Behavioral health startup, Grow Therapy raises $75 million in series B to expand insurance coverage including Medicare and Medicaid in all 50 states
NEW YORK, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Grow Therapy today announced a new round of series B funding of $75 million. This round of funding was led by TCV, co-led by Transformation Capital, with support from existing backers SignalFire and SVB.
“At TCV, we’re always looking for founders who are building category-defining, generational companies and we’re incredibly excited to partner with Jake, Alan, Manoj, and the rest of the Grow team on their mission to create the largest and most accessible behavioral health platform in the country,” says Gautam Gupta, Partner at TCV.
“As leaders in the consumer internet and healthcare spaces, our new partners will be contributing their deep experience in consumer technology and healthcare to support our mission of empowering providers and expanding care to patients,” says Jake Cooper, CEO at Grow Therapy. “We are nothing but optimistic for a future where starting a private practice is seamless, and accessing high quality mental healthcare is table-stakes.”
This new round of funding will be used to expand our insurance coverage and improve the provider and patient experiences. Specifically, the areas that the company will focus on are: expanding commercial insurance and Medicare and Medicaid coverage (which are currently accepted in select states) from 13 states to all 50, deepening the capabilities of the online marketplace, EHR platform, and clinical resources and building the Grow team.
Since 2020, Grow has enabled thousands of providers to start their own practice, serving hundreds of thousands of patients, across payor partners ranging from Optum to Blue Cross Blue Shield to Medicaid. With 98 team members both remote and in NYC Headquarters, Grow has built a marketplace for patients to find an ideal therapeutic partner; an end-to-end insurance engine that lets providers seamlessly accept insurance, and patients reduce their costs through in-network benefits; and a comprehensive EHR platform for providers to take medical notes, schedule visits, and engage with their clients.
About Grow Therapy
Grow Therapy is a provider-centric mental health group, using technology to make high-quality mental healthcare accessible and affordable to all Americans. Grow Therapy provides therapists with a suite of business tools and services, peer community, and a pipeline of patient referrals so that they can set up and grow thriving in-person and virtual private practices, within the communities they care about most. As a result, more Americans are accessing a wide variety of therapists who not only best match their needs, but who take their insurance. Founded in 2020, Grow Therapy is headquartered in New York City. Grow Therapy’s network includes more than 3,500 therapists and works with major insurers including Humana, Aetna, Cigna, Florida Blue Cross Blue Shield, Humana, and UnitedHealthcare. Some of Grow Therapy’s key investors include TCV, Transformation Capital, SignalFire, Village Global, and CoFound. More information about Grow Therapy can be found at www.growtherapy.com.
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