Mental health tech start-up secures US$88m in fresh funding

The US mental health technology start-up Grow Therapy has secured US$88m in fresh funding to improve access to mental healthcare.

Grow Therapy aims to advance access to mental health support by providing therapists and prescribers with the tools they need to set up and run their own practices.

The investment round, which brings the total funding to date to US$178m, is hoped to help the start-up grow its footprint and launch more partnerships with payers.

Grow Therapy CEO, Jake Cooper, said: “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.

“The two announcements we’ve made today, including the close of our US$88m Series C from Sequoia Capital and Goldman Sachs Alternatives and the launch of our new measurement-informed care system, represent tremendous strides in helping us fulfil that goal.

“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.”

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.

Pat Grady, Sequoia Capital partner, said: “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.

“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.”

He added: “We’re proud to partner with the Grow Therapy team as they pursue the important mission of providing access to trusted mental healthcare.”