Addiction treatment provider Aware Recovery has raised $3.5 million of new capital in a round led by Connecticut Innovations.
This comes roughly a year after the provider announced a $35 million Series B funding round.
Aware Recovery offers in-home substance use disorder (SUD) care. The provider is able to treat people with alcohol, opioid and other substance use disorders. Aware offers its services in Connecticut, Florida, Georgia, Indiana, Kentucky, Maine, Massachusetts, New Hampshire, Ohio, Rhode Island and Virginia.
It works with a number of insurance providers, including Aetna, Anthem and Tufts.
The capital, which comes from loans and potential future investments, will help the company expand its innovation efforts. In particular, the provider is looking to partner with state government entities, Accountable Care Organizations, physician groups, and self-insured employers, according to the release.
“Aware Recovery Care is the latest addition to our growing portfolio of companies enhancing Connecticut’s reputation as a leading hub for innovation and impact,” Matthew McCooe, CEO of Connecticut Innovations, said in a statement. “With its groundbreaking programs and seasoned team of industry leaders, we are excited to support Aware as the company expands the availability of its transformative in-home addiction treatment services.”
The news coincided with the announcement that Roy Sasenaraine would take over as the company’s chief operating officer, and Kara Gaylord would take over as senior vice president of business development.
Funding in the SUD space has been slow over the last two years. However, some companies have managed to raise new capital this year.
For example, hybrid SUD provider Eleanor Health raised $22.3 million for its value-based care platform in February. Additionally, Boulder Care raised $35 million in May to expand its virtual addiction treatment services.
