At Grow Therapy, our mission is to bridge the gap between therapists and people seeking mental health care. Most therapists aspire to start their own private practice, but face huge barriers and administrative challenges in doing so. These challenges consume clinical time and result in less availability for care, particularly impacting patients who can’t afford to pay premiums to skip the queues.
Key takeaways
- Grow Therapy raised $75M in Series B funding led by TCV, co-led by Transformation Capital, with support from SignalFire and SVB.
- Since founding in 2020, Grow has helped thousands of therapists start their own practices and served hundreds of thousands of patients through its marketplace, insurance engine, and EHR platform.
- Funding will support expansion to all 50 states, broader insurance coverage including Medicare and Medicaid, and continued development of Grow’s platform and team.
- Grow’s mission is to make starting a private practice seamless for therapists and make high-quality, in-network mental health care accessible for patients.
In the early months of the pandemic, with therapists overwhelmed and the WHO reporting a 25% surge in global anxiety and depression — with rates in the United States rising even higher, we founded Grow to help therapists start their own practices and serve insurance patients who were struggling to access affordable care.
Since our early days in the summer of 2020, we’ve had the privilege of enabling thousands of providers to start their own practice through Grow, serving hundreds of thousands of patients, across payor partners ranging from Optum to Blue Cross Blue Shield to Medicaid with the support, leadership, and inspiration of our now over 500-strong team. We’ve built a marketplace for patients to find an ideal therapeutic partner; an end-to-end insurance engine that lets providers seamlessly accept insurance, and patients reduce their costs through in-network benefits; and a comprehensive EHR platform for providers to take medical notes, schedule visits, and engage with their clients.
And today, I am thrilled to announce another major milestone on our journey: Our $75M Series B, led by TCV, co-led by Transformation Capital, with support from existing backers SignalFire and SVB. Leaders in the consumer internet and healthcare spaces, our new partners will be contributing their deep experience in consumer technology and healthcare to support our mission of empowering providers and expanding care to patients.
How will we use this funding? While we’re energized by what we’ve built, we know there’s so much further to go.
We’ll use this investment to deepen the capabilities of our marketplace, EHR platform, and clinical resources. We’ll expand our insurance coverage across more states, building on the commercial, Medicare, and Medicaid partnerships we’ve established. And we’ll continue growing our team — the 500 people whose commitment, passion, and innovation make all of it possible.
Our journey began from a shared frustration. We’re nothing but optimistic about what comes next: a future where starting a private practice is seamless, and accessing high-quality mental health care is table stakes.
Final thoughts
Grow Therapy was built on a simple but important idea: that therapists shouldn’t have to choose between helping patients and running a sustainable practice, and that patients shouldn’t have to pay out of pocket for mental health care because finding an in-network provider is too hard. This funding milestone is a step toward making both of those things true for more people.
If you’re a therapist looking to build your own practice, or someone looking for affordable mental health care, Grow Therapy is here to help.
Find an in-network therapist on Grow
Editor’s note: This post was originally published in [2022] when Grow Therapy announced its Series B round.
