Develop Remedy secures $88M funding for digital psychological well being platform

Supplier-focused digital psychological well being firm Develop Remedy introduced it closed $88 million in Collection C funding. 

The spherical was led by Sequoia Capital with further funding from Progress Fairness at Goldman Sachs Options and PLUS Capital. A number of artists and athletes additionally contributed to the spherical, together with Dak Prescott, Anna Kendrick, Joe Burrow, Lily Collins and Jrue Vacation. 

Moreover, the corporate introduced the launch of a novel measurement-based care system to enhance affected person experiences and assist suppliers transition to value-based behavioral care. 

WHAT IT DOES

Develop Remedy’s platform connects psychological well being suppliers and sufferers for in-person and telehealth visits.

The corporate didn’t disclose what it plans to do with the funding spherical. 

“Our crew believes that empowering individuals to search out and have interaction with efficient psychological well being help – no matter their background, geography or monetary circumstances – is probably the most urgent want of our time. The 2 bulletins we have made at this time, together with the shut of our $88 million Collection C from Sequoia Capital and Goldman Sachs Options and the launch of our new measurement-informed care system, characterize super strides in serving to us fulfill that purpose,” Develop Remedy CEO Jake Cooper mentioned in an announcement. 

MARKET SNAPSHOT

The New York-based firm has teamed up with quite a few insurance coverage suppliers, together with Aetna, Humana, Cigna and United Healthcare to offer protection in-network. 

Develop raised $75 million in Collection B funding in 2022. Traders TCV and Transformation Capital led the spherical with help from present buyers SVB and SignalFire. Develop Remedy used the funds to construct its crew and develop the corporate’s insurance coverage protection influence, together with for Medicare and Medicaid. 

One other digital psychological well being firm is Quartet Well being, which closed a $60 million funding spherical as a part of a strategic partnership with Independence Well being Group. 

In 2021, Quartet acquired digital psychiatry firm Innovatel Telepsychiatry, and this yr, partnered with older grownup centered Clover Well being to convey psychological well being providers to its house care platform.

In 2022, Alma, which builds software program and help for psychological well being professionals, raised $130 million in Collection D funding. The spherical was led by investor Thoma Bravo with further participation from Perception Ventures, Optum Ventures, Tusk Enterprise Companions and Cigna Ventures. The funding spherical introduced the corporate’s whole funding to $220 million. 

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