[ad_1]
Digital substance use administration platform Pelago, previously Quit Genius, introduced it secured $58 million in Collection C funding, bringing its complete increase to $151 million.
Present investor Atomico led the spherical, with participation from different persevering with traders, together with Octopus Ventures, Y Combinator and Kinnevik AB. New traders GreyMatter Capital and Eight Roads additionally participated.
Laura Connell, accomplice at Atomico, will be a part of the corporate’s board of administrators.
WHAT IT DOES
Pelago, based in 2015, works with well being plans, employers and particular person members to supply adults and adolescents customized digital substance use care, together with remedy for alcohol, tobacco and opioid use.
Members hook up with a physician-led care crew and obtain advanced situation administration, cognitive behavioral remedy and academic content material. The corporate additionally offers a hub for medication-assisted remedy and distant monitoring instruments, akin to breathalyzers and urinary take a look at kits, for at-home use.
Pelago will use the funds to speed up its product roadmap, conduct medical analysis and develop its continuum of care.
“This funding demonstrates sturdy investor confidence in our progress trajectory and displays our dominance of the substance use administration house. That trajectory features a tenfold progress in income and eligible lives lined since our Collection B spherical two years in the past,” Dr. Yusuf Sherwani, Pelago’s CEO and cofounder, advised MobiHealthNews in an e mail.
“This fundraise helps advance our mission to interrupt down obstacles to substance use care that works. I’m extremely grateful for the employers and payers that we’ve empowered to deal with substance use head-on by delivering specialised remedy and evidence-based care to their members, supported by highly effective outcomes knowledge and validated ROI.”
MARKET SNAPSHOT
Nearly all of direct prices related to substance use issues within the U.S. are incurred primarily among the many working-age inhabitants, in line with analysis revealed in JAMA Network. Employers and medical health insurance payers might offset these excessive prices by contemplating prevention and remedy methods.
The digital habit remedy firm rebranded from Stop Genius final 12 months, two years after it closed a $64 million Series B funding round. The corporate garnered $11 million in Series A funding in 2020.
There have been a number of different startups with digital instruments for habit. Maybe most notable is Pear Therapeutics, which supplied a line of digital therapeutics for substance abus,e however filed for bankruptcy in April of final 12 months. Its assets were sold at auction for $6.05 million a month later.
Bicycle Health is one other firm within the house, providing digital opioid use dysfunction remedy.
Bicycle introduced final 12 months it fashioned a partnership with compassionate care supplier Wellpath to supply previously incarcerated people entry to buprenorphine month-to-month injections for opioid use dysfunction through the Federal Bureau of Prisons and residential reentry facilities.
Different firms embrace digital alcohol use dysfunction remedy firm Ria Health, digital habit remedy platform Workit Health and digital smoking-cessation firm Carrot.
[ad_2]
Source link
