Calgary-based PurposeMed has secured a growth investment led by True North Fund, with significant backing from BDC and Panache Ventures, as it continues its rapid expansion in digital healthcare.
PurposeMed, recently ranked Canada’s second-fastest-growing tech company and seventh in North America, has been scaling its operations into the U.S. market. The company specializes in accessible healthcare services, focusing on underserved communities through its telehealth platforms, including Freddie, Frida, and Foria. Its work in preventative care—particularly in HIV prevention, gender-affirming care, and behavioral health—has led to an estimated $200 million in annual healthcare savings in Canada.
“We are thrilled to partner with the True North Fund team on this financing, propelling our continued mission to build the most impactful global digital health company,” said PurposeMed CEO Dr. Husein Moloo.
The investment reflects PurposeMed’s growing influence in the digital health sector, where it aims to reimagine care delivery by integrating telemedicine with pharmacy services. The company’s impact includes preventing one case of HIV every three days and improving access to complex care for marginalized populations.
“PurposeMed is re-imagining how healthcare works,” said Chris Albinson, Managing Partner and Co-Founder of True North Fund. “Their team works tirelessly to empower the best clinicians, scaling their impact and developing novel care pathways to deliver better outcomes for patients.”
True North Fund, Canada’s leading growth-stage venture capital firm, recently closed its second funding round with nearly $100 million in total commitments. The firm has made four portfolio investments and focuses on providing liquidity and strategic capital to high-performing Canadian tech founders.
With this latest funding, PurposeMed is positioned to further scale its operations and enhance its role as a leader in digital healthcare innovation.
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