USA – Grow Therapy, a New York-based provider-centric mental health group, raised $75M in Series B funding.
The round was was led by TCV, co-led by Transformation Capital, with participation from SignalFire, and SVB.The company intends to use the funds to expand its insurance coverage and improve the provider and patient experiences. Specifically, the areas that they 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 team.Led by CEO Jake Cooper, 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 in-person and virtual private practices. With 98 team members both remote and in NYC Headquarters, the company has built a marketplace for patients to find an ideal therapeutic partner; an end-to-end insurance engine that lets providers 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. The network includes more than 3,500 therapists and works with major insurers including Humana, Aetna, Cigna, Florida Blue Cross Blue Shield, Humana, and UnitedHealthcare. 30/09/2022
