Forge Health announced Thursday it raised an undisclosed amount of funding from MFO Ventures.
The new capital will go to expanding the White Plains, New York-based outpatient addiction treatment and mental health provider’s platform. Specific initiatives include integrating virtual care, enhancing outreach efforts and adding new payer partnerships.
“Together, we aim to revolutionize how behavioral health is viewed and delivered, making comprehensive, integrated care accessible to all who need it,” Paul Martino, board chair at Forge Health, said in a news release. “The potential for meaningful change is tremendous.”
Forge Health aims to deliver “one-stop-shop” services that concurrently address substance use disorders and mental illness, doing so on an increasingly frequent value-based care basis. The company has 300,000 patients who are covered through a value-based care arrangement. It largely works with commercial health plans. About 85% of its partnerships were with commercial health plans at the end of 2023.
The company offers in-person and telehealth services in New Jersey, New York, Pennsylvania, Massachusetts and New Hampshire. It employs about 250 people.
Forge Health was founded in 2016.
“MFO’s extensive provider-focused experience and success in building transformative companies and driving health care innovation make them the perfect partner as we optimize our platform and expand our reach,” Eric Frieman, co-founder and CEO of Forge Health, said in the release. “This investment will solidify our position as a market leader and serve as the catalyst for new groundbreaking partnerships.”
MFO Ventures is a Florida-based family office that invests in early-stage, fast-growing health companies.
Earlier in the year, Forge Health announced it had expanded its services in the oncology space to support patients and their loved ones.
Last year, Forge Health was recognized as one of the fastest-growing private companies in the U.S. Forge Health saw revenue increase by 324% from 2019 to 2022, the period examined for the Inc. 5000 list. It ranked No. 1,722. The company raised about $21.5 million in venture capital funding in 2022 across two distinct rounds.
Its primary investor was HC9 Ventures at the time. HC9 Ventures still has a stake in the company.
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