Grow Therapy, a mental health technology startup, picked up $88 million in fresh funding to grow its footprint and launch more partnerships with payers.
The company, launched in October 2020, provides turnkey solutions to help therapists set up and run their own practices and provides patients access to mental health care.
Sequoia Capital led the series C funding round. Goldman Sachs Alternatives and PLUS Capital participated in the series C alongside artists and athletes from their collective including Anna Kendrick, Lily Collins, Dak Prescott, Joe Burrow, Jrue Holiday and Lauren Holiday.
In three years, the startup picked $178 million in funding—a $15 million series A round in September 2021 followed by $75 million in series B funding in September 2022.
Grow Therapy also launched an enhanced, measurement-informed care infrastructure for therapists and patients.
"Our team believes that empowering people to find and engage with effective mental health support—regardless of their background, geography or financial circumstances—is the most pressing need of our time," Grow Therapy CEO Jake Cooper said. "Together with our partners and stakeholders, we are building an environment where people can easily find care they can trust and afford, and where therapists can serve their communities while building sustainable, rewarding careers."
Grow Therapy is a three-sided platform that provides integrated vertical software and services to patients, providers and payers, including seamless patient-provider matching, insurance billing, electronic health records and telehealth software and care navigation. The company aids mental health therapists in launching private practices covered by insurance.
The company's new technology stack includes Grow's proprietary telehealth infrastructure for in-session support, a system to support measurement-informed care delivery and major enhancements to critical features and capabilities available to providers delivering care in-person or via telehealth.
The company's telehealth infrastructure integrates with its proprietary EHR, enabling providers to refer to and edit patient treatment plans, goals and clinical notes, executives said.
Grow Therapy's platform collects and analyzes clinical assessments, with visualizations, and measurement-informed care prompts are built into treatment planning.
The company also has made significant enhancements to its patient and provider matching algorithm to help pair patients with providers while accounting for availability, specialty, diversity and identity along with care quality.
In the past three years, the company has facilitated over 3 million patient visits, with 94% in-network. Grow Therapy's network includes more than 12,000 providers, across all specialties, including individual, couples, family, child and adolescent and prescribers, providing care to patients in 24 states. The platform supports care both in person and via telehealth.
The startup boasts impressive results, including time-to-care (four days), satisfaction (85 Net Promoter Score) and clinically significant symptom reduction (about 50% for moderate to severe clients).
Grow Therapy works with more than 75 insurers across all business lines (commercial, Medicaid and Medicare), including major payers like Aetna, Humana, UnitedHealth, Anthem, Cigna and many Blues plans.
The U.S. Preventive Services Task Force released new guidelines last year urging that adults ages 19 to 64 be routinely screened for anxiety, even if they show no signs of the disorder. This is in addition to the agency’s guidance from 2022 recommending children ages 8 to 18 be regularly screened.
An analysis of federal data released by KFF in March concluded that half of all 18- through 24-year-olds reported experiencing symptoms of anxiety and depression symptoms in 2023, compared to a third of adults overall.
Grow Therapy is focused on meeting the growing need for mental health services and making sure insurance will cover these visits, executives noted.
"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," Sequoia Capital Partner Pat Grady said 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."