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Substance use disorder provider Hope River Ranch has raised $16.7 million in equity funding, according to public records.
The Park City, Utah-based organization will open at the end of May, according to a countdown on its website. Patients with addiction will be able to tap into outdoor activities, hobbies and recreation, while accessing care for their SUD.
The provider has a dual diagnosis center, which is designed to help patients address their addiction and co-occurring mental health conditions. Patients will also be able to access long-term and follow-up care after leaving the facility.
Addiction Treatment Business has attempted to reach out to Hope River Ranch for comment. The company’s website did not specify if it was working with payers or if the treatment was cashpay.
Investment in addiction treatment space has dropped since record highs in 2021. In 2023, there were 45 deals in the SUD space, down from 66 in 2022, according to a report by M&A advisory firm the Braff Group.
Still, a number of deals have continued to go through. For example, in April Private equity firm Avesi Partners bought SUD provider First Steps Recovery.
Additionally, digital SUD provider Eleanor raised $22.23 million for its value-based care platform in February of 2024.
Overall, the addiction treatment space is starting to see a shift of investment from residential programs to outpatient programs.
