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Therapy provider and enabler Grow Therapy raised an $88 million Series C led by Sequoia Capital, CEO Jake Cooper tells Axios exclusively.

Why it matters: Grow is among a rising crop of tech-forward therapy startups that handle administrative work for providers and payers.

How it works: New York City-based Grow offers patients, providers, and payers a set of tools for patient-provider matching, insurance billing, EHR, and telehealth software and care navigation.

The company works with Aetna, Cigna, Florida Blue Cross Blue Shield, Humana, UnitedHealthcare, and accepts Medicaid and Medicare in several states.

Grow contracts with providers that are master's-level clinicians, psychologists, and psychiatric nurse practitioners.

Average wait time for patients to see a provider is four days, says Grow head of clinical excellence Cynthia Grant.

Grow tracks standard depression and anxiety outcomes using metrics such as the PHQ9 and GAD7.

What they're saying: "Yes, we make billing easy, but we also very much help providers receive referrals and help them deliver care and provide them with support," Cooper says. 

Providers "can choose to see however many clients they want, which payer plans they're going to accept new clients for, and they give us their hours and we build their schedule," adds Grow head of clinical excellence Cynthia Grant. 

Zoom in: New investors Goldman Sachs Alternatives and Plus Capital joined the round, alongside existing backers Transformation Capital, SignalFire, and Technology Crossover Ventures.

Funds will help update Grow's capabilities within its electronic health record system.

Cooper declined to say when he foresees Grow raising again.

Flashback: Grow raised a $75 million Series B in fall 2022.

The backstory: Cooper founded Grow in 2020 with COO Manoj Kanagaraj and CTO Alan Ni when the three executives witnessed rising rates of mental illness amid the pandemic and felt they could make a mark on the mental health treatment sector.

State of play: There were at least four significant venture deals in the therapy enablement sector in 2023.

Chicago-based Blueprint, a developer of patient tracking and assessment tools for mental health clinicians, closed a $9 million Series A last June.

Boston-based therapy voice analysis startup Eleos Health banked a $40 million Series B last November.

Heard, which handles administrative tasks for behavioral health providers, last June raised $15 million following a $10 million Series A.

Psychedelic therapy infrastructure company Journey Clinical collected an $8.5 million Series A last January.

Exclusive: Sequoia leads $88M Grow Therapy round

Sequoia Capital led the raise and Goldman Sachs joined.

Illustration of a hand watering a tree in a pot with money for leaves

Health tech deals

Therapy provider and enabler Grow Therapy raised an $88 million Series C led by Sequoia Capital, CEO Jake Cooper tells Axios exclusively.Why it matters: Grow is among a <a class="gtmContentClick" data-vars-link-text="rising crop" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2023/06/27/blueprint-raises-9m-series-a-mental-health-providers-administrative-tasks" data-vars-content-id="c0aeca7d-28e9-4cf3-823e-b2492162d9a6" data-vars-headline="Exclusive: Sequoia leads $88M Grow Therapy round" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2023/06/27/blueprint-raises-9m-series-a-mental-health-providers-administrative-tasks" target="_self">rising crop</a> of tech-forward therapy startups that handle administrative work for providers and payers.

Exclusive: Sequoia leads $88M Grow Therapy round

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