Grow Therapy, based in New York, has raised $75 million in Series B funding. The company provides mental health providers with tools to let them start their own private practice and be reimbursed by insurance.
TCV and Transformation Capital led the round, with previous investors SignalFire and SVB joining in.
The cash will be used to increase the company’s insurance coverage, improve its offers, and strengthen its personnel. In particular, the firm will increase commercial insurance, Medicare, and Medicaid coverage from 13 states to all 50 states, as well as grow its online marketplace, EHR platform, and clinical resources.
Grow Therapy is a digital platform that enables mental health professionals to establish in-person and virtual practices, connecting those in need of therapy with those who provide mental health care.
In addition, the company collaborates with payers such as Humana, Aetna, Cigna, Florida Blue Cross Blue Shield, and United Healthcare to negotiate agreements in which physicians in its network are covered by insurance.
Crunchbase reports that the business has raised $90 million to date.