LOS ANGELES, Dec. 10, 2015 /PRNewswire/ -- Healthcare innovator myLAB Box announced today that it has secured $560,000 in angel funding for its progressive online program that empowers users to test for sexually transmitted diseases (STDs) from the privacy of home. These funds will allow myLAB Box to expand their services, offering hassle-free screening for HIV, Chlamydia, Gonorrhea and Trichomoniasis to consumers nationwide.
"This round of funding enables us to fully realize our vision to lead a major paradigm shift in the marketplace by bringing the lab to consumers' doorsteps," says CEO and Co-founder Ursula Hessenflow. "myLAB Box offers a positive customer experience and unprecedented convenience with the same accuracy as in-clinic testing, disrupting a market fraught with stalled innovation where incumbents have left customers grossly unengaged and thus prevented millions from testing."
The CDC has recently reported that 'America's worsening STD epidemic is a clear call for better diagnosis, treatment, and prevention.' Studies show that meeting a partner online may make it 3 times more likely to contract an STD. The company addresses a 16 billion dollar market in the U.S. alone, which is the annual cost to test and treat STDs.
myLAB Box test kits put healthcare in the hands of the individual with:
- at-home STD test packages, fitted to individual lifestyles
- discreet packaging and free delivery
- easy five-minute tests that can be completed whenever and wherever
- peace of mind with lab-certified results
- access to professional STD counselors
K5 Ventures in Orange County, California led this round helping to secure funding from the Ace Fund (a sidecar fund managed by members of the Tech Coast Angels), Houston Angel Network (the most active angel network in the U.S.), Texas Halo Fund, Houston Health Ventures and Pipeline Angels (a network of female investors investing in women-led social enterprises). Over 20% of funds raised in this round came from female investors.
The company is preparing to raise a Series A round in 2016.
"We are very excited for the myLAB Box team which has taken an inspiring concept and built around it an innovative and highly relevant business. The company is already serving as the go-to platform for at-home STD testing for thousands of people in the U.S. and recently became the first and only company to offer at-home STD testing nationwide," says Stephen Block, Managing Director of K5 Ventures. David Franklin, Managing Director of Houston Health Ventures adds: "We saw the clear need myLAB Box addressed in the market and made a decision to invest early."
About myLAB Box
Founded in 2013, myLAB Box is the first company to offer a nationwide at-home screening platform for STDs. Championing the motto "Safe is Sexy" the innovative e-retailer presents a solution with unprecedented ease, convenience and price. Suitable for men and women, the service empowers users to detect prevalent infections early in or out of relationships and take better care of their health. Headquartered in Los Angeles, California. For more information, visit: http://www.mylabbox.com.
Press release distributed by PRLog
SOURCE myLAB Box