Telehealth Startup Options MD Raised $3.8M in Pre-Seed Funding to Expand Mental Health Platform
Fresh funding, led by Bread & Butter Ventures, enables the telehealth service provider to offer solutions to patients with severe and treatment-resistant mental illnesses
LOS ANGELES, Nov. 1, 2022 /PRNewswire/ -- Options MD, a telehealth startup providing high-quality care for treatment-resistant depression (TRD), today announced $2.35M in funding, bringing their total pre-seed funding to nearly $4M. The round was led by Bread & Butter Ventures, alongside participation from M13, Bright Ventures and Collab Capital. MedMountain Ventures and Techstars also reinvested in the company. In addition, Options MD received $100K from the Google for Startups Latino Founders Fund. The funding will enable Options MD to increase patient access to critical care and treatments that address severe and treatment-resistant mental illnesses.
With a team of medical researchers and clinical experts specializing in TRD, Options MD offers a unique personalized care model, including proprietary treatment-matching software, allowing patients unparalleled access to innovative treatments. Highly specialized clinicians curate research-backed treatment plans focused on higher quality care, including over 200 treatments that range from pharmacological protocols and evidence-based behavioral treatments to non-pharmaceutical methodologies and lifestyle changes.
Co-Founders of Options MD, Morgan Hewett and Kyle Pierce, are on a mission to prevent thousands of deaths from suicide by addressing the $64B whitespace that is treatment-resistant mental illnesses.[1] Having watched firsthand as their family and friends struggled with mental health, Options MD was launched as a resource to deliver personalized care to mental health patients deemed "treatment resistant" by physicians. With backgrounds in healthcare marketing, technology, data privacy and health-tech law, Hewett and Pierce are Black, queer, and Latinx co-founders who have broken barriers to be a part of the only 2.4% of founders like them who have received VC funding.
Kyle Pierce, Co-Founder Options MD, said: "Options MD is addressing the white space that exists for the estimated thirty-two million patients who are most challenging to the mental health system – those struggling with severe and treatment-resistant mental illnesses. Unlike the host of mental health platforms that focus only on patients suffering from milder mental health issues, Options MD has committed to supporting patients diagnosed with the most severe and chronic cases of mental illness. These patients have not responded to two or more medications of adequate dosage or duration."
Morgan Hewett, Co-Founder Options MD, said: "Instead of being incentivized to only offer one or two treatments, at Options MD, we believe care should be comprehensive and personalized. Through our virtual platform, we are nurturing one of the country's largest communities for treatment-resistant depression. We are focused on providing high-touch, high-quality care for this historically difficult-to-treat patient population."
Recent reports show the U.S. telehealth market size was valued at US$ 23.8 billion in 2021 and is expected to hit US$ 309.9 billion by 2030.[2] The global COVID-19 pandemic saw increased demand for accessible healthcare solutions for patients when they need it most. Answering the call for solutions that provide accessible quality care, Options MD launched its virtual platform to ensure those with mental illness have a space to connect to clinicians and treatments tailored to their needs.
Dr. Carl Marci, Medical Advisor, Options MD, said: "The average patient in Options MD's community has suffered from chronic depression for 10 years, has already tried seven medications and is in a state of hopelessness by the time they access Options MD.[3] By combining digital assessments with human interactions and advanced care planning, Options MD is in a unique position to make an impact on one of the most critical populations within mental health."
Mary Grove, Managing Partner at Bread & Butter Ventures, said: "Options MD's mission resonates through its transformative approach to bringing together care navigation, clinical treatment, and community support for those experiencing treatment resistant depression. Bread & Butter Ventures' investment in Options MD underscores our confidence in its leadership team to succeed in the mission to democratize access to quality care for patients who are painfully lacking effective options in today's market and to drive disruption and innovation in the behavioral health industry."
The pre-seed funding will enable the expansion of clinical operations and medical research in addition to enhancements to Options MD's proprietary clinical protocols.
To learn more about Options MD, visit www.optionsmd.com.
Options MD™ is a telehealth company enabling patients to access mental health care and treatment options that address severe and treatment-resistant mental illnesses. Our bold mission is to help patients and clinicians access industry-leading solutions to inform the treatment of a disproportionately affected but under-served patient population. With highly-specialized clinicians and medical researchers paired with unparalleled treatment matching software, patients suffering from treatment-resistant depression can access over 200 treatment possibilities, including pharmaceuticals, intensive behavioral therapies, non-pharmaceutical methodologies, and lifestyle changes. Learn more at Options MD.com.
This press release and any statements included herein may contain forward-looking statements regarding Options MD. Forward-looking statements provide current expectations or forecasts of future events and may include statements regarding results, anticipated synergies and other future expectations. These statements involve risks and uncertainties including factors outside of the control of Options MD that may cause actual results to differ materially. Options MD undertakes no obligation to update or revise the statements made herein, whether as a result of new information, future events or otherwise.
[1] Source: Dawn F. Ionescu, MD, Jerrold F. Rosenbaum, MD*, Jonathan E. Alpert, MD, PhD, 2015. Pharmacological approaches to the challenge of treatment-resistant depression. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4518696/
[2] Source: Nova One Advisor. U.S. Telehealth Market Size, Share & Trends Analysis Report. 2022. https://www.novaoneadvisor.com/toc/us-telehealth-market
[3] Source: Options MD. Unpublished Internal Data and Insights.2022.
SOURCE Options MD
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