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New York-based Grow Therapy, a digital mental health company, has secured $150 million in Series D financing.
Existing investors TCV and Growth Equity at Goldman Sachs Alternatives led the round, alongside new investors BCI and Menlo Ventures. Sequoia, SignalFire and Transformation Capital also participated.
The company is also announcing plans to offer Grow through the employer benefits market and extend its mental health platform to health systems, including Circle Medical.
WHAT IT DOES
Grow Therapy's platform connects mental health providers and patients for in-person and telehealth visits for therapy and psychiatric care. The company works with employers, health systems and health plans.
The company says it plans to "deepen its integrations across all the paths people take to find mental health care" and further invest in its technology.
"We're thrilled to back Grow on its mission to deliver breakthrough products and care for mental health. Their technology is grounded in a deep understanding of what people, providers, and business partners need for superior outcomes," Matt Murphy, partner at Menlo Ventures, said in a statement.
"Grow has consistently exceeded lofty expectations through world-class execution at scale, and we strongly believe they will define and lead the category for years to come."
MARKET SNAPSHOT
In 2024, Grow Therapy closed an $88 million Series C funding round, two years after raising $75 million in Series B funding.
In 2021, the company raised $15 million in Series A funding.
The company has teamed up with numerous insurance providers, including Humana, Cigna, UnitedHealthcare and Aetna, to provide in-network coverage.
Other companies connecting therapists to patients include Spring Health, which in 2024 raised $100 million in a Series E funding round, boosting its valuation to $3.3 billion.
That same year, New York-based mental health platform Headway secured $100 million in Series D funding, more than doubling its valuation to $2.3 billion.
