Exclusive: Telemental health provider UpLift acquires women-focused Minded
Telemental health startup UpLift acquired women-focused online psychiatry provider Minded, UpLift CEO Kyle Talcott tells Axios exclusively.
Why it matters: The market downturn has turned many behavioral health startups into assets for well-positioned later stage companies as a growing mental health crisis keeps demand for their services high.
Details: The deal for Minded, completed as an all-stock transaction, represents UpLift's first acquisition — but not its last, per Talcott.
- UpLift is taking on Minded's intellectual property, contracts, and infrastructure, but will not be taking on its employees.
- The deal comes just four months after UpLift closed a $10.7 million Series A round.
What's next: Talcott says UpLift has another acquisition "in the works right now."
How it [will] work: New York City-based Minded offered psychiatry focused on women's behavioral health needs, and Tampa, Florida-based UpLift contracts with commercial plans, Medicaid, and Medicare to offer virtual-first psychotherapy and psychiatry services that are covered by insurance.
- "We look forward for their patients, transitioning as many as we can into an insurance-based model," says Talcott.
Flashback: Talcott was introduced to one of Minded's investors through Redesign Health, the startup builder that helped launch UpLift.
What they're saying: "This is our first acquisition and certainly not our last," Talcott says.
State of play: Recent M&A deals in the behavioral health sector include: