New York-based Grow Therapy, which offers mental health providers tools to help them start their private practice and be covered by insurance, has raised $75 million in Series B funding.

The round was led by TCV and Transformation Capital, and supported by existing investors SignalFire and SVB. 

The funds will be used to expand the company's insurance coverage, improve its offerings and build its team. Specifically, the company will expand commercial insurance along with Medicare and Medicaid coverage from 13 states to all 50 states and broaden its online marketplace capabilities, EHR platform and clinical resources. 

WHAT IT DOES

Grow Therapy offers a technology platform providing mental health providers tools to set up in-person and virtual practices, connecting those needing treatment to those providing mental health care. 

The company also works with payers – such as Humana, Aetna, Cigna, Florida Blue Cross Blue Shield and United Healthcare – and develops deals where providers in its network are covered by insurance.

According to Crunchbase, the startup has raised $90 million to date.

"We are nothing but optimistic for a future where starting a private practice is seamless, and accessing high-quality mental healthcare is table-stakes," Jake Cooper, CEO of Grow Therapy, said in a statement. 

MARKET SNAPSHOT

In August, Alma, a company similar to Grow Therapy that also focuses on supporting mental health professionals in building their practices and setting up contracts, announced $130 million in a Series D funding round. The round came about a year after the company announced its $50 million Series C.

Quartet Health is another tech-backed company that matches patients and mental health professionals. In 2021, the company announced its acquisition of InnovaTel Telepsychiatry for an undisclosed sum just days after announcing a $60 million funding round.