Psychological well being startup Develop Remedy scores $75M in Sequence B funding

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New York-based Develop Remedy, which affords psychological well being suppliers instruments to assist them begin their non-public observe and be lined by insurance coverage, has raised $75 million in Sequence B funding.

The spherical was led by TCV and Transformation Capital, and supported by current buyers SignalFire and SVB. 

The funds will probably be used to develop the corporate’s insurance coverage protection, enhance its choices and construct its crew. Particularly, the corporate will develop industrial insurance coverage together with Medicare and Medicaid protection from 13 states to all 50 states and broaden its on-line market capabilities, EHR platform and medical assets. 

WHAT THEY DO

Develop Remedy affords a know-how platform offering psychological well being suppliers instruments to arrange in-person and digital practices, connecting these needing remedy to these offering psychological well being care. 

The corporate additionally works with payers — akin to Humana, Aetna, Cigna, Florida Blue Cross Blue Defend and United Healthcare — and develops offers the place suppliers in its community are lined by insurance coverage. 

In line with Crunchbase, the startup has raised $90 million up to now.

“We’re nothing however optimistic for a future the place beginning a non-public observe is seamless, and accessing high-quality psychological healthcare is table-stakes,” Jake Cooper, CEO of Develop Remedy, stated in a press release. 

MARKET SNAPSHOT

In August, Alma, an organization much like Develop Remedy that additionally focuses on supporting psychological well being professionals in constructing their practices and organising contracts, introduced $130 million in a Sequence D funding spherical. The spherical got here a couple of yr after the corporate introduced its $50 million Sequence C. 

Quartet Well being is one other tech-backed firm that matches sufferers and psychological well being professionals. In 2021, the corporate introduced its acquisition of InnovaTel Telepsychiatry for an undisclosed sum, simply days after saying a $60 million funding spherical. 



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