The BFD: Talkiatry banks $130M Series C

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.

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