Octave, a provider of outcomes-focused behavioral health care, has announced the successful completion of a $52 million Series C funding round. The funding will be used to support the national expansion of Octave’s evidence-based, in-network therapy services.
The round was led by Cigna Ventures, Novo Holdings, and Avidity Partners, with participation from existing investors including Health Velocity Capital, Greycroft Partners, Felicis Ventures, Company Ventures, and Obvious Ventures.
Octave, founded in 2018, has experienced rapid growth and currently serves 18 million covered lives across seven states in the U.S. The company’s value-based care model has facilitated unique partnerships with major national payers.
The new funding will enable Octave to expand its services to additional regions later this year and aims to establish a presence in all 50 states by 2024. Octave also plans to release new technology products to support its payer and provider partners.
With this funding round, Octave’s total funding reaches $86 million. The company’s mission goes beyond providing accessible mental health care; it aims to shape and improve the entire system of care delivery.
Octave aims to influence how mental health care is paid for, discovered, and supported, with a focus on effectiveness and sustainability. The team is excited to collaborate with new investors who bring valuable experience in scaling healthcare companies across private and public markets.
Investors in the behavioral health space are increasingly focused on financial sustainability and strong growth strategies. Behavioral health investments decreased from $4.8 billion in 2021 to $2.1 billion in 2022, and the downward trend continued in the first quarter of 2023, according to Rock Health.
Octave’s patient-centric model, which prioritizes access to mental health care while addressing provider objectives, aligns with the investment strategies of Cigna Ventures, Novo Holdings, and Avidity Partners. These investors believe in Octave’s potential to set new standards in behavioral care delivery and make a lasting impact on patient lives.