Eleanor Health, a company that offers “addiction treatment from the comfort of home” announced Monday that it has raised $30 million in its latest equity financing round.
The Series D capital raise was led by General Catalyst, a multinational venture-capital firm that previously led Eleanor Health’s $50 million Series C funding round. General Catalyst’s wide-ranging investment portfolio includes Airbnb, HubSpot, Snap and Warby Parker.
In the announcement, General Catalyst Managing Director Chris Bischoff praised Eleanor Health’s “innovative payment structures,” adding the company is “transforming the quality, delivery and accessibility of substance use disorder care.”
“Eleanor’s approach is a much-needed departure from many traditional recovery programs that are fee-for-service, short-term and abstinence-based,” Bischoff said in a statement.
Other investors listed in the financing round include Town Hall Ventures, Echo Health Ventures, Northpond Ventures, Rethink Impact and Emerson Collection.
Founded in 2019, Waltham, Massachusetts-based Eleanor Health describes itself as an outpatient addiction treatment program that takes a “whole-person approach.” This means incorporating medications for addiction treatment as well as psychiatry, therapy and peer recovery coaching.
The company has telehealth services as well as physical locations in seven states, which include Massachusetts, Louisiana, New Jersey, North Carolina, Ohio, Texas and Washington.
In a Securities and Exchange Commission filing this February, Eleanor Health disclosed it had procured $22 million of the hoped for $30 million in the Series D round. In total, Eleanor Health has reportedly raised over $100 million in outside capital.
The robust financing has come amid company changes. In late 2022, Eleanor Health laid off up to 20% of the company’s staff.
Last year, company co-founder and CEO Corbin Petro stepped down. Petro was replaced five months later by William McKinney, who had previously run developmental disabilities provider Sevita.
“The funding represents a significant vote of confidence from our investors and our team is well positioned to scale that model across the country,” McKinney said in Monday’s announcement.
A message left with an Eleanor Health spokesperson Monday was not returned.
