Grow Therapy, a provider-centric mental health technology company improving access to high-quality mental healthcare, has officially raised a total of $88 million from its recently-concluded Series C investment round. According to certain reports, the stated round was led by Sequoia Capital, with support from Growth Equity at Goldman Sachs Alternatives, and PLUS Capital, as well as from various artists and athletes, including Anna Kendrick, Lily Collins, Dak Prescott, Joe Burrow, Jrue Holiday, and Lauren Holiday. Apart from them, Grow’s existing investors, Transformation Capital, SignalFire, and TCV also made a point to participate. To compliment the fundraise, the company also announced an enhanced measurement-informed care system, which will allow it to elevate the care experience for clients and providers, while simultaneously making value-based behavioral care accessible for all patient populations, including Medicaid and Medicare members.
Taking a slightly closer look at the care system in question, it packs together a proprietary telehealth infrastructure for in-session support. This infrastructure, on its part, comes bearing a seamless integration with Grow’s EHR so to let providers refer to and edit patient treatment plans, goals, clinical notes, and more. Next up, the care platform brings a best-in-class system for measurement-informed care delivery. This system, in particular, features collection and analysis of clinical assessments, visualizations, and measurement-informed care prompts built into treatment planning to enable high-quality care outcomes. Joining the same would be a significant update for the company’s proprietary patient and provider matching algorithm. Under this update, Grow’s care system can basically ensure strength of fit between patients and providers, and at the same time, account for availability, specialty, diversity and identity, as well as care quality.
“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,” said Paty Grady, partner at Sequoia Capital.
Outside of these new technological advancements, Grow’s case is also, quite largely, helped by its track record thus far. You see, since 2020, the company has conducted more than 3 million patient encounters, with 94% in-network. This it has done while achieving industry-leading results for time-to-care (4 days), patient satisfaction (85 Net Promoter Score), and clinically significant symptom reduction (~50% for moderate to severe clients). Owing to that, Grow Therapy is today trusted by well over 12,000 providers, across all specialties (individual, couples, family, child & adolescent, prescribers), backgrounds (44% BIPOC), and geographies (20 states today, with more to come). The stated number remains relevant for care delivered both in person and via telehealth. Anyway, the company has also, till date, partnered with more than 75 payors across all business lines (Commercial, Medicaid, and Medicare). For these payors, Grow provides an assortment of white glove services and data reporting to ensure that member experience requirements for its health plan members, along with their outcomes goals, are duly met.
“The two announcements we’ve made today, including the close of our $88 million 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 fulfill 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,” said Jake Cooper, CEO of Grow Therapy.