Grow Therapy Raises $88M in Series C Funding to Advance Effective Mental Healthcare

by | Apr 8, 2024 | Digital Health, Telehealth News

Grow Therapy has recently secured $88 million in funding, a move aimed at expanding its reach and building new partnerships within the healthcare sector. Launched in October 2020, Grow Therapy has emerged as a key player in the mental health care industry, offering in-depth solutions to both therapists and patients seeking accessible and effective care. Led by Sequoia Capital, with contributions from Goldman Sachs Alternatives and PLUS Capital, alongside support from artists and athletes including Anna Kendrick, Lily Collins, Dak Prescott, Joe Burrow, Jrue Holiday, and Lauren Holiday, this Series C funding round marks a milestone for the company. It follows previous successful funding rounds, bringing Grow Therapy’s total funding to an impressive $178 million within just three years since its inception.

The mission of Grow Therapy is to allow individuals access to quality mental health support regardless of their background, location, or financial circumstances. CEO Jake Cooper emphasizes the pressing need for such accessibility, highlighting the company’s commitment to building an environment where people can easily find trusted and affordable care while also creating sustainable and rewarding careers for therapists. At the heart of Grow Therapy’s offerings is its three-sided platform, which provides integrated software and services catering to patients, providers, and payers alike. This includes features such as seamless patient-provider matching, insurance billing, electronic health records (EHR), telehealth software, and care navigation. By assisting mental health therapists in establishing private practices covered by insurance, Grow Therapy aims to bridge the gap between demand and accessibility in mental health care.

An important aspect of Grow Therapy’s recent advancements is its enhanced measurement-informed care infrastructure, designed to elevate the care experience for both clients and providers. This new technology stack includes proprietary telehealth infrastructure for in-session support, a system for measurement-informed care delivery, and enhancements to features available for providers delivering care in-person or via telehealth. Grow Therapy’s platform boasts impressive statistics, having facilitated over 3 million patient visits, with 94% of them in-network. With a network of more than 12,000 providers across various specialties, the company operates in 24 states, offering care both in-person and via telehealth. The startup prides itself on achieving quick time-to-care, high satisfaction rates, and symptom reduction, particularly for moderate to severe cases.

The timing of Grow Therapy’s expansion aligns with a growing recognition of the importance of mental health care, as evidenced by recent guidelines from the U.S. Preventive Services Task Force recommending routine screenings for anxiety across different age groups. With half of young adults reporting symptoms of anxiety and depression, there is a clear necessity to improve access to mental health services, a focus of Grow Therapy’s operations.

In response to the evolving nature of mental health care, Grow Therapy is dedicated to ensuring that insurance covers these necessary visits, addressing the challenges posed by fragmented legacy systems. Partnering with over 75 insurers, including major players like Aetna, Humana, and UnitedHealth, the company is committed to facilitating access to trusted mental health care while allowing therapists to build and scale their practices effectively. As Grow Therapy continues to innovate and expand its offerings, supported by funding and a growing network of stakeholders, it stands at the front of a shift in mental health care delivery. With a focus on accessibility, effectiveness, and sustainability, the company is poised to make a meaningful impact on the well-being of individuals and communities nationwide.

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