Virtual behavioral health provider UpLift has acquired Minded, a psychiatric telehealth provider focused on women.
The acquisition allows UpLift to expand into all 50 states and double down on its psychiatric care. Minded will also bring a number of insurance contracts to the table, allowing UpLift to care for more patients on an in-network basis.
Many investors have been waiting for the consolidation of digital behavioral health companies after the investment boom in 2021 and 2022. But these types of deals have been few and far between. This deal could signal what is to come in the market.
“As a result of COVID and the stresses of a global pandemic, a lot of venture dollars went into trying to fix the access issue in behavioral health,” Kyle Talcott, founder and CEO of UpLift, told Behavioral Health Business in an email. “As a result, a significant number of behavioral health startups received institutional funding. However, as the market has matured, we are seeing and expect to see more consolidation. UpLift has been committed to increasing access to care that is both affordable and high quality. With the acquisition of Minded, UpLift will accelerate our mission to build a new behavioral healthcare system that works for all.
The nuts and bolts
Tampa, Florida-based UpLift partners with health insurance plans to provide virtual psychotherapy and psychiatric services. The organization offers individual, couples and family therapy and takes a team-based approach to care. In July, the startup raised $10.7 million in Series A funding, bringing the company’s total funding to $22 million.
This acquisition will also bring women’s mental health to the forefront.
” Over 70% of Minded’s patient base identifies as women, with psychiatric clinical needs ranging from postpartum depression through to more complex cases of trauma,” Kyle Talcott, founder and CEO of UpLift, told Behavioral Health Business in an email. “These patients will now have access to UpLift’s network of skilled therapists that specialize in women’s issues, in addition to continuing with their medication management regimen.”
Founded in 2021, Minded offers mental health evaluations, prescription management and ongoing care with board-certified psychiatrists. It has raised $25 million in seed funding.
Following the acquisition, Minded’s patients can access specialized care at UpLift.
“UpLift’s provider women’s subspecialties include, but are not limited to: pregnancy, postpartum depression, grief and loss counseling, reproductive trauma, bonding, menopause, infertility, and body image issues,” Talcott said. “We look forward to supporting Minded’s patients with this specialized care and to setting clinical goals that will track these important issues.”
Following the M&A, UpLift’s main focus areas are growth and expansion, partnerships, and developing its technology platform.