Behavioral health startup Octave has raised $11 million in Series A funding. That brings the San Francisco-based company’s total raised up to $14 million, according to the online startup fundraising tracker Crunchbase.
The investment round was led by New York-based private equity firm Greycroft, with money also coming from San Francisco-based venture capital firm Obvious Ventures.
Founded in 2018, Octave aims to fill gaps in the accessibility of mental health services. The behavioral health practice offers personalized in-person therapy and a variety of specialty group classes in New York and is currently adding services in San Francisco. Additionally, it provides virtual coaching to people across the country.
The new funding will help Octave continue to expand nationally, specifically in New York and California, according to a press release announcing the news. Octave will open its first San Francisco office later this month and its second New York City office later this year.
Octave has grown quickly in its brief existence. Although the startup currently only offers in-person services in two markets, it has expanded its virtual coaching capabilities to serve patients “in multiple states and even internationally,” according to the press release.
Plus, the company’s executive team is growing, and it has plans to hire additional staff therapists, triple its provider base and add a variety of free and affordable classes in the months to come.
On top of that, Octave recently announced a partnership with Anthem Blue Cross of California, which will allow Octave to serve beneficiaries as an in-network provider, according to the press release.
“With Octave, I wanted to not only make it easier to find a great therapist, but also create a place that would allow people to focus more deeply on their emotional well-being,” founder and CEO Sandeep Acharya said in the press release. “I’m excited to bring this concept to more people as we continue to grow and expand our practice into new markets.”
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