What you should know:
– Cultivate therapya mental health technology company focused on provider-centered care, raises $88 million in Series C funding led by Sequoia Capital. The cycle included the participation of Growth Stocks at Goldman Sachs Alternatives, MORE Capitaland a unique group of celebrity investors, including Anna Kendrick, Lily Collins and A-list athletes.
– Funding fuels Grow Therapy’s mission to make high-quality mental health care accessible to everyone.
Building a more accessible mental health system
Grow Therapy is a comprehensive platform aimed at improving access to high-quality mental health care. Their three-pronged approach provides integrated solutions for patients, providers and payers:
- The patients: Grow Therapy offers seamless therapist matching, insurance billing support, secure electronic health records (EHRs), and telehealth capabilities.
- Suppliers: 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 provide value-based care models, ensuring cost-effective, high-quality mental health services for covered populations, including Medicaid and Medicare members.
Introducing the Next Generation of Mental Health Technology
Grow Therapy unveils significant advances on its platform, including:
- Seamless telehealth infrastructure: Integrated into Grow Therapy EHRthis new system allows therapists to manage treatment plans, goals and notes directly in the telehealth platform.
- Improved care based on metrics: This best-in-class system gathers and analyzes clinical assessments, providing data-driven visualizations and prompts to support high-quality care decisions.
- Simplified note taking: Grow’s EHR system has received major upgrades, offering customizable workflows, treatment plan prompts, and features aligned with leading metrics-based 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, quality of care.
- Extended support for providers: Grow Therapy invests in its Clinical Excellence Program, providing therapists with continuing education opportunities and fostering a supportive community for professional growth and collaboration.
A track record of success
Since its inception in 2020, Grow Therapy has achieved impressive results:
- More than 3 million patient encounters: 94% of these encounters took place within a patient’s insurance network.
- Industry-leading patient satisfaction: Grow Therapy has a Net Promoter Score of 85 and provides clinically meaningful symptom reduction for moderate to severe cases (approximately 50%).
- Approved by therapists: More than 12,000 therapists from various specialties and backgrounds have joined the platform, with a focus on diversity (44% BIPOC representation). Services are available in-person and via telehealth in 20 states, with plans for further expansion.
- Strong payer network: Grow Therapy partners with more than 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 benefit from effective mental health support – regardless of their background, geography or financial situation – is the most urgent need of our time. The two announcements we made today, including the closing of our $88 million Series C from Sequoia Capital and Goldman Sachs Alternatives and the launch of our new metrics-based care system, represent enormous progress to help us achieve this goal. Together with our partners and stakeholders, we are building an environment where people can easily find reliable, affordable care, and where therapists can serve their communities while building lasting and rewarding careers,” said Jake Cooper, CEO of Grow Therapy.
