Grow Therapy Announces $75m Series B Raise
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.
So… in the early months of the pandemic, with therapists overwhelmed and patients reporting 400% increase in anxiety and depression, 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 98-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 $75mm 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 are energized by our impact to date, we know we have so much further to go. From expanding from our 13 states to all 50, and from Commercial insurance to Medicare and Medicaid (which we accept in select states). To deepening the capabilities of our marketplace, EHR platform, and clinical resources. To growing our team, whose commitment, passion, and innovation makes it all possible. While our journey began from a shared frustration, we are nothing but optimistic for a future where starting a private practice is seamless, and accessing high quality mental healthcare is table-stakes.