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Hybrid mental health provider Lightfully Behavioral Health secured $50 million in equity from Regal Healthcare Capital Partners, CEO Jennifer Steiner tells Axios exclusively.

Why it matters: 5.5% of U.S. adults experienced serious mental illness in 2021.

How it works: The Thousand Oaks, California-based company offers residential programs, partial hospitalization, intensive outpatient programs and virtual services.

Founded in 2021, Lightfully has 14 clinics — mostly based in California, with locations selected by demand, Steiner says. Its providers treat conditions like depression, anxiety, OCD, personality disorders, trauma and PTSD.

Some patients are referred directly by therapists, while others come from inpatient hospital settings, and all are given full clinical assessments to decide the level of acuity.

The company also provides a teen program treating clients ages 12–17, as well as a virtual outpatient program for college students.

The big picture: "We are in the middle of the acuity sandwich," Steiner says. "Inpatient is at the very top and there is clearly a whole world in the middle, where the need is greatest."

What's next: Lightfully plans to open three more clinics this year in California, which has favorable treatment parity laws and a more centralized mental health infrastructure, according to Steiner.

"The plan is to move into additional states end of 2024, beginning of 2025," Steiner says, noting Lightfully hopes to expand in the Western U.S.

Flashback: Before founding Lightfully, Steiner was CEO of eating disorder treatment company Alsana.

Steiner also led InnerChange, a provider of long-term residential and outpatient programs for adolescents previously backed by Cressey.

The all-female executive team at Lightfully brings over 70 years of experience in the mental health space.

Catch up quick: The company received $30 million of development capital from Regal in 2021.

"We love the founder and her experience, as well as expertise in the space, but we also loved the virtual care add-on," says Regal general partner David Kim.

State of play: Americans see poor mental health as one of the biggest threats to public health — and while behavioral health remains underfunded, private equity continues to take interest in the space.

Turnbridge, a New Haven, Connecticut-based residential and outpatient behavioral health provider for adolescents with substance use disorder backed by North Castle Partners and Stonehenge Capital, is exploring a sale.

Being Health, a New York-based psychiatrist-founded mental health practice, raised $5.4 million in seed funding.

Flourish Labs, a San Francisco-based telehealth and training peer support platform for mental health, raised $6.6 million in seed funding.

Exclusive: Hybrid mental health platform Lightfully lands $50M

Lightfully is trying to help the 5.5% of U.S. adults who suffer from serious mental illness.

Illustration of a brain with abstract shapes and money elements.

Health tech deals

Hybrid mental health provider Lightfully Behavioral Health secured $50 million in equity from Regal Healthcare Capital Partners, CEO Jennifer Steiner tells Axios exclusively.Why it matters: 5.5% of U.S. adults <a class="gtmContentClick" data-vars-link-text="experienced serious mental illness" data-vars-click-url="https://link.axios.com/click/34753197.50/aHR0cHM6Ly93d3cubmFtaS5vcmcvbWhzdGF0cz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX3Byb25ld3NsZXR0ZXJ0ZXN0JnN0cmVhbT10b3A/63d7efa24889932dcb08ba1cB4bdb6900" data-vars-content-id="37cefcb1-2d7c-4f36-a57a-596a94939bd0" data-vars-headline="Exclusive: Hybrid mental health platform Lightfully lands $50M" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/34753197.50/aHR0cHM6Ly93d3cubmFtaS5vcmcvbWhzdGF0cz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX3Byb25ld3NsZXR0ZXJ0ZXN0JnN0cmVhbT10b3A/63d7efa24889932dcb08ba1cB4bdb6900" target="_self">experienced serious mental illness</a> in 2021.

Exclusive: Hybrid mental health platform Lightfully lands $50M

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