Virtual addiction treatment Workit Health raised $118 million in Series C funding led by Insight Partners.

Other investors participating in the round include CVS Health Ventures, FirstMark Capital, BCBS Venture Fund, and 3L Capital.

"Workit is at the forefront of massive acceleration in telemedicine adoption, which is key to solving the overdose crisis that was exacerbated by COVID-19. The risk factors associated with substance use have dramatically increased," Lisa McLaughlin, Workit Health's co-CEO, said in a statement.

"This latest funding round helps us grow our relationship-based, telehealth-first, value-based approach into new regions that are in desperate need of simple and trusted solutions like Workit."

WHAT IT DOES

Workit offers virtual therapy for substance use disorder and other addiction care, as well as medically assisted treatments like suboxone. The company has also expanded offerings for conditions that commonly occur with substance use disorder, like hepatitis C, depression, anxiety and insomnia. 

WHAT IT’S FOR

The company currently operates in ten states: Alaska, California, Florida, Michigan, Minnesota, New Jersey, Ohio, Oregon, Washington and Texas.

With the new influx of cash, Workit plans to expand into new regions and aims to be available nationwide by 2023. 

"We're establishing a new model for addiction care in America, and proud to be working with partners at the cutting edge of high growth in health care and technology," Robin McIntosh, Workit's co-CEO, said in a statement.

"We lost a record-breaking 90,000 people to overdose deaths last year due to an outdated treatment system. Thousands of inpatient programs shuttered, leaving patients nationwide stranded and cut off from access to care. With Workit, starting on the journey to recovery is as simple as downloading an app. Our ultimate goal is to democratize access to addiction care for anyone who wants it."

MARKET SNAPSHOT

Workit’s hefty Series C builds on a $12 million Series B from December 2020. 

Other digital treatments for substance use include Pear Therapeutics’ prescription digital therapeutics reSET and reSET-O, Quit Genius, axialHealthcare and Lucid Lane.