Maple company profile: valuation, funding & revenue

This Maple company profile covers the company's valuation, revenue, funding rounds, investors and history. Maple works in health technology, with a focus on virtual care. It was founded in 2015 and is headquartered in Toronto, Ontario, Canada. Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Maple timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2015 — Maple is founded in Toronto by Dr. Brett Belchetz (CEO), with co-founders.
• Sep 2019 — Equity round: $14.5M.
• Sep 2020 — Series B: C$75M. Investors: Loblaw Companies, through Shoppers Drug Mart (minority stake).
• September 2020 — Reach: Services available to over one million Canadians (company claim).
• September 2020 — Pharmacy pilot: Virtual care in more than 160 Shoppers Drug Mart locations in B.C.; nearly 20,000 virtual visits facilitated.

Investors

Overview

Maple is a Toronto virtual care company that connects Canadians with licensed doctors and other health professionals online, by text or video, usually within minutes. Patients can get a diagnosis, prescription or referral without visiting a clinic. Maple also sells its platform to employers, insurers, hospitals and governments, who use it to offer virtual care to their own employees, members or populations.

The company was founded in 2015. Dr. Brett Belchetz, an emergency physician, is a co-founder and its CEO. That clinical background shaped Maple's focus on care delivered by Canadian-licensed physicians rather than a pure technology play.

How Maple works and makes money

Maple has several revenue streams, and the mix has shifted over time:

• Direct-to-consumer visits: patients pay per visit or by subscription for services that aren't covered by provincial health insurance, or when they want faster access.
• Employer and insurer plans: companies and benefits providers pay Maple so their employees or members can use virtual care, often included in benefits packages.
• Health system partnerships: hospitals, clinics and governments use Maple's platform to deliver their own virtual care, or contract Maple to provide care in specific programs.
• Retail partnerships: most notably with Shoppers Drug Mart, part of Loblaw.

In Canada, public health insurance covers most doctor visits, but rules for virtual care differ between provinces and have changed over time. That makes the business more complex than in countries with private insurance systems. Each province effectively needs its own approach.

Funding history

September 2019: Maple raised $14.5 million.

September 2020: Maple raised C$75 million from Loblaw Companies, through its Shoppers Drug Mart subsidiary, in exchange for a minority stake. A Maple spokesperson told BetaKit the investment constituted its Series B. It came about six months after Shoppers Drug Mart began working with Maple, and during the COVID-19 pandemic, when demand for virtual care surged. Maple said it would use the money to expand its network of practitioners, its team and its technology for hospitals, governments, employers and insurers.

Reports at the time put Maple's total funding at roughly $100 million. Different trackers show slightly different totals.

The Loblaw partnership

Loblaw is Canada's largest food and pharmacy retailer, and Shoppers Drug Mart has pharmacies across the country. Before the investment, the two companies had made virtual care available in more than 160 Shoppers Drug Mart locations in British Columbia and facilitated nearly 20,000 virtual visits during the pandemic.

The strategic logic is strong for both sides. Pharmacies are where Canadians go for prescriptions and minor health questions, so combining them with on-demand access to doctors creates a fuller primary care offering. For Maple, Loblaw brought distribution and brand reach that would be expensive to build alone. It's a good example of a strategic investor bringing far more than capital.

Revenue: what's public

Maple hasn't published its revenue or valuation, and we haven't found reliable company-reported figures. In 2020 it had fewer than 200 employees and said its services were available to more than one million Canadians through its various channels. Revenue depends on visit volumes, the number of covered lives in employer and insurer contracts, and provincial reimbursement rules for virtual care.

Competitive landscape

Virtual care in Canada is competitive. Players include other virtual-first providers, virtual care offered by insurers and benefits companies, telecom companies with health divisions, and traditional clinics that added video visits during the pandemic. Maple's advantages are its clinical network, its long history in the market and the Loblaw relationship. The biggest uncertainties are reimbursement rules, which provinces set and change, and whether demand stays high after the pandemic-era surge.

Why it matters

Canada has a well-documented shortage of family doctors, and many people struggle to get timely appointments. Virtual care doesn't solve that on its own, but it can handle many routine needs, reduce unnecessary emergency visits and reach people in remote areas. Companies like Maple sit in the middle of an important policy debate about how primary care should be delivered and paid for.

What to watch next

Watch for changes in provincial rules for virtual care billing, new employer and insurer contracts, expansion of the Loblaw partnership, and any new funding or ownership changes. Moves by large retailers and insurers to build or buy their own virtual care services would also affect Maple's position.

Key facts at a glance

Maple is a Toronto virtual care company founded in 2015, with emergency physician Dr. Brett Belchetz as co-founder and CEO. It raised $14.5 million in 2019 and a C$75 million Series B from Loblaw, through Shoppers Drug Mart, in September 2020, giving Loblaw a minority stake. In 2020 it had fewer than 200 employees and said its services reached more than one million Canadians.

Questions to ask a virtual care provider

• Are visits delivered by physicians licensed in the patient's province?
• What's the typical wait time, and does it change in the evenings and on weekends?
• Which services are covered by provincial health insurance and which are paid?
• How are prescriptions sent to the patient's pharmacy?
• How are visit records shared with the patient's family doctor, if they have one?
• What usage and satisfaction data does the provider share with employers or insurers?

Good answers to these questions matter more than a provider's marketing claims. Ask for references from organizations similar to yours, especially in the provinces where your employees or members live.

For employers comparing several providers, a short pilot with a group of employees is often the best test. Measure usage, wait times and satisfaction before committing to a longer contract.

Track results by province, since coverage rules and wait times can differ significantly across the country.

What this means if you're…

Selling to Maple: a health care company handling sensitive patient data needs strong privacy, security and compliance tooling, clinical workflow software and integration with pharmacy and health records systems.

An employer: when adding virtual care to benefits, ask about wait times, which provinces are covered, which services are included, and how usage is reported.

A health tech founder: Maple's Loblaw deal shows how a strategic investor can provide distribution. Weigh that against the limits a large strategic shareholder may place on future partnerships.

Latest developments (October 2026)

In February 2026 Veterans Affairs Canada extended and expanded its Veteran Family Telemedicine Service, delivered through Maple, to all eligible Canadian Armed Forces veterans, families and survivors, with registration open until March 2027, according to Veterans Affairs Canada. Maple remains one of Canada's largest virtual care providers. It has not disclosed a recent valuation.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. BetaKit