Eleanor Health has raised $50 million in a new round of funding. General Catalyst led the addiction care startup’s Series C funding round.
Eleanor Health, a hybrid mental health and addiction treatment firm, raised $50 million in a Series C fundraising round. Warburg Pincus, Town Hall Ventures, Northpond Ventures, and Rethink Impact are among the investors in the round headed by General Catalyst.
Eleanor has raised a total of $82 million in venture money, including a$20 million Series B investment less than a year ago.
In-person and virtual psychiatry, counseling, rehabilitation coaching, and medication-assisted treatment for drug use disorders are all available through the company.
It is now present in the states of Louisiana, Massachusetts, New Jersey, North Carolina, Ohio, and Washington.
Eleanor intends to expand into other markets, including Texas, with the newest round of funding.
The business also intends to expand its agreements with payers in which they will both take on risk and continue to develop its care delivery and analytics platform.
Eleanor Health was co-founded by its CEO, Corbin Petro, who said, “Mental health and addiction are some of our most serious health concerns. But the problem isn’t only about access to care. Only one out of every ten people with SUD and less than half of people with a mental health problem obtain treatment, owing to stigma, poor quality of care, and high costs. Our population- and value-based solutions are intended for the nine out of ten persons who may never receive care as a result of these hurdles. We are thrilled to be working with investors like General Catalyst to pursue our aim of assisting people afflicted by addiction and other mental health disorders in living extraordinary lives.”
For digital health investors, mental and behavioural health is an attractive clinical area.
Overdose deaths have grown in general during the last two decades, with a large increase during the COVID-19 pandemic.
However, a number of businesses are attempting to enhance access to treatment. Pear Therapies, which manufactures the prescription digital therapeutics reSET and reSET-O for drug and opioid use disorders, stated earlier this week that it would begin making their tools available through select telehealth providers.
Cerebral, a mental health firm, has also recently created an opiate use disorder programme that includes virtual counselling and Suboxone access.