Psychological well being startup Develop Remedy scores $75M in Collection B funding

New York-based Develop Remedy, which presents psychological well being suppliers instruments to assist them begin their personal observe and be lined by insurance coverage, has raised $75 million in Collection B funding.

The spherical was led by TCV and Transformation Capital, and supported by current traders SignalFire and SVB. 

The funds shall be used to increase the corporate’s insurance coverage protection, enhance its choices and construct its workforce. Particularly, the corporate will increase industrial insurance coverage together with Medicare and Medicaid protection from 13 states to all 50 states and broaden its on-line market capabilities, EHR platform and medical sources. 

WHAT THEY DO

Develop Remedy presents a know-how platform offering psychological well being suppliers instruments to arrange in-person and digital practices, connecting these needing remedy to these offering psychological well being care. 

The corporate additionally works with payers — resembling Humana, Aetna, Cigna, Florida Blue Cross Blue Protect and United Healthcare — and develops offers the place suppliers in its community are lined by insurance coverage. 

In line with Crunchbase, the startup has raised $90 million thus far.

“We’re nothing however optimistic for a future the place beginning a non-public observe is seamless, and accessing high-quality psychological healthcare is table-stakes,” Jake Cooper, CEO of Develop Remedy, stated in an announcement. 

MARKET SNAPSHOT

In August, Alma, an organization much like Develop Remedy that additionally focuses on supporting psychological well being professionals in constructing their practices and organising contracts, introduced $130 million in a Collection D funding spherical. The spherical got here a couple of 12 months after the corporate introduced its $50 million Collection C. 

Quartet Well being is one other tech-backed firm that matches sufferers and psychological well being professionals. In 2021, the corporate introduced its acquisition of InnovaTel Telepsychiatry for an undisclosed sum, simply days after asserting a $60 million funding spherical.