Grow Therapy, a mental health platform that enables providers to deliver in-person and online therapy and psychiatric care, announced it has raised $150 million in a Series D round as it expands partnerships with health plans, employers, and health systems. The financing was led by existing investors TCV and Growth Equity at Goldman Sachs Alternatives, with new participation from BCI and Menlo Ventures, alongside existing backers Sequoia, SignalFire, and Transformation Capital. The company said the round reflects investor confidence in its strategy to improve access to and outcomes in mental health care.
Over the past five years, more than two million people have used Grow’s platform for therapy and medication management. In 2025 alone, the company facilitated seven million visits, bringing its lifetime total to 10 million appointments. Grow reports that nine in 10 clients would strongly recommend the service, with an 85 Net Promoter Score. According to the company, 80% of clients see measurable symptom improvement within 30 days.
Since its Series C round in April 2024, Grow has expanded its technology and partnerships. The company enhanced its scheduling, billing and electronic health record software and introduced free, clinically guided AI-assisted notes. Grow said provider documentation time has dropped by nearly 70% while maintaining note accuracy. Through its mobile app, clients can access AI-driven tools between sessions, and with consent, share insights with providers before appointments.
Grow also expanded its insurer network from 75 to more than 125 health plan partners, including Medicare and Medicaid, making its services accessible to 220 million people nationwide. The company said clients pay an average of $21 per visit, with one in three paying nothing out of pocket.
In addition, Grow has formed flagship partnerships with major insurers, including Guidewell and its care navigation partner Lucet, focused on improving clinical outcomes, lowering total costs and enhancing member experience. The company is also expanding into employer-sponsored mental health programs, aiming to integrate employee assistance programs with health plan coverage so employees can transition seamlessly to insurance-covered care without changing providers.
Grow is extending its platform to health systems as well, including Circle Medical, enabling more coordinated referrals and smoother transitions from screening to treatment.
The company said it will use the new funding to deepen integrations across health plans, health systems and employers while continuing to invest in clinically guided technology to improve outcomes and expand access to care.
KEY QUOTES
“Grow has built alliances and capabilities that deliver win-win-win results for clients, providers, and all of our other partners with a stake in mental health care. This Series D reflects investor confidence in Grow’s ability to execute a high-impact strategy and continue making mental health care more accessible, effective and connected.”
Jake Cooper, CEO And Co-founder Of Grow Therapy
“TCV loves backing great entrepreneurs targeting very large market opportunities. We are excited to continue to partner with Grow on the journey to provide access to, and improvement of, quality mental health care.”
Jay Hoag, Founding General Partner At TCV
“We’re thrilled to back Grow on its mission to deliver breakthrough products and care for mental health. Their technology is grounded in a deep understanding of what people, providers, and business partners need for superior outcomes. Grow has consistently exceeded lofty expectations through world-class execution at scale, and we strongly believe they will define and lead the category for years to come.”
Matt Murphy, Partner At Menlo Ventures
“What makes Grow’s value to employers distinct is our ability to balance competing demands. A mentally healthy workforce is more productive by every measure, but employers also have to contain rising costs. Grow offers a rigorously vetted network that delivers measurable mental health improvements in a model designed to complement, not compete with, existing health plan benefits.”
Julie Harris, VP Of Enterprise Partnerships At Grow Therapy
