Grow Therapy, a provider-centric mental health technology company improving access to high-quality mental healthcare, announced the closing of its $88 million Series C investment round led by Sequoia Capital, with support from Growth Equity at Goldman Sachs Alternatives and PLUS Capital along with artists and athletes from their collective, including Anna Kendrick, Lily Collins, Dak Prescott, Joe Burrow, Jrue Holiday, and Lauren Holiday. Existing investors Transformation Capital, SignalFire, and TCV also joined the round.
Plus, the company announced the launch of its enhanced measurement-informed care system, which will elevate the care experience for clients and providers and make value-based behavioral care more accessible for all patient populations, including Medicaid and Medicare members.
Grow Therapy is a three-sided platform focused on empowering access to effective mental healthcare by providing integrated vertical software and services to patients, providers, and payors, including patient-provider matching, insurance billing, electronic health records (EHR) & telehealth software and care navigation.
being founded in 2020, Grow has:
1.) Conducted over 3 million patient encounters, with 94% in-network, while achieving industry-leading results for time-to-care (4 days), satisfaction (85 Net Promoter Score), and clinically significant symptom reduction (~50% for moderate to severe clients).
2.) Earned the trust of more than 12,000 providers, across all specialties (individual, couples, family, child & adolescent, prescribers), backgrounds (44% BIPOC), and geographies (20 states and more to come), delivering care in person and via telehealth.
3.) Partnered with 75+ payors across all business lines (Commercial, Medicaid, and Medicare). And Grow provides a menu of white glove services and data reporting to ensure its health plan partners’ member experience requirements and outcomes goals are met.
KEY QUOTES:
“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 $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.”
– Grow Therapy CEO Jake Cooper
“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. We’re proud to partner with the Grow Therapy team as they pursue the important mission of providing access to trusted mental healthcare.”
– Sequoia Capital Partner Pat Grady
“Our team at Grow Therapy is privileged to have the opportunity every day to build the infrastructure for this new age of mental healthcare. We are committed not only to scaling our platform and capabilities, but to providing the most effective, high quality mental health care in a way that delights our community of clinicians as they build their practices. Thank you to our patients, providers, payors, prescribers, investors, and team for this opportunity and responsibility.”
– Grow Head of Clinical Excellence Cynthia Grant PhD, LCSW
