Grow Therapy reaps $88M to boost access to mental health care

Mental health-focused startup Grow Therapy has harvested $88 million in series C financing and launched a new measurement-informed care system to make value-based behavioural care accessible for all patient populations, including Medicaid and Medicare members.

Grow helps therapists and prescribers establish and expand their in-person and virtual private practices by equipping them with a suite of business tools and services, along with a pipeline of matched patient referrals.

CEO Jake Cooper said the company is "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."

The company's three-sided platform offers integrated vertical software and services to patients, providers, and payers, including patient-provider matching, insurance billing, electronic health records (EHR), and telehealth software and care navigation.

Enhanced tech stack 

The company is introducing an updated technology stack, featuring its telehealth infrastructure for in-session support, its enhanced measurement-informed care delivery system, and an advanced patient-matching algorithm. 

Since launching in 2020, Grow has carried out over 3 million patient encounters, partnered with more than 75 payers, and bolstered its network with over 12,000 providers.

The financing was led by Sequoia Capital with participation from Growth Equity at Goldman Sachs Alternatives and PLUS Capital, alongside several artists and athletes. Existing backers Transformation Capital, SignalFire and TCV also contributed. The latest round adds to a $75-million raise in 2022.