Lemonaid: bought for $400 million, sold for $10 million

analysisIn November 2021 23andMe acquired Lemonaid Health, Inc., an online platform offering telemedicine, laboratory and pharmacy fulfilment in all 50 states and the District of Columbia, for $400 million in cash ($88.6 million) and Class A shares, under a merger agreement of October 21, 2021 with Fortis Advisors LLC representing Lemonaid's shareholders. ^{1 2 3}

analysisThe company disposed of its only foreign subsidiary, the UK company Lemonaid Health Limited, on August 1, 2023. The UK register shows the company (No. 12561320), now Boots Digital Health Limited, controlled from that date by Boots UK Limited, itself controlled by Alliance Boots Holdings Limited; it does not name the U.S. group as owner for June 2021 to July 2023, when the company stated that it had no registrable person. Its directors in the group's time were Ian Alexander Van Every, from April 17, 2020 to December 21, 2022 (also registered as a person with significant control from December 30, 2020 to June 4, 2021), and Joseph Selsavage, the group's chief financial officer, until August 1, 2023. ^{2 4 5 6 7}

analysisA class action filed on June 30, 2023 in the Northern District of California, A.J., et al. v. Lemonaid Health Inc. and LMND Medical Group, Inc. (No. 3:23-cv-03288), on behalf of visitors to the Lemonaid website between June 30, 2019 and July 14, 2025, alleges damages and seeks injunctive relief over the use of tracking pixels on the site; LMND Medical Group is a non-debtor California professional corporation. These are the plaintiffs' allegations, and no court ruled on their merits. Under a settlement of September 16, 2025 the class has a claim allowed at $3.25 million against Lemonaid Health, Chrome Holding Co. and ChromeCo, capped at that amount in total; the plan treats it as Class 14, paid from a pixel settlement fund on final approval. The class voted to accept the plan, and the court preliminarily approved the settlement on October 2, 2025. ^{1 2 3 4}

analysisTTAM's purchase agreement obliged it to sponsor a plan to buy the reorganised Lemonaid equity for $2.5 million, subject to higher offers; after the TTAM sale closed the debtors marketed Lemonaid separately. On September 10, 2025 Chrome Holding Co., Lemonaid Health and Chrome Pharmacy Holdings agreed to sell all the shares of Lemonaid Health and Chrome Pharmacy Holdings to Lemonaid SPV, Inc., a Delaware corporation, for $10 million in cash plus cure payments, with Bambumeta Ventures guaranteeing the price and a $2.5 million deposit; closing required an effective plan and approval of the transfer of pharmacy licences. ^{1 2}

analysisThe September 16, 2025 press release announcing the agreement says the SPV was formed with Innova Capital Partners, with BambuMeta Ventures as lead sponsor and guarantor, eGateway Capital as a lead sponsor and other investors in support, and that Bambu's general partners Richard Hearn and Kyle Pretsch would lead it; the SPV's ownership is not documented in a register. In an October 2025 interview Pretsch, the SPV's chief operating officer, said it had its own capital table, with Bambu as guarantor; the report compared the price of about $10 million with the $400 million paid in 2021. ^{3 4}

analysisThe confirmation order of December 1, 2025 approved the sale: after the Lemonaid debtors' discharge their interests vest in the buyer free and clear, and the buyer is a good-faith purchaser. A bankruptcy-data publisher reports that it closed on December 5, 2025, bringing the debtors' asset sales to about $312.5 million; the closing notice was not retrieved. ^{5 6}