Virtual mental health company Brightside Health has landed $33 million in Series C funding.
Venture firm S32 led the new round of funding, which included participation from Kennedy Lewis, Time BioVentures, Redwood Pacific, ACME, Mousse Partners, and Triventures.
This comes roughly two years after Brightside Health closed a $50 million Series B funding round led by ACME Capital and Mousse Partners. Brightside now has more than $108 million in capital.
Brightside also announced that Optum vet Trip Hofer has joined its board of directors.
“These major steps forward enable us to accelerate our expansion into Medicare, Medicaid, and beyond, while deepening our advantage with technology and AI to deliver the best outcomes in the industry,” Brad Kittredge, co-founder and CEO of Brightside Health, said in a statement. “This investment aligns with our continued focus on capital-efficient enterprise value creation, putting us on a comfortable path to profitability while further advancing our goals and mission.”
Brightside Health provides care for anxiety, depression, sleep troubles, burnout, stress, and trauma. The company offers therapy and psychiatry. If necessary, Brightside providers can prescribe medication for patients. Patients can also use the service for 1:1 video sessions, asynchronous messaging, interactive lessons, and proactive progress tracking.
Unlike many digital health providers, Brightside claims it can treat mild to severe depression and anxiety. Its services include crisis care management for members with elevated suicide risk.
Patients can pay for their services through insurance or pay an out-of-pocket monthly fee of $349 for psychiatry and therapy services, $95 for psychiatry-only services, and $299 for therapy-only services. The company’s crisis care and psychiatry are available to members to pay through insurance only.
In October, the company announced that it was expanding its scope of care beyond commercial insurance to include Medicare and Medicaid enrollees.
“The company is well-positioned to expand their offerings with Medicare, Medicaid, and other underserved populations, while partnering with payers and providers to deliver measurably better outcomes,” Dr. Mike Pellini, general partner at S32, said in a statement.
Overall, digital health investment is still in a slump. In 2023 investors poured $10.7 billion into digital health, compared with $15.3 billion in 2022 and $29.2 billion in 2023, according to Rock Health. Still, several digital behavioral health companies have managed to raise capital recently.
For example, in March, digital mental health platform Tava raised $20 million, hybrid substance use disorder provider Eleanor raised $22 million in February and youth mental health provider Blackbird Health raised $17 million.
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