The key moments, with employee sentiment along the way.
2017
🌱
2017
Founded around Keeps
Steven Gutentag and Demetri Karagas start with hair loss, then build condition-specific telehealth brands for migraine, acid reflux and more.
TechCrunch
2021
📈
2021
The peak: $1B — and a merger with Nurx$1B
A Series C makes it a unicorn the same year it merges with women's-health provider Nurx.
TechCrunch
2022–23
2022–23
The telehealth correction
Pandemic-era healthtech multiples deflate; estimates cut Thirty Madison's value by roughly a third.
CNBC
2023
💔
2023
Slips out of the club
PitchBook's model marks the merged company at about $673M (end of 2025).
PitchBook
2022–25
💬
From the inside · Glassdoor reviews, 2022–25
Glassdoor reviews from the correction described a bumpy stretch: employees recounted successive years of layoffs and said reported profitability owed more to cuts and trimmed benefits than to growth, with bonuses shifting from cash to restricted stock along the way.
Today
✂️
Today
Still private — the funds keep marking
BlackRock Private Investments Fund marks it at $0.50/share · -100% from its peak mark · as of Sep 2025
SEC NPORT-P
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
How it happened
Thirty Madison is a US digital-health company operating condition-focused telehealth brands, and reached a ~$1B valuation in 2021, the same year it merged with women's-health provider Nurx. As healthtech valuations corrected, third-party estimates (PitchBook) put it at about $673M at the end of 2025, roughly a third below its peak and under the unicorn threshold.
Mutual-fund markdowns
1 fund · SEC NPORT-P
How U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.
Per-share mark from peak
-100%
BlackRock Private Investments Fund
$282.86 → $0.50
as of Sep 2025
Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fund’s own valuation of a specific share class and aren’t a company-wide valuation. Last refreshed Jun 2026.
Source: PitchBook model estimate as of Dec 31, 2025 (CNBC's fallen-unicorn table, Jun 2026), not a priced round
