Digital substance use administration platform Pelago, previously Stop Genius, introduced it secured $58 million in Collection C funding, bringing its complete elevate to $151 million.
Present investor Atomico led the spherical with participation from different persevering with traders, together with Octopus Ventures, Y Combinator and Kinnevik AB. New traders GreyMatter Capital and Eight Roads additionally participated.
Laura Connell, accomplice at Atomico, will be a part of the corporate’s board of administrators.
WHAT IT DOES
Pelago, based in 2015, works with well being plans, employers and particular person members to supply adults and adolescents personalised digital substance use care, together with therapy for alcohol, tobacco and opioid use.
Members hook up with a physician-led care group and might obtain advanced situation administration, cognitive behavioral remedy, and academic content material. The corporate additionally supplies a hub for medication-assisted therapy and distant monitoring instruments, reminiscent of breathalyzers and urinary check kits, for at-home use.
Pelago will use the funds to speed up its product roadmap, conduct scientific analysis and develop its continuum of care.
“This funding demonstrates robust investor confidence in our development trajectory and displays our dominance of the substance use administration area. That trajectory features a tenfold development in income and eligible lives coated since our Collection B spherical two years in the past,” Dr. Yusuf Sherwani, Pelago’s CEO and cofounder, advised MobiHealthNews in an e-mail.
“This fundraise helps advance our mission to interrupt down boundaries to substance use care that works. I’m extremely grateful for the employers and payers that we’ve empowered to handle substance use head-on by delivering specialised therapy and evidence-based care to their members, supported by highly effective outcomes knowledge and validated ROI.”
MARKET SNAPSHOT
Nearly all of direct prices related to substance use issues within the U.S. are incurred primarily among the many working-age inhabitants, in keeping with analysis printed in JAMA Community. Employers and medical health insurance payers might offset these excessive prices by contemplating prevention and therapy methods.
The digital dependancy therapy firm rebranded from Stop Genius final yr, two years after it closed a $64 million Collection B funding spherical. The corporate garnered $11 million in Collection A funding in 2020.
There have been a number of different startups with digital instruments for dependancy. Maybe most notable is Pear Therapeutics, which provided a line of digital therapeutics for substance abuse however filed for chapter in April of final yr. Its belongings have been offered at public sale for $6.05 million a month later.
Bicycle Well being is one other firm within the area, providing digital opioid use dysfunction therapy.
Bicycle introduced final yr it fashioned a partnership with compassionate care supplier Wellpath to offer previously incarcerated people entry to buprenorphine month-to-month injections for opioid use dysfunction through the Federal Bureau of Prisons and residential reentry facilities.
Different firms embody digital alcohol use dysfunction therapy firm Ria Well being, digital dependancy therapy platform Workit Well being and digital smoking-cessation firm Carrot.
