Supplier-focused digital psychological well being firm Develop Remedy introduced it has closed $88 million in Collection C funding.
Sequoia Capital led the spherical, with further funding from Development Fairness at Goldman Sachs Alternate options and PLUS Capital. A number of artists and athletes additionally contributed to the spherical, together with Dak Prescott, Anna Kendrick, Joe Burrow, Lily Collins and Jrue Vacation.
Moreover, 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
Develop Remedy’s platform connects psychological well being suppliers and sufferers for in-person and telehealth visits.
The corporate didn’t disclose what it plans to do with the funding spherical.
“Our staff believes that empowering folks to search out and interact with efficient psychological well being assist – no matter their background, geography or monetary circumstances – is probably the most urgent want of our time. The 2 bulletins we have made right now, together with the shut of our $88 million Collection C from Sequoia Capital and Goldman Sachs Alternate options and the launch of our new measurement-informed care system, characterize great strides in serving to us fulfill that aim,” Develop Remedy 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 supply protection in-network.
Develop raised $75 million in Collection B funding in 2022. Buyers TCV and Transformation Capital led the spherical, with assist from present traders SVB and SignalFire. Develop Remedy used the funds to construct its staff and increase the corporate’s insurance coverage protection impression, together with for Medicare and Medicaid.
One other digital psychological well being firm is Quartet Well being, which closed a $60 million funding spherical as a part of a strategic partnership with Independence Well being Group.
In 2021, Quartet acquired digital psychiatry firm Innovatel Telepsychiatry, and this yr partnered with older adult-focused Clover Well being to convey psychological well being companies to its dwelling care platform.
In 2022, Alma, which builds software program and assist for psychological well being professionals, raised $130 million in Collection D funding. The spherical was led by investor Thoma Bravo, with further participation from Perception Ventures, Optum Ventures, Tusk Enterprise Companions and Cigna Ventures. The funding spherical introduced the corporate’s complete funding to $220 million.
