Digital behavioral health education company Motivo Health raised $14 million in a Series A funding round led by Cox Enterprises.
The Atlanta-based startup is focused on digitally connecting pre-licensed therapists to community health organizations with clinical supervisors. New therapists are able to use the platform to search vetted supervisors by state, license type and speciality area.
Motivo enables pre-licensed therapists to complete supervision sessions virtually. It can also help track therapists’ progression towards licensure.
Motivo CEO Rachel McCrickard founded the company after seeing the challenges of finding clinical supervisors before becoming a licensed therapist.
“There is [a] tremendous opportunity to impact the mental health industry in a meaningful way,” Tim Howe, associate vice president of health care strategy and investments at Cox Enterprises, said in a statement. “Behavioral health is an important component of our health care strategy, and Motivo is focused on helping therapists, social workers, behavior analysts and psychologists take that final step in their career. As a licensed therapist herself, Rachel deeply understands the pain points that exist for therapists, and her solution addresses their most critical needs, with a focus on access and affordability.”
Motivo landed a $2.2 million seed funding round in 2019. This Series A investment – which also included participation from investors SteelSky Ventures and Great Oaks Venture Capital – brings the company’s total funding to $16.3 million.
The company has 23 full-time employees and is looking to grow. The new funding will help the company grow its sales and engineering team.
The infusion of cash will also go towards acquiring new contracts with behavioral health providers, digital health companies and health plans. In the future, the company has its sights set on providing continuing education for therapist re-certifications.
Digital behavioral health companies raked in $5.1 billion in venture dollars in 2021. However, the industry has cooled in the last year.
Rock Health reported virtual behavioral health companies raised $1.3 billion in the first half of 2022. Yet, $1 billion of that funding was raised in the first quarter of the year.
Motivo has helped over 2,500 therapists in obtaining licensure, according to the company. In its funding announcement, Motivo noted that 64% of those who obtain a master’s degree in counseling never become licensed due to the time and expense associated with completing licensure.
“At a time when our society needs quality mental health providers, it’s critical we leverage technology to remove unnecessary barriers in the licensure process,” McCrickard said in a statement.
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