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Telepsychiatry provider Talkiatry raised a $130 million Series C led by Andreessen Horowitz to scale value-based mental health care.

Why it matters: Though the government spent $280 billion in 2020 on mental health services, access to care is prohibited by insurance roadblocks.

Zoom in: The funding was a mix of debt and equity. Perceptive Advisors also participated, with debt financing provided by Banc of California.

What they're saying: CEO Robert Krayn told the Wall Street Journal the company is preparing for an eventual IPO.

How it works: Founded in 2020, the NYC company employs 300 full-time licensed psychiatrists who serve patients with conditions including anxiety, bipolar disorder, depression, OCD and PTSD across 43 states.

Talkiatry is in-network with more than 60 health plans, including Aetna, Blue Cross Blue Shield, United Healthcare, Cigna and Humana.

Between the lines: Most of Talkiatry's physician-level providers are W-2 staffers, in contrast to an industry standard that has historically prioritized employing independent contractors.

Catch up quick: Talkiatry has raised $245 million to date, with previous participation from investors including Left Lane Capital and Blisce.

Krayn told Axios the company was looking at prospective acquisition targets alongside fundraising last October.

State of play: Telemental care companies have seen significant deal activity as providers work to close the care gap.

Full-range telemental health provider Brightside Health raised a $33 million Series C in March.

Telemental health startup UpLift acquired higher education-focused mental health provider TAO Connect for a mix of cash and stock, also in March.

Therapy enabler Grow Therapy raised an $88 million Series C led by Sequoia Capital in April.

Suicide intervention startup Vita Health raised $22.5 million in Series A in January.

💭 Our thought bubble: Talkiatry's insurance foothold positions it well to tackle an otherwise tough battle of scaling VBC in mental health care.

Talkiatry gets $130M to scale value-based telemental health

The NYC company employs 300 full-time licensed psychiatrists across 43 states.

Illustration of a man in profile with a phone over the top half of his head revealing a view of his brain.

Health tech deals

Telepsychiatry provider Talkiatry raised a $130 million Series C led by Andreessen Horowitz to scale value-based mental health care.Why it matters: Though the government <a class="gtmContentClick" data-vars-link-text="spent $280 billion" data-vars-click-url="https://link.axios.com/click/35758224.31/aHR0cHM6Ly93d3cud2hpdGVob3VzZS5nb3YvY2VhL3dyaXR0ZW4tbWF0ZXJpYWxzLzIwMjIvMDUvMzEvcmVkdWNpbmctdGhlLWVjb25vbWljLWJ1cmRlbi1vZi11bm1ldC1tZW50YWwtaGVhbHRoLW5lZWRzLz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX3Byb25ld3NsZXR0ZXJ0ZXN0JnN0cmVhbT10b3AjOn46dGV4dD1UaGUlMjBGZWRlcmFsJTIwR292ZXJubWVudCUyMGNvdmVycyUyMHNvbWUsQnV0JTIwbW9yZSUyMGNvdWxkJTIwYmUlMjBkb25lLg/63d7efa24889932dcb08ba1cBaefe1f78" data-vars-content-id="2b178d37-ad99-4ce2-9c52-8a34ce16bd53" data-vars-headline="Talkiatry gets $130M to scale value-based telemental health" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/35758224.31/aHR0cHM6Ly93d3cud2hpdGVob3VzZS5nb3YvY2VhL3dyaXR0ZW4tbWF0ZXJpYWxzLzIwMjIvMDUvMzEvcmVkdWNpbmctdGhlLWVjb25vbWljLWJ1cmRlbi1vZi11bm1ldC1tZW50YWwtaGVhbHRoLW5lZWRzLz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX3Byb25ld3NsZXR0ZXJ0ZXN0JnN0cmVhbT10b3AjOn46dGV4dD1UaGUlMjBGZWRlcmFsJTIwR292ZXJubWVudCUyMGNvdmVycyUyMHNvbWUsQnV0JTIwbW9yZSUyMGNvdWxkJTIwYmUlMjBkb25lLg/63d7efa24889932dcb08ba1cBaefe1f78" target="_self">spent $280 billion</a> in 2020 on mental health services, <a class="gtmContentClick" data-vars-link-text="access to care" data-vars-click-url="https://link.axios.com/click/35758224.31/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjQvMDEvMjkvbWVudGFsLWhlYWx0aC1jYXJlLWZ1bmRpbmctYWRkaWN0aW9uLWlsbG5lc3M_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXNlbmR0b19wcm9uZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/63d7efa24889932dcb08ba1cB58083f2d" data-vars-content-id="2b178d37-ad99-4ce2-9c52-8a34ce16bd53" data-vars-headline="Talkiatry gets $130M to scale value-based telemental health" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/35758224.31/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjQvMDEvMjkvbWVudGFsLWhlYWx0aC1jYXJlLWZ1bmRpbmctYWRkaWN0aW9uLWlsbG5lc3M_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXNlbmR0b19wcm9uZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/63d7efa24889932dcb08ba1cB58083f2d" target="_self">access to care</a> is prohibited by <a class="gtmContentClick" data-vars-link-text="insurance roadblocks" data-vars-click-url="https://link.axios.com/click/35758224.31/aHR0cHM6Ly93d3cubnByLm9yZy9zZWN0aW9ucy9oZWFsdGgtc2hvdHMvMjAyMy8xMi8xMy8xMjE4OTUzNzg5L21vc3QtYW1lcmljYW5zLXdpdGgtbWVudGFsLWhlYWx0aC1uZWVkcy1kb250LWdldC10cmVhdG1lbnQtcmVwb3J0LWZpbmRzP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1zZW5kdG9fcHJvbmV3c2xldHRlcnRlc3Qmc3RyZWFtPXRvcA/63d7efa24889932dcb08ba1cBf09c6e05" data-vars-content-id="2b178d37-ad99-4ce2-9c52-8a34ce16bd53" data-vars-headline="Talkiatry gets $130M to scale value-based telemental health" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/35758224.31/aHR0cHM6Ly93d3cubnByLm9yZy9zZWN0aW9ucy9oZWFsdGgtc2hvdHMvMjAyMy8xMi8xMy8xMjE4OTUzNzg5L21vc3QtYW1lcmljYW5zLXdpdGgtbWVudGFsLWhlYWx0aC1uZWVkcy1kb250LWdldC10cmVhdG1lbnQtcmVwb3J0LWZpbmRzP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1zZW5kdG9fcHJvbmV3c2xldHRlcnRlc3Qmc3RyZWFtPXRvcA/63d7efa24889932dcb08ba1cBf09c6e05" target="_self">insurance roadblocks</a>.

Talkiatry gets $130M to scale value-based telemental health

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