Grow Therapy Raises $88M Sequoia Capital-Led Series C to Advance Effective Mental Healthcare

News provided by

Apr 08, 2024, 12:00 ET

The company launches measurement-informed care infrastructure to further support providers, patients, and payors

NEW YORK, April 8, 2024 /PRNewswire/ -- Grow Therapy, a provider-centric mental health technology company improving access to high-quality mental healthcare, today 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 alongside 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 participated in the round. Additionally, the company announced the launch of its enhanced measurement-informed care system, which will allow it to elevate the care experience for clients and providers and make value-based behavioral care accessible for all patient populations, including Medicaid and Medicare members.

Grow Therapy CEO Jake Cooper said, "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 is a three-sided platform dedicated to empowering access to effective mental healthcare by providing integrated vertical software and services to patients, providers, and payors, including seamless patient-provider matching, insurance billing, electronic health records (EHR) & telehealth software and care navigation.

Since its founding in 2020, Grow has:

Conducted more than 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).
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 today, with more to come), delivering care both in person and via telehealth.
Partnered with more than 75 payors across all business lines (Commercial, Medicaid, and Medicare). 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.

Launch of major advancements to care infrastructure

The rollout of the company's new technology stack includes Grow's proprietary telehealth infrastructure for in-session support, its best-in-class system for measurement-informed care delivery, and major enhancements to critical features and capabilities available to providers delivering care in-person or via telehealth. Additional details are below:

Proprietary telehealth infrastructure for in-session support: Features seamless integration with Grow's EHR, enabling providers to refer to and edit patient treatment plans, goals, clinical notes, and more.
Best-in-class system for measurement-informed care delivery: Collection and analysis of clinical assessments, with visualizations, and measurement-informed care prompts built into treatment planning to enable high-quality care outcomes.
Simple and compliant note system with customizable workflows: Significant advancements to Grow's proprietary EHR and comprehensive clinical note-taking infrastructure with treatment plan prompts, all in line with best-in-class measurement-informed care delivery protocols.
Advanced patient matching algorithm: Significant enhancements to the company's proprietary patient and provider matching algorithm, built to ensure strength of fit between patients and providers while accounting for availability, specialty, diversity and identity, and most importantly, care quality.
Extensive clinical excellence team supporting best practices: Expansion of Grow's clinical excellence program and provider community, which offers continued learning and development for providers and a network of like-minded professionals to lean on and engage with.

Sequoia Capital Partner Pat Grady said, "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."

Grow Head of Clinical Excellence Cynthia Grant PhD, LCSW, concluded, "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 Therapy was recently named on LinkedIn Top Startups List for 2023, BuiltIn's Best Places to Work, and New York Digital Health's Most Promising Startups.

Please click on the following links to learn more about Grow Therapy's support for therapists and prescribers, or here for information on joining the Grow team.

About Grow Therapy

Grow Therapy is a provider-centric mental health technology company improving access to high-quality mental healthcare. Grow Therapy provides therapists and prescribers with a suite of business tools and services, peer community, and pipeline of expertly matched patient referrals so that they can set up and grow thriving in-person and virtual private practices, within the communities they care about most. As a result, more Americans are accessing a wide variety of providers who not only best match their needs, but who take their insurance. Grow Therapy's network includes more than 12,000 providers and works with major insurers including Humana, Aetna, Cigna, Florida Blue Cross Blue Shield, and UnitedHealthcare. Some of Grow Therapy's key investors include Sequoia Capital, Goldman Sachs Alternatives, Transformation Capital, TCV, SignalFire, and Plus Capital. More information about Grow Therapy can be found at www.growtherapy.com.

Media Contact
Chris Clemens
Grow Therapy
E: [email protected]

SOURCE Grow Therapy