Eleanor Health revealed Thursday that it landed a $50 million Series C funding round.
The Waltham, Massachusetts-based addiction and mental health care provider is built around deploying population health and value-based payment models, putting it at the forefront of behavioral health startups with innovative care and reimbursement models.
Launched in 2019, the company has raised about $82 million, based on previous funding data from the investment tracking site crunchbase.com.
Eleanor Health will use the new capital to launch additional risk-based population health partnerships with other organizations, expand into new markets including Texas, continue to develop its “proprietary care delivery and analytics,” and scale its data-driven whole-person care model to its existing six markets, according to a news release.
“This funding represents an important investment in our community member populations, who are oftentimes stigmatized and underserved by our healthcare system,” Eleanor Health Co-founder and CEO Corbin Petro said in a post on LinkedIn. “Changing the way that mental health and addiction care is delivered and paid for is hard work. We are humbled and excited to continue onwards with the support from an incredible group of investors and partners.”
By the end of 2022, Eleanor Health will manage more than 60,000 members and be available to over 22 million under its innovative partnership models, the release states.
Its services include medication-assisted therapy, psychiatry, individual and group therapy, peer recovery coaching, health navigation, telehealth and nurse case management, the release states
Cambridge, Massachusetts-based venture capital firm General Catalyst led the funding round. Existing investors Warburg Pincus and Town Hall Ventures, both based in New York City, participated. Bethesda, Maryland-based Northpond Ventures and New York City-based Rethink Impact joined as new investors.
Eleanor Health announced local value-based care partnerships with managed care organization Amerigroup Washington in February and Tufts Health Plan’s Point32Health in December. The company also has a local partnership with UnitedHealth Group’s Optum and a national partnership with Aetna Inc.’s commercial insurance business, according to the release.
“We don’t always see the technology sector leading the fight on something like addiction and mental health,” Jenny Abramson, founder and managing partner at Rethink Impact, said in the release. “By leaning into more blended care models, innovative payer partnerships and with strong, diverse leaders at the helm, we think that Eleanor has the capacity to be the change that people struggling with addiction and other mental health conditions need.”