statement. "While a small number of clinics have focused on the trans community, the vast majority of patients have been unable to access affordable care. Plume has built a team of providers, care coordinators, and clinical managers that are trans specialists and allies to their patients: they are making possible what has until now been a distant promise of the future."
Plume was recently named to Colorado Inno’s 21 Startups to Watch in 2021 list in January.
