The start-up may be set for another large fundraising round to help finance the deal
Peter Foley, founder and CEO of LetsGetChecked
LetsGetChecked, the online health test start-up headquartered in Dún Laoghaire, has reportedly acquired struggling US online pharmacy, Truepill, for $525m.
Both companies have been approached for comment.
The news was first reported by the US news site Axios.
LetsGetChecked is one of a handful of privately-held Irish firms valued at over $1bn
The Irish ‘unicorn’ – which has already raised $285m in venture capital funding on top of over $100m in debt financing – may need to raise another funding round to complete the deal.
Truepill, which has raised around $370m, was once valued at over $1.6bn but has recently struggled to hit sales targets and has come under legal fire from the US Drug Enforcement Agency.
Founded by Irishman Peter Foley in 2015, LetsGetChecked lets people order tests for a wide range of health issues and then analyses the results.
LetsGetChecked employs approximately 700 people globally, with the majority of its business being done in the United States, where it counts such companies as Amazon and Berkshire Hathaway as corporate clients using its services.
The acquisition of Truepill was reportedly engineered by the Boston-based Optum Ventures, which is a significant investor in both companies.
LetsGetChecked is one of a handful of privately-held Irish ecommerce start-ups valued at over $1bn, which earns it an industry description as a ‘unicorn’ company.
The Irish ‘unicorn’ may need to raise another funding round to complete the deal
Irish investment fund Elkstone has backed the start-up, as have high-profile individuals such as Rory McIlroy.
Earlier this year, LetsGetChecked began a genetic testing service for those checking potential hereditary predispositions to certain medical conditions, such as cancer and cardiovascular problems.
It also recently settled a class action suit in the US over the accuracy of its tests for Lyme disease, removing the test from its online offering. No details of the settlement were disclosed.
The company says that it has completed over 10 million tests across 50 “biomarkers”, with around 250,000 “abnormal” results detected from the tests.
In the US, Truepill supplies consumers, doctors and other health providers with medication on order.
