Women are twice as likely as men to experience depression and anxiety. And about one in three women will battle a mental health condition in their lifetime.
This is what FamilyWell Health aims to address. The company partners with women’s health providers and integrates mental health services into their practice. It offers a virtual team of care managers, coaches, therapists and psychiatric providers. This care is covered by insurers. Through FamilyWell Academy, the company also offers training for women’s mental health through its perinatal behavioral health and menopause behavioral health certification programs.
Now the company hopes to support even more providers and women after securing $8 million in Series A funding, it announced last week. The financing was led by New Markets Venture Partners and included participation from .406 Ventures, GreyMatter Capital, The Alix Foundation, The Donna Fund and The Lee Foundation.
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“FamilyWell is an ideal fit for New Markets’ mission to invest in evidence-based solutions that improve lives and expand access to life-saving care,” said Mark Grovic, general partner and founder of New Markets Venture Partners, in a statement. “By integrating proven women’s mental health care into everyday clinical workflows, FamilyWell reduces suffering, strengthens family well-being, and helps parents return to work and thrive.”
The funding will support FamilyWell Health’s national expansion. The company currently operates in Massachusetts, New Hampshire, Connecticut, Illinois and Texas. It serves more than 200,000 lives.
In addition, it is expanding its services into perimenopause and menopause, meaning it now supports women from fertility to menopause. This is important because about 70% of women in perimenopause and menopause experience mental health challenges like anxiety, depression, insomnia and cognitive changes, according to the announcement.
The company will also improve its AI capabilities and grow FamilyWell Academy’s provider training programs.
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Women’s mental health needs have been “overlooked for far too long,” according to Dr. Jessica Gaulton, founder and CEO of FamilyWell Health. Fewer than 10% of Medicaid members and fewer than 4% of privately-insured members are screened for postpartum depression, and suicide is the leading cause of maternal death during pregnancy and postpartum. This is what FamilyWell Health ultimately hopes to make a difference on.
“This capital enables us to expand our integrated care model, accelerate AI innovation, and deepen collaborations that make timely, high-quality support possible,” Gaulton said. “Through the FamilyWell Academy and together with our OB/GYN partners, we’re reshaping the standard of care and addressing one of the most critical health crises facing women today.”
Other companies that provide mental health services for women include Mavida Health and Seven Starling.
Photo credit: Olga Strelnikova, Getty Images