The Examedi Pitch Deck used to raise $17 million from General Catalyst

  • Examedi is helping patients in Latin America get lab tests done at home for a fraction of the cost.
  • The Chilean startup raised a $17 million Series A round led by General Catalyst.
  • Chief Executive Ian Lee said he is taking a page out of Uber’s book by bringing nurses into patients’ homes.

Ian Lee’s first year of college lasted just three months.

Living in Chile but taking remote classes at a university in Canada, she spent her free time working on a health solution for her father, a smoker who desperately needed a blood test but hadn’t had one in years.

Getting a blood test in Latin America, Lee said, is time-consuming and expensive. In her experience, patients spend hours waiting in retail labs for 10-minute tests, and labs often markup prices by 300% or more, she said.

So he dropped out of school to focus on simplifying the process.

“My mindset was, as long as my father can use it, I’m happy,” said Lee, now 21.

Just over a year later, Examedi, the home testing startup started with three other young entrepreneurs, has banked $17 million in Series A funding led by General Catalyst, bringing its total funding to almost $21 million.

Angel investors including Jamie Karraker, Co-Founder and Co-CEO of Alto Pharmacy; Thomaz Srougi, the founder of Dr. Consulta; and Sebastián Mejía, co-founder of Rappi, also participated in Series A, leveraging seed money Examedi raised upon graduating from startup accelerator Y Combinator in 2021.

The Chilean government offers free health care to all residents, benefiting about 78% of the population, while most of the rest opt ​​for private insurance plans to avoid crowded hospitals with long waiting times. Still, prices for different lab tests, paid out-of-pocket or not, vary widely depending on the lab where a patient receives service, and the costs can add up quickly as doctors often ask patients to undergo multiple tests.

Through Examedi, Lee, the company’s CEO, wants to bring the ease of transportation applications, such as Uber, to the provision of health services in Latin America. Patients can request a COVID-19 test, blood test, or even a vaccination, with nurses choosing to come to each patient’s home to provide the service like an Uber driver accepting a ride.

Examedi then sends the tests to the lab for analysis and charges patients a fraction of the current price. While a typical round of blood tests might cost about $100 in Chile out of pocket, Lee said, Examedi charges about $40. After the lab takes a fraction of that and Examedi pays the nurse who administered the test, the startup takes home $12 on average of the $40, he said.

The startup also offers STI testing, as well as kinesiology sessions for uses like muscle rehabilitation, which was added to the platform by popular demand, Lee said. The startup is working with user feedback to test more services to offer.

Examedi is available in Chile and Mexico, with patients in dozens of cities, but most seek services in the capitals Santiago and Mexico City. The startup plans to use part of the funds on product development and the remaining capital to expand into new areas, with an eye toward entering Colombia by the end of the year and Peru in 2023.

In the long term, Lee said, Examedi plans to go beyond lab tests and connect patients with other health care services, including drug delivery and primary care.

View the 11-slide presentation Examedi used to raise $17 million in Series A funding.

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