Boulder Care, a digital startup that coordinates treatment services for individuals struggling with opioid use disorder (OUD), has announced $10.5 million in Series A funding.
In a blog post last week on Medium, Boulder co-founder and CEO Stephanie Papes announced the funding and that the company has enlisted Greycroft Partners and Tusk Ventures to provide financial backing as it expands its services to new customers, primarily in the Pacific Northwest.
The Portland, Oregon-based company, which was established in 2017, allows users to receive OUD treatment services by way of a digital app, whereby caregivers can connect with patients 24 hours a day, seven days a week, through video for counseling and support services.
The counseling sessions are utilized by patients in conjunction with administration of the drug buprenorphine to help treat OUD.
Patients are supplied with lab drug testing kits for DNA collection that are utilized during the video sessions. They are also provided with a kit containing the nasal spray Narcan, which is to be used in the event they experience an opioid relapse that results in an overdose.
Along with the additions of Greycroft and Tusk, the company recently signed a deal with Mountlake Terrace, Washington-based health insurer Premera Blue Cross.
Under the deal, the insurer will initially provide coverage of Boulder Care to members in Alaska, with the goal being to eventually reach millions more by expanding into the contiguous United States, throughout the Pacific Northwest.
“As we expand deeper in the Pacific Northwest through a value-based contract with Premera Blue Cross, Boulder aims to soon reach 2 million more people,” Papes said in the blog post. “We strive to cut costs while dramatically improving patient outcomes in [Oregon], [Alaska], [Washington state] and beyond.”
Series A is the first of three fundraising phases a startup company goes through (the others being Part B and Part C, with a fourth Part D phase sometimes added).
Startups in the Series A phase, according to financial education website Investopedia, generally raise between $2 million and $15 million to support daily business operations before advancing to other financing rounds.
Other early stage investment firms that have provided Series A capital to Boulder include Acumen, BoxGroup, First Round and SV Angel.