Telemental health company Brightside Health announced a strategic Series C raise led by S32 and the appointment of industry titan Trip Hofer to the Board of Directors. Kennedy Lewis, Time BioVentures, and Anne Wojcicki (Redwood Pacific) also joined the round along with existing investors ACME, Mousse Partners, and Triventures.
What does Brightside Health do? Brightside Health serves people with mild to severe clinical depression, anxiety, and other mood disorders, including those with elevated suicide risk, via precision psychiatry and clinically proven therapy, and Crisis Care.
This announcement builds on the company’s recent momentum, including new and expanded payer partnerships to support Medicaid and Medicare lives and notable results for its award-winning Crisis Care program for individuals with elevated suicide risk.
Since the company’s $50 million Series B funding round in November 2021, Brightside Health saw significant developments, building programs for individuals with severe mental health conditions, expanding into new underserved markets, and publishing close to a dozen peer-reviewed research papers. And Brightside Health has also continued to appoint advisors and reputable industry leaders to its Board to support aggressive yet attainable goals to scale.
KEY QUOTES:
“Brightside Health is on an exciting trajectory, and S32 is thrilled to support their mission to make mental healthcare more easily accessible to everyone. The company is well-positioned to expand their offerings with Medicare, Medicaid, and other underserved populations, while partnering with payers and providers to deliver measurably better outcomes.”
- Mike Pellini, MD, General Partner at S32
“I’m honored to be joining Brightside Health’s Board of Directors as the company reaches this impressive milestone. Their proven track record in high-quality care delivery and meaningful growth over the past few years indicate that Brightside Health has found their distinct competitive advantage. I look forward to leveraging my experience to advise them on opportunities that will help them effectively scale, while maximizing impact for patients and payers alike.”
- Trip Hofer, Brightside Health board member and former CEO of Optum Behavioral Health Solutions
“We’re thrilled to announce this raise and simultaneously welcome Trip, an incredible industry thought leader, to help propel Brightside Health into the next phase of our growth. These major steps forward enable us to accelerate our expansion into Medicare, Medicaid, and beyond, while deepening our advantage with technology and AI to deliver the best outcomes in the industry. This investment aligns with our continued focus on capital-efficient enterprise value creation, putting us on a comfortable path to profitability while further advancing our goals and mission.”
- Brad Kittredge, Co-Founder and CEO of Brightside Health
