EvolvedMD Inc., one of the fastest-growing behavioral health companies in the U.S., has raised $10 million, according to public documents.
The Scottsdale, Arizona-based company disclosed raising the equity funding on April 12. The company’s fundraising now totals $15.4 million.
In May 2022, EvolvedMD secured a $5.4 million Series A funding round led by Waterline Ventures and Conductive Ventures. The company was founded in 2017.
EvolvedMD partners with primary care providers to create psychiatric collaborative care management (CoCM) models. The model integrates behavioral health and primary care. The company places behavioral health specialists onsite in practices, according to its website.
The company raised funds from three firms to support the development of the company’s infrastructure and national expansion, Sentari Minor, vice president of strategy and chief of staff for EvolvedMD, told Behavioral Health Business.
“Additional strategic capital has also been committed and will allow evolvedMD leadership to create a path to profitability in the next 18 months,” Minor said.
The Inc. 5000 recognized EvolvedMD as one of the nation’s fastest-growing companies. Its revenue grew by 422% from 2018 to 2021. The latest Inc. 5000 list featured several behavioral health companies.
Integrating behavioral health is top of mind for many primary care providers. In a small study primary care providers reported major concerns over the scope of their practice and time to address mental health needs alongside physical needs. Another finds that gaps in the mental health system fall into the lap of primary care providers. As such, the number of primary care visits spent addressing mental health issues has hit an all-time high.
Further, inequitable behavioral health provider distribution and shortages force what providers are available in a community to seek innovative solutions as the mental health of Americans worsens.
Other startups have found success pitching other providers on the collaborative care model. Most recently, pediatric mental health telehealth company Bend Health raised $32 million. In April 2022, Concert Health raised $42 million to support its platform to bring collaborative care to primary care, women’s health and pediatric practices.
Companies featured in this article:
