Grow Therapy, a mental health platform, raised $150 million in Series D funding to strengthen its support for employers and health systems, the company said. announcement Tuesday.
Based in New York Cultivate therapy helps independent therapists create their own in-person and virtual private practices and supports them with administrative tasks such as billing and insurance claims. It then helps patients make appointments with therapists who specialize in their needs and are part of their network. The company gets paid by insurance companies when a Grow Therapy provider visits a patient in the network. It operates in a space similar to that Advancement And Almawho also work with independent therapists and connect patients to mental health services.
The company’s Series D funding was led by TCV and Growth Equity at Goldman Sachs Alternatives, with participation from BCI, Menlo Ventures, Sequoia, SignalFire and Transformation Capital. This brings Grow Therapy’s total funding to $328 million.
“We are excited to support Grow in its mission to deliver revolutionary mental health products and care. Their technology is built on a deep understanding of what people, providers and business partners need to achieve superior outcomes,” Matt Murphy, partner at Menlo Ventures, said in a statement. “Grow has consistently exceeded high expectations through world-class execution at scale, and we are confident they will define and lead the category for years to come.” »
The funding will be used in three areas, according to Kristina McPherson, a spokesperson for the Grow Therapy company. The first goal is to expand employer-sponsored mental health benefits.
“Employer mental health benefits are known for being either high quality or affordable, but rarely both. … Employer-sponsored benefits and insurance benefits have been built separately, creating a divide (that is, when people max out their employer benefits, they must pay cash or switch to a provider that accepts their insurance),” McPherson said in an email. “Grow connects these elements so that care continues without interruption. For employers, this means continuity, better outcomes and payment for care that actually happens.”
Additionally, the company plans to integrate into primary care through partnerships with health systems, McPherson said. Primary care is often where mental health needs are identified, and Grow Therapy allows medical teams to coordinate referrals and share important medical context.
Finally, the funding will help Grow Therapy create advanced AI tools, with a focus on improving the patient and provider experience, McPherson added. Some of its current AI tools include an AI note-taker for providers and a generative AI logging tool for patients.
When asked about the company’s exit strategy, McPherson said that’s not Grow Therapy’s focus at this time. The company instead seeks to “build its business over the long term”.
“Growth began because the status quo was flawed and failing,” McPherson said. “Attempts have been made to improve this, but mental health didn’t need another repertoire. It needed structural change at every level. Our ultimate goal is to connect and support patients, providers and health plans, making it easy for people to find incredible, insurance-covered care, while helping mental health professionals develop thriving practices.”
Photo: doyata, Getty Images
