Lime Health secures $2.25 million for further development

QUEBEC CITY – Lime Health, a Quebec-based startup that specializes in developing solutions for collecting and analyzing patient-reported experience and outcome measures, is proud to announce the closing of a $2.25 million seed funding round, welcoming Investissement Québec, Desjardins Group, and the Boston-based venture capital firm 3CC | Third Culture Capital as investors in the company.

At the forefront of Canada’s healthcare ecosystems’ digital transformation, Lime Health is positioning itself as a preferred software platform for automating the measurement and interpretation of data related to the patient experience. The adoption of its products by hospitals and health authorities in four Canadian provinces and territories has already allowed it to reach more than 150,000 patients in 2023.

“We are very proud to have rallied significant partners to our project to accelerate the adoption of our products in healthcare. We are participating in a real transition towards value-based care, which will directly contribute to improving the quality of care,” said Francis Robichaud (pictured), CEO of Lime Health.

The company was established in 2020 and is distinguished by its positive social impact mission to strengthen the connection between patients and the healthcare system, as well as being a B Corp-certified organization.

In the context of healthcare labour shortages, the Lime platform meets a critical need to measure patient experience and outcomes in real-time without additional administrative burden. The company develops software integration solutions that automate patient exchanges and utilizes large language models (LLMs) to interpret results.

Lime Health plans to use the funds from this funding to support its commercial expansion into the rest of Canada while continuing to invest in developing its various product lines. Additionally, the company aims to forge new commercial partnerships with other major players in the healthcare technology industry to expand the distribution of its solutions internationally.

“An efficient health network requires innovations like the Lime platform, which focuses on data and patient experience. Quebec’s ingenuity has the power to evolve our healthcare system, and the solution proposed by this company is a good example,” said Pierre Fitzgibbon, minister of Economy, Innovation and Energy, minister responsible for Regional Economic Development, and minister responsible for the Metropolis and the Montreal region.

“We are excited to see Lime Health reach an important financial milestone. We believe they are building a solution in North America that not only improves the experience of care for patients and their families, but also enables providers and health systems to understand and benchmark how they continue to deliver the highest quality care experience to their communities,” commented Julien L. Pham, founder & managing partner, 3CC | Third Culture Capital.

About Investissement Québec
Impulsion PME, a program managed by Investissement Québec as an agent of the Government of Québec, helps new, innovative companies with high growth potential to gain access to start-up capital. This program was renewed in April 2023 with $120 million in additional funding from the 2022–2027 Québec Research and Innovation Investment Strategy (QRIIS) and the 2022–2025 Québec Life Sciences Strategy (QLSS).

About Desjardins
Desjardins Group is the largest cooperative financial group in North America and the fifth largest cooperative financial group in the world. It was named one of Canada’s Best Employers by Forbes magazine and by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the world’s strongest banks according to The Banker magazine, Desjardins has some of the highest capital ratios and credit ratings in the industry.

About 3CC | Third Culture Capital
3CC | Third Culture Capital is an immigrant-founded, physician-led, and diversity-certified seed-stage VC firm focused on emerging healthtech and techbio companies that are revolutionizing modern care delivery while optimizing and reshaping the experience of care for both patients and providers. 3CC prioritizes early-stage investments for founders who have a “Third Culture” mindset, and aims to enable founders from all backgrounds to build transformative solutions that will make healthcare inclusive and equitable. Their team of founders, investors and operators work with entrepreneurs to help turn their vision into reality, drawing on hard-won experiences scaling some of the most successful companies in the world. To learn more about 3CC and their current portfolio, visit www.thirdculturecapital.com.