Phoenix, which is Canada’s leading digital health clinic for men, announced it has signed a CAD 50 million Series A financing round. This funding round was led by Valspring Capital, with renewed investment from Y Combinator, and support from CIBC Innovation Banking.
In the last few years, Phoenix has become a dominant force in digital healthcare, addressing long-standing gaps in access to treatment. And the $50 million investment comes at a critical time in Canada’s healthcare system, with over 6.5 million Canadians without a regular care provider.
As a telehealth platform, Phoenix also helps address this gap by connecting patients with healthcare practitioners for often stigmatized healthcare concerns: erectile dysfunction, weight loss, and hair loss. Through Phoenix, men can consult with a licensed physician, receive expert assessment, and, if prescribed, have their medications discreetly delivered for free through their end-to-end fulfillment service.
The stigma around erectile dysfunction and men’s hair and weight loss can discourage men from seeking care to address these issues. And by lowering the barrier to access care for these conditions, Phoenix is also helping men connect with a doctor, openly discuss their symptoms, and, in some cases, get early treatment for conditions that can lead to other healthcare concerns. And Phoenix provides access to care for men of all ages across rural and urban Canada.
With this funding raise, Phoenix will expand its team, increase brand visibility and scale operations, ensuring that more Canadians can benefit from convenient and accessible care.
Phoenix is now available in Ontario, Alberta, British Columbia, Saskatchewan, Manitoba, Nova Scotia, New Brunswick, PEI, & Newfoundland.
KEY QUOTES:
“The digital health landscape in Canada has been underdeveloped despite our widely dispersed population that stands to greatly benefit from increased access to care. This investment into Phoenix will help us meet the rising demand for telehealth solutions and expand the resources available to patients. This funding round will not only fuel our growth, but also bring us closer to achieving our mission to help even more Canadians access treatment.”
- Kevin Bache, co-founder and co-CEO of Phoenix
“Since day one, Phoenix has resonated with patients. Only a few hours after launching, we had our first patient and we’ve heard from our patients ever since, sharing how Phoenix has changed their lives. Healthcare shouldn’t feel impersonal—we built Phoenix to meet patients where they are. Our focus on specialized treatments has been critical to our growth, it’s our differentiator. Given the state of healthcare in Canada, we know there are even more patients who would benefit from Phoenix.”
- Gavin Thompson, co-founder and co-CEO of Phoenix
“Phoenix has built an accessible, patient-first telehealth platform that has empowered men across Canada to take charge of their health. Their commitment to high-quality treatment delivery—through seamless pharmacy fulfillment, regulatory adherence, and efficient doctor touchpoints—has fueled their impressive growth. We’re proud to support Phoenix as they scale to meet the evolving healthcare needs of Canadians.”
- Yumin Choi, Managing Partner, Valspring Capital
