Morgan Health is making its latest strategic investment, this time with an eye on home health.
The healthcare arm of JPMorgan Chase will make a $20 million investment in LetsGetChecked, which provides clinical solutions that allow for convenient management of patient care in the home. The series D-2 round was led by Casdin Capital and Transformation Capital.
The investment in LetsGetChecked follows on the heels of prior Morgan Health investments in Vera Whole Health, Castlight Health, Embold Health and Centivo. Morgan Health also joined up with Kaiser Permanente on a research collaboration.
Dan Mendelson, CEO of Morgan Health, told Fierce that the investment in LetsGetChecked is "very synergistic" with previous investment targets and that home health is a growing focus area in the healthcare industry.
"It’s what our employees want; it’s what Americans want," Mendelson said. "They want care in the home; they want it to be seamless."
Morgan Health was born from the ashes of JPMorgan's failed joint healthcare venture with Amazon and Berkshire Hathaway called Haven. The business launched in May 2021 with the goal of tackling the cost and quality of employer healthcare.
LetsGetChecked's platform covers the full spectrum of patient care, including diagnostic testing, virtual consultations and medication delivery. It also arms employers and providers with the clinical insights needed for population health management across a range of conditions including diabetes, high cholesterol and other chronic needs.
Since its founding in 2015, LetsGetChecked has performed more than 10 million tests and partnered with more than 30 businesses in the U.S., the U.K. and the EU.
Mendelson said that over its first year and a half, Morgan Health has deployed more than $100 million in investments, and the team is starting feel that it has reached a "critical mass" of investments in its portfolio. As it eyes further funding opportunities, he said likely focus areas include mental health, musculoskeletal conditions and cardiovascular needs.
"You can expect to see us really start to focus on areas where care is suboptimal or costs are excessive," he said.