Virtual behavioral health provider Better Life Partners Inc. has raised $26.5 million in equity and options funding, according to public documents.
Founded in 2021, this is the second round of funding for the company at a time when venture capital funding for digital health is at historic lows. Better Life Partners raised $11.8 in seed and a Series A funding round, according to Crunchbase. Its apparent venture capital backers include F-Prime Capital Partners and .406 Ventures.
The Manchester, New Hampshire-based provider offers virtual mental health, addiction treatment, care coordination and connections to a stable of local partner organizations that include health care providers such as Acadia Healthcare and public health entities such as the Capital Area Public Health Network in New Hampshire.
These partnerships are intended to help connect patients to a broader spectrum of services, including harm reduction and physical health care.
Better Life Partners’ treatments include therapy, recovery coaching, medication-assisted treatment (MAT) and access to physicians. It presently operates in Maine, Massachusetts, New Hampshire and Vermont, according to its website.
It presently accepts some Medicaid, Medicare and commercial health plans.
“We’re building the multispecialty practice of the future — delivering value-based care backed by technology and a caring team of providers, community health workers, counselors, and support staff,” the company states on its LinkedIn profile.
Overall, digital health investments have declined over the past few years. Investment in the digital health space in the first half of 2023 is less than a quarter of what it was in a historic year in 2021.
Still, digital mental health companies pulled in $596 million in the first half of 2023. Mental health and other slices of the behavioral health industry collectively have been the top-funded health care condition every quarter since 2018, according to Rock Health.
Some examples of recent virtual behavioral health funding include virtual behavioral health provider UpLift’s $11 million round and Headspace Health’s $105 million in debt funding.
The company has not responded to a request for comment. It’s not clear who or what firms have backed Better Life Partners. The public documents show that eight investors participated in the round.
The company’s board of directors includes CEO Juliana Ekong, co-founder and COO Steve Kelly, co-founder and Board Chair Adam Groff, F-Prime Capital Partners’ Jon Lim, .406 Ventures Managing Partner Liam Donohue and CareQuest Institute for Oral Health CEO Myechia Minter-Jordan and aMoon Fund Managing Partner Yair Schnidel.
“Better Life Partners is all about building better lives and futures for our members by delivering evidence-based, effective opioid addiction treatment through community partners,” the company said in a blog post. “With the help of our community partners to host locations for medication-assisted treatment and group therapy sessions, we can expand our treatment network to numerous communities at a local level and truly make a difference in lives.”
Companies featured in this article:
.406 Ventures, Better Life Partners, F-Prime Capital Partners
