Lemonaid Health Acquired by Bambu Ventures and Innova Capital Partners for $10 Million
In a significant development in the telehealth industry, Lemonaid Health, the telehealth arm of bankrupt 23andMe, has been acquired by Bambu Ventures in partnership with Innova Capital Partners for $10 million. The acquisition comes as Lemonaid Health looks to transition under new ownership following the downfall of its parent company, 23andMe.
Lemonaid Health offers a range of digital healthcare services including mental health, primary care, and dermatology. Initially acquired by 23andMe for $400 million in 2021, Lemonaid Health found itself in a challenging situation after 23andMe filed for Chapter 11 bankruptcy protections earlier this year due to a major data breach.
After 23andMe’s bankruptcy, the TTAM Research Institute, a nonprofit medical research organization founded by 23andMe co-founder Anne Wojcicki, agreed to acquire Lemonaid Health as part of the bankrupt corporation. However, Bambu Ventures and Innova Capital Partners stepped in with a higher offer of $10 million, which was accepted.
Richard Hearn, general partner at Bambu Ventures, expressed excitement about the acquisition and stated their intention to bring Lemonaid Health back to an aggressive growth mindset. Hearn, along with Kyle Pretsch, another general partner at Bambu, will provide executive leadership and oversee Lemonaid’s operations. Dylan Runne, founder of Bambu Ventures, will also join Lemonaid’s board of directors.
Following the acquisition, the focus will be on expanding Lemonaid’s on-demand telehealth services, online pharmacy, and enhancing the platform for easier and faster access to care. The new owners are committed to driving growth and innovation in the telehealth space.
As for the future partnership between 23andMe and Lemonaid Health, it remains uncertain. A spokesperson for 23andMe declined to comment on the transaction, leaving the nature of their relationship with Lemonaid Health up in the air.
