evolvedMD – a market leader in delivering integrated Collaborative Care Management (CoCM) services in primary care – announced it has raised a $14 million Series-A Prime round led by San Francisco-based Conductive Ventures with additional investment from FCA Venture Partners of Nashville, Healthworx in Washington, D.C., and Boston-based Tectonic Ventures and Waterline Ventures. Since being founded in 2017, evolvedMD has disrupted the industry by fully integrating behavioral health services into modern primary care. Plus evolvedMD clinicians are embedded within primary care practices to provide accessible, high-quality services, reduce provider burnout, and improve patient outcomes.
Nearly 50 million American adults experienced a mental illness or episode in 2019, yet over half of U.S. adults with a known mental illness do not receive treatment. And in addition, over 60% of children and young adults with major depression do not receive any treatment. evolvedMD changes the narrative by providing patients easy access to care onsite and in person at the primary care practices they trust.
The new funding will be used to scale evolvedMD’s infrastructure and continue building the clinical delivery team. Along with the expansion in Arizona and Utah, the company had recently launched in Colorado and will continue to expand across the Southwest.
evolvedMD currently works with leading care partners in Arizona and Utah, such as Banner Health, BlueCross BlueShield of Arizona, HonorHealth, Optum, Integrated Medical Services (IMS), Foothill Family Clinic, Ogden Clinic, Granger Medical, Premier Family Medical, and many others.
KEY QUOTES:
“There is a dire need for easy access to behavioral health care – from developing adolescents and isolated seniors to Medicare beneficiaries and private market patients. Many of us need behavioral health support for our overall well-being. With record rates of depression in the U.S., we are looking forward to extending our reach as a company to treat many more patients.”
— evolvedMD co-Founder and co-CEO Erik Osland
“We are thrilled to bring on additional capital and new investors to the company. We are looking forward to leveraging this capital to expand our care delivery footprint. We are on the path to become one of America’s most comprehensive behavioral health providers. This latest investment will enable us to execute on our prior success and vision.”
— Fellow co-founder and co-CEO Steve Biljan
“We are impressed with the vision and strategy that has propelled evolvedMD to date and in the future. The team is tackling one of our country’s biggest health issues. They have a commitment to industry-leading delivery and a true passion for patient care.”
— Carey Lai, Managing Director of Conductive Ventures
“We are excited to partner with evolvedMD, which has developed a unique care delivery model in the behavioral health market. evolvedMD’s integration with primary care is critical to the success of both the patient and provider in delivering the best care possible.”
— Matt King, Managing Partner of FCA Venture Partners
“We are investing in evolvedMD because we are invested in our community’s behavioral health. We believe that integrating behavioral and physical health will dramatically improve the lives of our CareFirst members, and that evolvedMD is the right team to bring this vision of improved health outcomes to life.”
— Emily Durfee, Director of Venture Capital at Healthworx, the innovation and investment arm of CareFirst BlueCross BlueShield
