– The investment will help Phoenix grow its team, drive brand awareness, and build infrastructure –

TORONTO–(BUSINESS WIRE)–Phoenix, Canada’s leading digital health clinic for men, today announced it has signed a CAD 50 million Series A financing round. The round is led by Valspring Capital, with renewed investment from Y Combinator, and support from CIBC Innovation Banking.

Over the last few years, Phoenix has become a dominant force in digital healthcare, addressing long-standing gaps in access to treatment. The $50 million investment comes at a critical time in Canada’s healthcare system, with more than 6.5 million Canadians without a regular care provider. As a telehealth platform, Phoenix helps address this gap by connecting patients with healthcare practitioners for healthcare concerns that are often stigmatized: erectile dysfunction, weight loss, and hair loss. Through Phoenix, men can consult with a licensed physician, receive expert assessment, and, if prescribed, can have their medications discreetly delivered for free through their end-to-end fulfillment service.

“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,” says Kevin Bache, co-founder and co-CEO of Phoenix. “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.”

Stigma around erectile dysfunction and men’s hair and weight loss can discourage men from seeking care to address these issues. By lowering the barrier to access care for these conditions, Phoenix is 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. Phoenix provides access to care for men of all ages and across both rural and urban Canada.

“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,” says Gavin Thompson, co-founder and co-CEO of Phoenix. “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.”

With this raise, Phoenix will expand its team, increase brand visibility and scale operations, ensuring that more Canadians can benefit from convenient and accessible care.

“Phoenix has built an accessible, patient-first telehealth platform that has empowered men across Canada to take charge of their health,” says Yumin Choi, Managing Partner, Valspring Capital. “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.”

Phoenix is currently available in Ontario, Alberta, British Columbia, Saskatchewan, Manitoba, Nova Scotia, New Brunswick, PEI, & Newfoundland. To learn more about Phoenix, visit https://www.phoenix.ca/.

ABOUT PHOENIX

Phoenix is Canada’s leading digital health clinic for men, specializing in three areas of treatment – erectile dysfunction, weight loss, and hair loss. The telehealth platform facilitates access to licensed Canadian physicians, treatment options, and free, discreet shipping of prescription medication from coast to coast. Visit Phoenix.ca to learn more.

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