Ark Behavioral Health, an addiction treatment provider, has raised at least $11 million of a $20 million funding round, according to public documents.
A Securities and Exchange Commission filing reveals the Quincy, Massachusetts-based provider is seeking a mixture of equity and debt funding. It has secured investment from one undisclosed party, according to the filing.
The first sale happened on Sept. 7. It’s not clear how much Ark Behavioral Health has raised to date. The company has not announced how it will use the funds.
The company has not yet responded to a request for comment. This story may be updated.
Ark Behavioral Health operates five locations in Massachusetts and one in Van Wert, Ohio. It offers medical detoxification, outpatient services (partial hospitalization and intensive outpatient programs), medication-assisted treatment (MAT), residential treatment and aftercare support, according to its website.
It opened its Ohio Recovery Center in Van Wert in September. Ohio Recovery Center is encompassed by a 50-acre campus, is staffed by 70 full-time employees and offers medical detox and residential treatment for drug and alcohol abuse and addiction, according to a news release.
Ark Behavioral Health was founded in 2019. It secured investment from Minneapolis-based firms Hunter Street Partners and Healy Capital Partners in July 2020. Hunter Street Partners is an alternative investment management firm. Healy Capital Partners is a private equity and venture investment firm.
The announcement of the investment does not disclose an amount. The Hunter Street Healy Capital investment was intended to fuel Ark Behavioral Health’s expansion, according to a news release.
Hunter Street has made other moves in behavioral health as well. Last year, the firm sold a 51-property portfolio it acquired in 2019 that caters to people with intellectual and developmental disabilities (I/DD).