Grow Therapy, a mental health technology company, has raised $88 million in Series C funding, which it plans to use to reach more patients, the company announced Monday.
New York City-based Grow Therapy helps independent therapists set up their own in-person and virtual private practices and supports them with administrative tasks like billing and insurance claims. It then helps patients book in-person or virtual appointments with therapists who specialize in their needs and are in their network. The company is paid by insurance companies when a Grow Therapy provider visits with an in-network patient. It operates in a similar space as Headway and Alma, which also work with independent therapists and connect patients to mental health services.
The Series C funding round was led by Sequoia Capital, and Growth Equity at Goldman Sachs Alternatives and PLUS Capital participated alongside artists and athletes from their collective including Anna Kendrick, Lily Collins, Dak Prescott, Joe Burrow, Jrue Holiday and Lauren Holiday. Transformation Capital, SignalFire and TCV also participated. In total, Grow Therapy has raised $178 million.
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Sequoia Capital chose to invest in Grow Therapy because of the work it’s doing to improve access to mental health treatment.
“Over the past few years, there has been a secular shift in Americans’ approach to mental health care, yet many people still struggle to access affordable and effective care due to fragmented legacy systems,” said Pat Grady, Sequoia Capital partner, in a statement. “Through its integrated platform and measurement-informed care approach, Grow Therapy empowers therapists to build and scale their practices while helping patients quickly get the care they need.”
With the financing, the company will “invest in our team, continue our product buildout, and expand nationally to all insurance members,” said Jake Cooper, CEO of Grow Therapy, in an email. The latter includes Medicare and Medicaid plans.
In addition to the funding, the company also announced advancements to its care infrastructure. This includes a system for measurement-informed care delivery, a compliant note system with customizable workflows and an improved patient matching algorithm.
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“One of our goals is to elevate the mental health profession by offering meaningful quantitative information that can be used by patients and providers to influence positive care outcomes. … Mental health providers have historically been behind physical health in terms of demonstrating the impact of their work. We’re seeking to change that by making measurement-informed care a standard practice for patients and providers and putting the tools in their hands to incorporate into care,” said Cynthia Grant, Grow Therapy’s head of clinical excellence, in an email.
Ultimately, Grow Therapy aims to “refine access to our mental health system so that it simply works for everyone providing and seeking care,” Cooper said. “We strive to achieve this by building the most effective platform for therapists to run their practices, for patients to receive care, and for payers to effectively serve their members.”
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