Healthcare Innovator myLAB Box Announces $1.56M in Seed Funding to Expand Offerings and Consumer Access To Service
Funding led by K5 Ventures and Texas HALO Fund With Participation From Morgan Stanley, Pipeline Angels, Pasadena Angels, and Sand Hill Angels
LOS ANGELES, Aug. 16, 2018 /PRNewswire-PRWeb/ -- myLAB Box, the first nationwide at-home STD testing service, today announced a $1.56M seed funding round. Leading the round were K5 Ventures and Texas HALO Fund with participation from Morgan Stanley (who selected myLAB Box to participate in their Multicultural Innovation Lab), Pasadena Angels, Pipeline Angels, and Sand Hill Angels. The new capital will allow myLAB to expand product offerings while increasing access to this vital service. With the new round of funding, the total investments made to myLAB Box now totals $2.1M.
myLAB Box is the first-of-its-kind nationwide at-home STD testing service. By selling directly to consumers, myLAB Box is able to offer exceptional service at half the cost of conventional lab tests, all in the comfort of one's home. From affordable screening to complimentary physician consultations for positives, every aspect of the myLAB Box service is designed to be safe, effective, and efficient. myLAB Box currently offers the most comprehensive test selection for STDs on the market, including (but not limited to) Chlamydia, Gonorrhea, HIV, Herpes, Syphilis, and HPV. myLAB Box's tests are very accurate and identical to the ones that can be found in doctor's offices and clinics. myLAB Box STI and STD at-home test kits range in price from $79 to $499, and are available via the myLAB Box website, or at retail partners Amazon, Target, and Walmart.
"This raise is indicative of user and investor confidence in at-home testing and the benefits that myLAB Box's services provide for consumers, namely privacy, affordability and convenience," says Lora Ivanova, CEO and Co-Founder, myLAB Box. "STD rates in this country are at red-alert levels, increasing year after year. We believe that access to an at-home alternative will remove the stigma and shame of STD testing, allowing people to take control of their sexual health."
Through a competitive application process, myLAB Box was selected to join Morgan Stanley's Multicultural Innovation Lab, an accelerator program for technology and technology-enabled start-ups in the post‐seed to Series B funding rounds. The program, now in its second year, targets companies with women or multicultural founders.
"The Multicultural Innovation Lab is a platform to support companies with a potential to develop innovative solutions to fix a market problem," said Alice Vilma, Managing Director at Morgan Stanley. "myLAB Box offers a creative solution that addresses inefficiencies in today's testing-to-treatment process for common health issues. We are excited to help the company continue to increase their product offerings, scale testing services and continue to scale their business."
myLAB Box provides valuable access to testing at a time in which the US is facing epidemic-level rates of sexual infections. According to the most recent report released by the Centers for Disease Control and Prevention, STD rates in the United States have risen for the third year in a row. In this report, the group announced that the rates of chlamydia, gonorrhea, and syphilis — the three most commonly reported STDs in the nation — rose by 4.7 percent, 18.5 percent, and 17.6 percent, respectively, from the year prior. The CDC estimates that there are 20 million new STD cases in the U.S. each year, and at any given time across the nation, 110 million (new and existing) infections.
About myLAB Box
Founded in 2013, myLAB Box is the first company to offer a nationwide at-home screening platform for STDs. All myLAB Box tests are validated by fully licensed CLIA-certified myLAB Box lab affiliates with extensive experience in testing for infectious diseases. By offering testing, screening or testing services directly to consumers, myLAB Box is able to offer exceptional service at half the cost of conventional lab tests. From affordable screening to complimentary physician consultations for positives, every aspect of the myLAB Box service is designed to be safe, effective and efficient. Headquartered in Los Angeles, California. For more information, visit: http://www.mylabbox.com.
SOURCE myLAB Box
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