Provider-focused digital psychological well being firm Grow Therapy introduced it closed $88 million in Series C funding. 

The spherical was led by Sequoia Capital with further funding from Growth Equity at Goldman Sachs Alternatives and PLUS Capital. Several artists and athletes additionally contributed to the spherical, together with Dak Prescott, Anna Kendrick, Joe Burrow, Lily Collins and Jrue Holiday. 

Additionally, 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

Grow Therapy’s platform connects psychological well being suppliers and sufferers for in-person and telehealth visits.

The firm didn’t disclose what it plans to do with the funding spherical. 

“Our team believes that empowering people to find and engage with effective mental health support – regardless of their background, geography or financial circumstances – is the most pressing need of our time. The two announcements we’ve made today, including the close of our $88 million Series C from Sequoia Capital and Goldman Sachs Alternatives and the launch of our new measurement-informed care system, represent tremendous strides in helping us fulfill that goal,” Grow Therapy CEO Jake Cooper mentioned in an announcement. 

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. 

Grow raised $75 million in Series B funding in 2022. Investors TCV and Transformation Capital led the spherical with assist from present traders SVB and SignalFire. Grow Therapy used the funds to construct its staff and increase the corporate’s insurance coverage protection impression, together with for Medicare and Medicaid. 

Another digital psychological well being firm is Quartet Health, which closed a $60 million funding round as a part of a strategic partnership with Independence Health Group. 

In 2021, Quartet acquired digital psychiatry firm Innovatel Telepsychiatry, and this 12 months, partnered with older grownup targeted Clover Health to deliver psychological well being providers to its dwelling 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 further participation from Insight Ventures, Optum Ventures, Tusk Venture Partners and Cigna Ventures. The funding spherical introduced the corporate’s whole funding to $220 million.