New York-based mental health services company Grow Therapy (growtherapy.com) announced the completion of a $150 million Series D funding round, valuing the company at $3 billion. The round was led by existing investors TCV and Goldman Sachs Alternative Investments’ Growth Equity, with participation from new investors BCI and Menlo Ventures, as well as existing backers Sequoia Capital, SignalFire, and Transformation Capital.
Grow Therapy (growtherapy.com) aims to create a platform connecting patients with covered therapists, supporting in-person and online psychotherapy and psychiatric care. Since its founding in 2020, its platform has grown to include over 26,000 providers, serving over 2 million patients, and is projected to receive 7 million visits annually by 2025. Currently, over 220 million Americans can access its services through its more than 125 health insurance partners, including Medicare and Medicaid.
The company plans to use the new funding to deepen its partnerships with health plans, employers, and healthcare systems, and to expand workplace mental health benefits. Grow Therapy (growtherapy.com) aims to ensure continuity of care by providing employees with a seamless transition from Employee Assistance Programs to standard health insurance through integration with health insurance plans. In addition, the company will continue to invest in its technology platform, including its AI-assisted clinical record-keeping tool, which has helped service providers reduce record-keeping time by nearly 70%.
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