Positive Development has secured a debt financing facility of up to $45 million to support nationwide expansion of its developmental therapy and autism diagnostics services. The facility was provided by Silicon Valley Bank (SVB), a division of First Citizens Bank, and Pinegrove Venture Partners.
The McLean, Virginia-based company said the new facility refinances its existing credit facility and adds flexible, non-dilutive capital to fund its next phase of growth. Proceeds will be used to expand services in both new and existing U.S. markets, pursue strategic acquisitions, and increase access to care for families through commercial insurance and Medicaid health plans.
The financing follows Positive Development’s recent $51.5 million Series C raise and the company’s continued growth in health plan relationships, including partnerships it cited with Anthem Blue Cross and Blue Shield and Oklahoma Complete Health. Positive Development positions its approach as a developmental relationship-based therapy model designed to deliver autism care at lower intensity and lower cost, with an emphasis on outcomes measurement and evaluation.
SVB said the facility reflects confidence in Positive Development’s leadership and clinical model as the company scales its therapy and diagnostic offerings across more geographies.
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“With this new facility, we are strengthening our balance sheet and giving ourselves the flexibility to scale our model in a thoughtful, sustainable way. Our goal is to make high-quality developmental therapy accessible to families in every state, regardless of payer. SVB has been a long-standing partner of ours, and we’re excited to deepen that relationship alongside Pinegrove as we enter our next phase of growth.”
Mike Suiters, Co-founder and CEO, Positive Development
“Positive Development is expanding access to high-quality autism therapy and diagnostics that is delivering meaningful outcomes for children and families. SVB is excited to continue our relationship with Positive Development by providing this facility to help them grow and scale their business.”
Megan Scheffel, Head of Life Science and Healthcare, SVB
