Gender-Affirming Specialty Care Firm Raises $24M

By Allison Bell

News August 24, 2022 at 11:59 AM

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A firm that could cut some clients' health care costs has received a new round of financing.

Plume — a Denver-based company that provides a package of prepaid remote health care services for people in the transgender community — announced Tuesday that it had raised $24 million from a group of investors.

Transformation Capital provided the most cash. The investor group also included General Catalyst and Townhall Ventures.

Plume sells a membership-based program that includes telehealth visits and home delivery of hormone medications for $99 per month. Program members manage their benefits through a mobile app.

The firm raised $14 million in February. The firm estimates that it now serves markets that are home to about 90% of U.S. transgender people.

The company told investors it will use the new financing to expand into more markets and offer virtual primary care services.

The HSA Holder Market

Plume offers a specialized form of "concierge care," or prepaid care.

Taxpayers who contribute to health savings accounts must use the HSAs together with high-deductible health plans that meet federal HSA program requirements.

Under the current program rules, HSA holders can use concierge care programs together with HSA-compatible health coverage, to pay for care before they have met their high-deductible plan deductibles.

Pictured: Plume delivers its services through a mobile phone app. (Image: Plume)

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