Total amount raised
$90 Millions
Latest funding date
September, 2022
Location
Grow Therapy has successfully raised significant funding through multiple rounds, with its latest being a Series C. The platform offers mental health services covered by insurance, enabling users to book therapy sessions online and access therapists quickly.
Keep reading to explore the intricacies of Grow Therapy's fundraising journey and the investors backing this innovative platform.
What Is Grow Therapy?
Grow Therapy, founded in 2020, is a mental health technology company based in New York, New York. The company was established by Alan Ni, Jake Cooper, and Manoj Kanagaraj.
Grow Therapy provides therapists and prescribers with essential business tools, services, a peer community, and patient referrals to help them build and grow their practices. They collaborate with major insurers to ensure that more Americans have access to high-quality mental healthcare.
With a team of 251-500 employees, Grow Therapy is dedicated to improving access to mental health services across the United States.
How Much Funding Has Grow Therapy Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: October 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the initial foundation and develop the core platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: October 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and begin scaling operations.
- Series A
- Amount Raised: $15M
- Date: September 2021
- Lead Investors: SignalFire
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Debt Financing
- Amount Raised: $30M
- Date: September 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and growth initiatives.
- Series B
- Amount Raised: $45M
- Date: September 2022
- Lead Investors: TCV, Transformation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand market reach.
- Series C
- Amount Raised: $88M
- Date: April 2024
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch an enhanced measurement-informed care system and scale operations.
Total Amount Raised: $178M. Current Valuation: Not publicly disclosed.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a leading venture capital firm that led the Series C investment round for Grow Therapy. The firm is known for backing companies that drive significant shifts in their industries.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: Apple, Google, Airbnb
- TCV
- Details: TCV is a prominent growth equity firm that participated in Grow Therapy's Series B and Series C rounds. The firm has a history of investing in high-growth technology companies.
- Investment Focus Areas: Technology, internet, software
- Notable Investments: Netflix, Facebook, Spotify
- Transformation Capital
- Details: Transformation Capital is a venture capital firm focused on healthcare technology. They have been involved in multiple funding rounds for Grow Therapy, including Series B and Series C.
- Investment Focus Areas: Healthcare technology, digital health, therapeutics
- Notable Investments: Not publicly disclosed
- SignalFire
- Details: SignalFire is a venture capital firm that leverages data and AI to support its portfolio companies. They have invested in Grow Therapy's Series A, Series B, and Series C rounds.
- Investment Focus Areas: Technology, AI, data-driven companies
- Notable Investments: Not publicly disclosed
- Goldman Sachs Alternatives
- Details: Goldman Sachs Alternatives is the alternative investments arm of Goldman Sachs, participating in Grow Therapy's Series C round. They focus on a wide range of investment strategies.
- Investment Focus Areas: Private equity, real estate, infrastructure
- Notable Investments: Not publicly disclosed
What's Next for Grow Therapy?
Grow Therapy is poised to capitalize on the growing demand for accessible mental healthcare. With over 3 million patient encounters and partnerships with 75+ payors, the company is well-positioned to expand its measurement-informed care system and telehealth infrastructure. This expansion could significantly enhance patient-provider matching and care navigation, making mental health services more accessible to Medicaid and Medicare members.
Future fundraising opportunities appear promising, given the successful Series C round led by Sequoia Capital. The involvement of high-profile investors suggests strong support for continued growth. However, challenges such as navigating healthcare regulations and maintaining service quality across a growing network remain. As the company scales, it must address these hurdles to sustain its mission of providing high-quality mental healthcare.
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