Digital substance use administration platform Pelago, previously Quit Genius, introduced it secured $58 million in Collection C funding, bringing its complete elevate to $151 million.
Current investor Atomico led the spherical, with participation from different persevering with buyers, together with Octopus Ventures, Y Combinator and Kinnevik AB. New buyers GreyMatter Capital and Eight Roads additionally participated.
Laura Connell, companion at Atomico, will be part of the corporate’s board of administrators.
WHAT IT DOES
Pelago, based in 2015, works with well being plans, employers and particular person members to supply adults and adolescents customized digital substance use care, together with therapy for alcohol, tobacco and opioid use.
Members connect with a physician-led care crew and obtain advanced situation administration, cognitive behavioral remedy and academic content material. The corporate additionally supplies a hub for medication-assisted therapy and distant monitoring instruments, reminiscent of breathalyzers and urinary check kits, for at-home use.
Pelago will use the funds to speed up its product roadmap, conduct scientific analysis and develop its continuum of care.
“This funding demonstrates sturdy investor confidence in our progress trajectory and displays our dominance of the substance use administration area. That trajectory features a tenfold progress in income and eligible lives lined since our Collection B spherical two years in the past,” Dr. Yusuf Sherwani, Pelago’s CEO and cofounder, instructed MobiHealthNews in an electronic mail.
“This fundraise helps advance our mission to interrupt down limitations to substance use care that works. I’m extremely grateful for the employers and payers that we’ve empowered to handle substance use head-on by delivering specialised therapy and evidence-based care to their members, supported by highly effective outcomes knowledge and validated ROI.”
MARKET SNAPSHOT
The vast majority of direct prices related to substance use problems within the U.S. are incurred primarily among the many working-age inhabitants, in response to analysis revealed in JAMA Network. Employers and medical insurance payers could offset these excessive prices by contemplating prevention and therapy methods.
The digital dependancy therapy firm rebranded from Give up Genius final 12 months, two years after it closed a $64 million Series B funding round. The corporate garnered $11 million in Series A funding in 2020.
There have been a number of different startups with digital instruments for dependancy. Maybe most notable is Pear Therapeutics, which provided a line of digital therapeutics for substance abuse, however filed for bankruptcy in April of final 12 months. Its assets were sold at auction for $6.05 million a month later.
Bicycle Health is one other firm within the area, providing digital opioid use dysfunction therapy.
Bicycle introduced final 12 months it shaped a partnership with compassionate care supplier Wellpath to supply previously incarcerated people entry to buprenorphine month-to-month injections for opioid use dysfunction by way of the Federal Bureau of Prisons and residential reentry facilities.
Different firms embody digital alcohol use dysfunction therapy firm Ria Health, digital dependancy therapy platform Workit Health and digital smoking-cessation firm Carrot.
