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Wednesday, November 29, 2023

Mental health startup Grow Therapy gets $75M to expand its insurance coverage

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Mental health startup Grow Therapy has secured $75 million in a Series B funding round. The
company provides mental health practitioners with tools to let them start their own private practice and
be reimbursed by insurance.

New York-based mental health startup Grow Therapy secured $75 million in a Series B round of funding
that was led by TCV and Transformation Capital, with previous investors SignalFire and SVB joining in.

The cash will be used to increase the company’s insurance coverage, improve its offers, and strengthen
its personnel. Specifically, the company will expand commercial insurance along with Medicare and
Medicaid coverage from 13 states to all 50 states and broaden its online marketplace capabilities, EHR
platform and clinical resources.

Grow Therapy is a digital platform that enables mental health professionals to establish in-person and
virtual practices, connecting individuals in need of therapy with those who provide mental health care.

In addition, the organization collaborates with payers such as Humana, Aetna, Cigna, Florida Blue Cross
Blue Shield, and United Healthcare to negotiate agreements in which physicians in its network are
covered by insurance.

According to a source, the business has so far raised $90 million.

“We are nothing but enthusiastic for a future when opening a private practice is simple and getting high-
quality mental healthcare is table stakes,” said Jake Cooper, CEO of Grow Therapy.

Alma, a startup similar to Grow Therapy that focuses on assisting mental health practitioners in
developing their practices and establishing contracts, announced a $130 million Series D fundraising
round in August.

The financing comes almost a year after the business announced its $50 million Series C round.

Quartet Health is another another tech-backed startup that connects people with mental health

Just days after announcing a $60 million investment round, the business announced the acquisition of
InnovaTel Telepsychiatry for an unknown price in 2021.

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