Mental health tech startup Grow Therapy has announced that it is expanding into 22 new states. The New York-based company now offers its services in a total of 36 states.
Grow Therapy developed technology that enables mental health clinicians to start their own practice. Providers in Grow Therapy’s network can access digital tools including scheduling, billing, telehealth infrastructure, electronic health records and marketing resources.
Additionally, Grow Therapy created a marketplace where patients can search for therapists in its network. The startup also helps providers accept insurance plans.
It works with Cigna (NYSE: CI), Humana (NYSE: HUM) and Aetna, along with Medicare and Medicaid.
Following this state expansion, 657 new therapists will be added to its marketplace.
“We’re on a mission to bridge the gap between therapists and people seeking mental health care,” CEO and co-founder Jake Cooper said in a statement. “Unfortunately, that gap has only gotten wider since the onset of the pandemic as providers have struggled to keep pace with drastically increased demand. By removing barriers for both consumers and providers, we’re making strides to narrow the deficit.”
Founded in 2020, Grow Therapy now has a team of 120 employees. In September, Grow Therapy closed its $80.2 million Series B funding round. The capital raise was made up of $50.2 million in equity and $30 million in venture debt.
Grow Therapy isn’t the only software company looking to help providers start their own practice.
New York-based Alma has also developed a digital platform to help independent mental health practices modernize their business and work with payers. Similar to Grow Therapy, Alma provides teletherapy software, automated billing and scheduling tools to its clients.
In August, Alma raked in $130 million in Series D funding. This funding round brought the company’s total capital to $220.
Additionally New York-based Headway created a platform to help connect patients to behavioral health providers in their insurance network too. Headway has raised over $100 million in venture funding.
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