Andrew Forrest’s Tenmile and the founders of Go1 have backed a new venture seeking to simplify ADHD assessment and treatment.
Seven years ago Zac Altman sold his traveltech startup LoungeBuddy to American Express. Now, following a stint as a VP at the finance giant, Altman has raised $3.5 million in seed funding for a venture that seeks to simplify ADHD treatment.
Kantoko seeks to provide assessments for the growing number of people who suspect they have ADHD, as well as long-term treatment for those who are already diagnosed. Side Stage Ventures led the seed round, with backing from Andrew Forrest’s Tenmile healthtech VC as well as Go1 founders Vu Tran and Andrew Barnes.
“Coming back to Australia, I had to re-go through the process,” Altman said of getting ADHD treatment after initially being diagnosed while living in the US. “There was a point during the process that, for lack a better phrasing, I would say I snapped.”
“I’m in the best possible situation, I’ve already been through the process in the US and already have medication that’s working well… coming from someone who can afford it, I was also looking at why does this cost so much and why does this take so long? Something is off here.”
The numbers of Australians filling prescriptions for ADHD medicine has increased by over 600 per cent since 2017, according to UNSW data. Kantoko is seeking to both lower the cost of accessing treatment and improving access for rural Australians who often have to wait up to or even over a year for treatment.
“Hundreds of thousands of adults wait years for a diagnosis, at real cost to themselves, their families and the economy,” said Tenmile managing director Steve Burnell. “We’re proud to back Kantoko’s innovative new approach because they are really addressing the greatest barriers in this space.”
Altman founded Kantoko in 2023, bootstrapping it alongside an early investment from LoungeBuddy co-founder Tyler Dikman. In that time he has created the platform, hired engineers and established a team of clinicians who treat patients via telehealth appointments. Kantoko charges $100 a month, a price Altman says mostly comes from the cost of treatment by health professionals.
The funding will be used to expand Kantoko’s roster of clinicians and build out software offerings.
Kantoko is Altman’s third venture. First was Taxi Pro, a taxi hailing app that was sold to The Catch Group in 2012. Then came LoungeBuddy, a startup backed by Peter Thiel’s Founders Fund which allowed travellers to book airport lounges around the world. Though the sum American Express paid for it was not disclosed, it had raised at a US$18 million ($25.5 million) valuation.
“There was that period where I was like, ‘I’ll be an advisor, an investor in other startups,’ then I very quickly realised that’s not me,” Altman said. “That relaxation period didn’t last very long… this is the most exciting company that I’ve ever worked on. Healthcare is a big gnarly problem.”
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