Aware Recovery Care has raised $35 million through a Series B funding round.
The funding enables the Wallingford, Connecticut-based in-home addiction recovery and support provider to expand into new markets and deepen its presence in existing markets.
The Series B round breaks down to $25 million in equity and $10 million in debt and options financing, according to public filings.
The round brings the company’s fundraising series to about $57 million. Aware Recovery Care’s Series A round totaled $22 million. New York City-based Health Enterprise Partners led that round.
The company has not provided details about the Series B round.
Founded in 2011, Aware Recovery Care offers a rarely seen in-home treatment model; the norm in addiction care is facility-based care or virtual treatment.
About 80% of its revenue comes from value-based care arrangements.
The new funding comes about a year after Brian Holzer, formerly an executive of Kindred Healthcare subsidiary Lacuna Health, took up the role of CEO, succeeding Aware Recovery Care co-founder Stephen Randazzo.
It also comes after a turnover period in the company’s top leadership. BHB reported in October that Aware Recovery Care has undergone a complete reset in its C-suite. A total of 12 execs have come and gone. Since the publication of that story, the company has added a new chief operating officer and a new chief medical officer.
In a previous interview, Holzer said the changing C-suite reflects the changing needs and stage of development for the company.
The company operates in 10 states. It plans to add New York and Georgia to its state footprint and expand into five existing state markets in 2023.
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