New York-based Growth Therapy, which provides mental health providers tools to help them start private practice and get covered by insurance, has raised $75 million Series B sponsorship.
The round was led by TCV and Transformation Capital, and backed by existing investors SignalFire and SVB.
The funds will be used to expand the company’s coverage, improve its services, and build its team. Specifically, the company will expand commercial coverage along with Medicare and Medicaid coverage from 13 states to all 50 states and expand its online marketplace capabilities, EHR platform, and clinical resources.
WHAT ARE THEY DOING
Grow Therapy provides a technology platform that provides mental health service providers tools to establish face-to-face and virtual practices, connecting people in need of treatment with service providers. mental health services.
The company also works with payers – such as Humana, Aetna, Cigna, Florida Blue Cross Blue Shield and United Healthcare – and develops deals where providers in its network are covered.
Based on CrunchbaseThe startup has raised $90 million to date.
Jake Cooper, CEO of Grow Therapy, said: “We are nothing but optimistic about a future where it is seamless to start a private practice and access healthcare. High-quality psychiatry is the bet,” Jake Cooper, CEO of Grow Therapy, said in a statement.
SNAPSHOT . MARKET
In August, Almaa company similar to Grow Therapy that is also focused on assisting mental health professionals in formulating their practices and setting up contracts, announced $130 million in a funding round Series D funding. This round comes about a year after the company announced a $50 million Series C.
Quartet health is another company powered by technology tailored to patients and mental health professionals. In 2021, the company announced the acquisition Psychiatry InnovaTel for an undisclosed amount, just days after announcing a $60 million funding round.