Provider-focused digital mental health company Cultivate therapy announced that it has closed $88 million in Series C funding.
Sequoia Capital directed the round, with additional investment from Growth Equity at Goldman Sachs Alternatives and PLUS Capital. Several artists and athletes also contributed to the round, including Dak Prescott, Anna Kendrick, Joe Burrow, Lily Collins and Jrue Holiday.
Additionally, the company announced the launch of a new measurement-based care system to improve the patient experience and help providers transition to value-based behavioral care.
WHAT HE DOES
Grow Therapy’s platform connects mental health providers and patients for in-person and telehealth visits.
The company has not revealed what it plans to do with the funding round.
“Our team believes that empowering people to find and benefit from effective mental health support – regardless of their background, geography or financial situation – is the most urgent need of our time. The two announcements we made today, including the closing of our $88 million Series C from Sequoia Capital and Goldman Sachs Alternatives and the launch of our new metrics-based care system, represent enormous progress to help us achieve this goal,” Jake Cooper, CEO of Grow Therapy, said in a statement.
MARKET OVERVIEW
The New York-based company has partnered with numerous insurers, including Etna, Human, Cigna And United Health Care to ensure network coverage.
To grow raised $75 million in Series B funding in 2022. Investors TCV and Transformation Capital led the round, with support from existing investors SVB and SignalFire. Grow Therapy used the funds to build its team and expand the impact of the company’s insurance coverage, including Medicare and Medicaid.
Another virtual mental health business is Health of the Quartetwhich closed a $60 million funding round as part of a strategic partnership with Independence Health Group.
In 2021, Quartet acquired virtual psychiatry company Innovatel Telepsychiatry, and this year in partnership with an approach focused on the elderly Clover Health to bring mental health services to its home care platform.
In 2022, Almawhich creates software and support for mental health professionals, raised $130 million in Series D funding. The round was led by investor Thoma Bravo, with additional participation from Insight Ventures, Optum Ventures, Tusk Venture Partners and Cigna Ventures. The funding round brought the company’s total funding to $220 million.