After reaching profitability this summer, Felix Health is doubling down on growth. The Canadian telehealth startup has raised $53 million in growth financing to accelerate its expansion into new health categories — from menopause to weight loss — and prepare for the arrival of generic GLP-1 drugs in Canada.
The round, a roughly 50/50 mix of equity and debt, was led by the Canadian Business Growth Fund (CBGF), with participation from BDC’s Women in Tech Venture Fund, BMO Capital Partners, Scotiabank, Whitecap Venture Partners, and H Venture Partners.
CEO Kyle Zien told BetaKit that Felix Health wasn’t actively seeking funding but decided to raise after seeing an opportunity to extend its lead in Canada’s rapidly evolving telehealth market.
“We weren’t in a position where we needed capital,” Zien said. “But we saw a big opportunity to push our lead — and do it from a position of strength.”
Profitability Meets Acceleration
Felix Health hit profitability in July while growing 80% year-over-year, reaching an annual run rate of $150 million CAD. The startup has facilitated over 1 million medical consultations since launching in 2019 and now operates across every Canadian province except Quebec.
Founded by Zien and COO Emma Stern, Felix Health began as a platform addressing common conditions like acne, contraception, erectile dysfunction, and hair loss. Today, it spans 20+ health categories, including mental health, menopause, longevity testing, and weight management, positioning itself as a one-stop platform for personalized care.
Stern said investors were drawn to Felix Health’s strong unit economics and expanding product mix.
“This funding gives us room to be more aggressive,” she explained. “We want to scale up our operations ahead of next year’s major market shifts — especially around GLP-1 drugs.”
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Betting Big on GLP-1 and Menopause Care
The team sees a major growth opportunity in weight-loss management, particularly as generic GLP-1 receptor agonists — drugs like Ozempic and Wegovy — move closer to Canadian market entry. Ozempic’s patent protection in Canada is expected to expire in early 2026, potentially lowering prices and expanding access.
“We want to have our operations fully scaled up and ready when generic GLP-1s hit shelves,” Stern said.
Felix’s weight-loss program already includes GLP-1 treatments and has seen patient volumes double from January to August 2025.
Another fast-growing category is menopause care, which Stern said has become a significant driver over the past nine months. Unlike specialized menopause platforms, Felix offers integrated care that allows patients to manage hormone therapy, mental health, and other needs in one place.
Expanding the Brand and the Team
Felix currently employs over 150 people and plans to grow its team while investing heavily in marketing and product innovation. The company is experimenting with mainstream advertising — including TV spots during Toronto Blue Jays games — to expand brand awareness beyond digital channels.
“We’re broadening where people discover Felix,” Zien said. “You’ll see us in more high-profile moments as we grow into a national health brand.”
Building a New Model for Canadian Healthcare
Felix’s rise reflects a broader shift in Canada’s healthcare landscape, where overburdened clinics and physician shortages have pushed consumers toward virtual-first care. Competitors like Phoenix, Maple, and Dialogue have helped normalize telemedicine — but Felix’s model, combining telehealth with direct pharmacy fulfillment and subscription-based care, gives it a differentiated edge.
Zien said the new capital will help balance Felix’s two priorities: maintaining profitability and scaling fast enough to seize market share before competitors do.
“We’ve proven that telehealth can be both accessible and profitable,” he said. “Now it’s about building the infrastructure to deliver personalized healthcare at national scale.”
About Felix Health
Felix Health is a Toronto-based telehealth platform providing Canadians with personalized, discreet, and affordable access to healthcare and prescription treatments. Founded in 2019 by Kyle Zien and Emma Stern, Felix covers over 20 therapeutic categories — from mental health to weight management — and serves customers across every Canadian province except Quebec. Felix has facilitated more than one million consultations and is backed by investors including CBGF, BDC, BMO, Scotiabank, Whitecap Venture Partners, and H Venture Partners.
