Outpatient mental health provider Resilience Lab announced Thursday it closed a $15 million Series A funding round.
Investment firms Viewside Capital Partners and Morningside led the round. Twenty unnamed health and technology entrepreneurs also invested, according to a news release. The cash infusion is expected to fund Resilience Lab’s growth, notably in its education segment, the release noted.
Resilience Lab, based in New York City, is looking to tackle the workforce shortage by training 20,000 new clinicians through the Resilience Institute. The company launched the in-house, board-certified continuing education program in March.
“Resilience Lab is a major step forward on prevailing disruptor models in behavioral care delivery,” Stephen Raggio, co-founder and managing partner of Viewside Capital Partners, said in the release. “It is the first sustainable model that takes a long-term, multivariate approach to solving the quality therapy bottleneck prevalent in the U.S. today.”
Resilience Lab also operates two other segments. One is its hybrid mental health practice, which employs more than 200 therapists. The other is a proprietary software system called Resilience Dashboard. Resilience Dashboard automates billing and reimbursement, and measures care outcomes. It is built on machine learning and collaboration software.
“[Resilience Lab’s leadership] have demonstrated that scaling therapist supply and developing therapists to the top of their craft are not mutually exclusive,” Raggio said.
The U.S. faces a shortage of mental health providers. The existing workforce can only meet 28% of the need in underserved communities.
Specific to psychologists, 60% have reported having no openings for new patients. At the same time, 72% report longer waitlists since the beginning of the pandemic, according to a new survey from the American Psychological Association.
Therapist and Columbia University professor Christine Carville and technology entrepreneur Marc Goldberg founded Resilience Lab in 2019.
“Whether due to a lack of supervised, real-world training options or completing supervised hours in roles unrelated to therapy, many social work, counseling and psychiatry graduates never become practicing therapists,” Carville said in the release. “I started Resilience Lab because I believe we can bridge the gap between academia, active therapeutic work with clients, and clinicians making a living in what they are trained, and love, to do.”
The company has been growing organically and prepping for accelerated growth.
In August, Resilience Lab expanded its leadership team with three new execs. All three worked for fast-growing startups including WeWork and Airbnb.
The company expanded into Pennsylvania and Massachusetts in July. Resilience Lab operates in five states and is in-network with Aetna, United Healthcare and Humana.
Morningside, based in Boston, makes venture capital and private equity investments in several industries. Its portfolio includes the digital mental health and neuroscience companies Aural Analytics, Big Health, Cognoa and Linus Health, to name a few.
Dallas-based health care-focused private equity firm Viewside Capital Partners makes investments in small- and middle-market companies. It specializes in health care tech and services.
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