Supplier-focused digital psychological well being firm Develop Remedy introduced it has closed $88 million in Sequence C funding.
Sequoia Capital led the spherical, with extra funding from Progress 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 group believes that empowering individuals to search out and interact with efficient psychological well being assist – no matter their background, geography or monetary circumstances – is essentially the most urgent want of our time. The 2 bulletins we have made as we speak, together with the shut of our $88 million Sequence C from Sequoia Capital and Goldman Sachs Alternate options and the launch of our new measurement-informed care system, signify great strides in serving to us fulfill that purpose,” Develop Remedy CEO Jake Cooper mentioned in a press release.
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 Sequence B funding in 2022. Traders TCV and Transformation Capital led the spherical, with assist from current traders SVB and SignalFire. Develop Remedy used the funds to construct its group and increase the corporate’s insurance coverage protection influence, 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 carry psychological well being companies to its house care platform.
In 2022, Alma, which builds software program and assist for psychological well being professionals, raised $130 million in Sequence D funding. The spherical was led by investor Thoma Bravo, with extra participation from Perception Ventures, Optum Ventures, Tusk Enterprise Companions and Cigna Ventures. The funding spherical introduced the corporate’s whole funding to $220 million.
