Grow Therapy Secures $88M, Launches Enhanced Platform

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Grow Therapy Secures $88M, Launches Enhanced Platform for Value-Based Mental Healthcare

What You Should Know: 

– Grow Therapy, a mental health technology company focused on provider-centric care, raises $88M in Series C funding led by Sequoia Capital. The round included participation from Growth Equity at Goldman Sachs Alternatives, PLUS Capital, and a unique group of celebrity investors including Anna Kendrick, Lily Collins, and prominent athletes.

– The funding fuels Grow Therapy’s mission to make high-quality mental healthcare accessible to all.

Building a More Accessible Mental Healthcare System

Grow Therapy is a comprehensive platform to improve access to high-quality mental healthcare.  Their three-sided approach provides integrated solutions for patients, providers, and payers:

  • Patients: Grow Therapy offers seamless therapist matching, insurance billing support, secure electronic health records (EHR), and telehealth capabilities.
  • Providers: Therapists on the platform benefit from features like patient matching, in-session telehealth support, streamlined EHR with note-taking tools, and access to a supportive professional community.
  • Payers: Grow Therapy partners with insurers to offer value-based care models, ensuring cost-effective and high-quality mental health services for covered populations, including Medicaid and Medicare members.

Introducing the Next Generation of Mental Healthcare Technology

Grow Therapy is unveiling significant advancements to its platform, including:

  • Seamless Telehealth Infrastructure: Integrated with the Grow Therapy EHR, this new system allows therapists to manage treatment plans, goals, and notes directly within the telehealth platform.
  • Enhanced Measurement-Informed Care: This best-in-class system gathers and analyzes clinical assessments, providing visualizations and data-driven prompts to support high-quality care decisions.
  • Streamlined Note-Taking: Grow’s EHR system received major upgrades, offering customizable workflows, treatment plan prompts, and functionalities aligned with leading measurement-informed care protocols.
  • Advanced Patient Matching: Grow Therapy’s matching algorithm has been refined to ensure optimal compatibility between patients and therapists. Factors considered include therapist availability, specialty, diversity, and most importantly, care quality.
  • Expanded Support for Providers: Grow Therapy is investing in its clinical excellence program, offering therapists ongoing learning opportunities and fostering a supportive community for professional growth and collaboration.

A Track Record of Success

Since its founding in 2020, Grow Therapy has achieved impressive results:

  • Over 3 Million Patient Encounters: 94% of these encounters were conducted within a patient’s insurance network.
  • Industry-Leading Patient Satisfaction: Grow Therapy boasts an 85 Net Promoter Score and delivers clinically significant symptom reduction for moderate to severe cases (around 50%).
  • Trusted by Therapists: Over 12,000 therapists across various specialties and backgrounds have joined the platform, with a focus on diversity (44% BIPOC representation). Services are available both in-person and via telehealth across 20 states, with plans for further expansion.
  • Strong Payor Network: Grow Therapy collaborates with over 75 insurers, offering tailored services to meet the needs of each health plan and its members.

“Our team believes that empowering people to find and engage with effective mental health support – regardless of their background, geography or financial circumstances – is the most pressing need of our time. The two announcements we’ve made today, including the close of our $88 million Series C from Sequoia Capital and Goldman Sachs Alternatives and the launch of our new measurement-informed care system, represent tremendous strides in helping us fulfill that goal. Together with our partners and stakeholders, we are 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,” said Grow Therapy CEO Jake Cooper.

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