TimelyMD, a Fort Worth, Texas-based provider of telebehavioral health services for college students, has received a $60 million investment from JMI Equity, a growth equity firm specializing in the investment of software companies. The investment brings the company’s total funding raised thus far raised up to $65.7 million, according to the fundraising tracking site Crunchbase.
The news is in line with overall industry trends: Amid the pandemic, virtual behavioral health providers like TimelyMD have seen a wave of investment and interest. Last year, 55 deals took place within the digital behavioral health space, according to venture fund Rock Health.
TimelyMD works with colleges and universities to provide 24/7 counseling services at no cost to students, with the help of licensed providers in all 50 states. The company’s services are used as an around-the-clock extension of campuses’ counseling centers. Currently, it works with 80 schools nationwide, with some clients including Duke University, Emory University, Georgetown University, Johns Hopkins University, Los Rios Community College District, the University of Notre Dame and Paul Quinn College.
Founded in 2017, TimelyMD offers mental health counseling with or without scheduled appointments, as well as psychiatry and health coaching. The company, in a press release announcing the JMI investment, said that it currently serves 10 times as many students as it did early last year.
Like Americans everywhere, college students have experienced an accelerated need for behavioral health services amid the COVID-19 pandemic. As a result, more than 60% of all TimelyMD visits since March 2020 have been for mental health support, compared to 10% prior to the pandemic, according to the company.
TimelyMD says that the new investment will help it enhance the virtual care experience of students, improve health literacy at its partner schools, boost its technological platform to improve student outcomes and grow its team.
“Our mission at TimelyMD is to improve the well-being of college students by making virtual medical and mental health care accessible anytime, anywhere,” CEO and co-founder Luke Hejl said in a press release announcing the news. “This investment from JMI enables TimelyMD to achieve our vision to empower students to be well and thrive, eliminate barriers to care for an exponentially greater number of students, and better serve a growing and diverse range of institutions.”