Mental health technology company Grow Therapy has raised $88 million in a Series C funding round led by Sequoia Capital. The round also included participation from Growth Equity at Goldman Sachs Alternatives, PLUS Capital, and artists/athletes including Anna Kendrick, Lily Collins, and professional athletes Dak Prescott, Joe Burrow, Jrue Holiday and Lauren Holiday.
At Grow Therapy, we believe everyone should have access to personalized therapy, not just those who can afford to pay out of pocket. So we’ve built a community of vetted therapists – all covered by insurance.
Grow Therapy operates a three-sided platform connecting patients, providers, and payors to improve access to effective mental healthcare. The company matches patients with providers, handles insurance billing, and provides electronic health records and telehealth software.
Since launching in 2020, Grow Therapy has facilitated over 3 million patient encounters with a network of more than 12,000 providers across 20 states. The company prides itself on industry-leading metrics like short wait times (4 days to first appointment), high patient satisfaction (85 Net Promoter Score), and clinically significant symptom reduction for clients. Grow works with over 75 payors including major insurers.
The new funding will allow Grow Therapy to further develop its technology and care infrastructure. This includes enhancements to the company’s proprietary telehealth platform, electronic health records system, and its core system for “measurement-informed care.” This approach utilizes clinical assessments and data-driven insights to personalize treatment plans and track outcomes.
Sequoia Capital Partner Pat Grady commented that Grow Therapy is addressing the critical need for accessible, effective mental healthcare through its integrated platform approach and focus on measurement-driven quality care. The funding will support Grow’s mission of empowering more people to engage with trusted mental health support.
Grow Therapy CEO Jake Cooper said the funding and technology advancements will help the company fulfill its goal of making high-quality care accessible to all populations regardless of background or financial circumstances. This includes expanding Medicaid and Medicare access.
The round signals investors’ confidence in Grow Therapy’s provider-centric model and vision of building the infrastructure for the future of mental healthcare. By empowering therapists and leveraging data insights, Grow aims to transform an historically fragmented industry to better serve both clinicians and their patients. This technology-driven approach could help address the growing societal demand for more affordable and effective mental health solutions.