Sun Life leads financing round for major telemedicine provider

Sun Life leads financing round for major telemedicine provider | Insurance Business Canada

Sun Life leads financing round for major telemedicine provider

Sun Life is the leading investor in the recent $43 million financing round of telemedicine provider Dialogue.

The insurer made a $32.7 million equity investment in the virtual medicine firm, giving Sun Life a minority ownership in Dialogue as well as customary rights to acquire additional equity. Sun Life also announced that it has formed a commercial partnership with Dialogue.

Other investors in the round included existing backers like Caisse de dépôt et placement du Québec (CDPQ), Portag3 Ventures, White Star Capital, HV Holtzbrinck Ventures, First Ascent Ventures and Walter Ventures.

“The need for Canadians to have alternative ways to access healthcare continues to grow,” said Sun Life Canada senior vice-president of group benefits Dave Jones. “Virtual care is an important part of the future of Canadian healthcare. The combination of innovative technology and the necessity of social distancing during the pandemic has rapidly changed the virtual healthcare landscape.”

Jones added that Sun Life’s investment in Dialogue represents the company’s commitment to “helping Canadians live healthier lives through access to healthcare, whenever and wherever they need it.”

“Virtual care will remain an essential resource now and in the future,” commented Dialogue CEO Cherif Habib. “While we navigate the changing healthcare landscape, Dialogue is proud to provide a virtual healthcare service that is easy, convenient and helps keep Canadians safe at home.”

Habib also mentioned that having strong support from partners like Sun Life allows Dialogue to focus on providing quality care and expanding its services.

Read more: Sun Life offers free virtual healthcare services to group benefits clients

In April, Sun Life collaborated with Dialogue to offer its group benefits clients free access to the insurance company’s telemedicine service, Lumino Health Virtual Care, which is a combination of Sun Life’s proprietary digital platform Lumino Health and Dialogue’s telemedicine program.