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Supplier-focused digital psychological well being firm Grow Therapy introduced it closed $88 million in Collection C funding.
The spherical was led by Sequoia Capital with extra funding from Development Fairness at Goldman Sachs Options and PLUS Capital. A number of artists and athletes additionally contributed to the spherical, together with Dak Prescott, Anna Kendrick, Joe Burrow, Lily Collins and Jrue Vacation.
Moreover, the corporate introduced the launch of a novel measurement-based care system to enhance affected person experiences and assist suppliers transition to value-based behavioral care.
WHAT IT DOES
Develop Remedy’s platform connects psychological well being suppliers and sufferers for in-person and telehealth visits.
The corporate didn’t disclose what it plans to do with the funding spherical.
“Our staff believes that empowering folks to search out and interact with efficient psychological well being assist – no matter their background, geography or monetary circumstances – is essentially the most urgent want of our time. The 2 bulletins we have made in the present day, together with the shut of our $88 million Collection C from Sequoia Capital and Goldman Sachs Options and the launch of our new measurement-informed care system, signify large strides in serving to us fulfill that objective,” Develop Remedy CEO Jake Cooper stated in a press release.
MARKET SNAPSHOT
The New York-based firm has teamed up with quite a few insurance coverage suppliers, together with Aetna, Humana, Cigna and United Healthcare to offer protection in-network.
Develop raised $75 million in Series B funding in 2022. Buyers TCV and Transformation Capital led the spherical with assist from current buyers SVB and SignalFire. Develop Remedy used the funds to construct its staff and develop the corporate’s insurance coverage protection affect, together with for Medicare and Medicaid.
One other digital psychological well being firm is Quartet Health, which closed a $60 million funding round as a part of a strategic partnership with Independence Well being Group.
In 2021, Quartet acquired digital psychiatry firm Innovatel Telepsychiatry, and this 12 months, partnered with older grownup targeted Clover Health to convey psychological well being companies to its house care platform.
In 2022, Alma, which builds software program and assist for psychological well being professionals, raised $130 million in Series D funding. The spherical was led by investor Thoma Bravo with extra participation from Perception Ventures, Optum Ventures, Tusk Enterprise Companions and Cigna Ventures. The funding spherical introduced the corporate’s whole funding to $220 million.
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