Telemental health company Brightside Health announced it raised $33 million dollars in Series C funding powered by healthcare-focused venture capital firm S32.
Kennedy Lewis, Time BioVentures, and 23andMe founder Anne Wojcicki participated in the round. Existing investors ACME, Mousse Partners and TriVentures also contributed.
The company confirmed the $33 million raise in an email to MobiHealthNews. The Series C round brings the company’s total raise to $100 million.
The San Francisco-based company also added former Optum Behavioral Health Solutions CEO Trip Hofer to the company board of directors.
Hofer serves on the board of several health companies, including virtual care provider Ophelia and virtual cardiac practice Heartbeat Health.
WHAT IT DOES
Brightside Health provides care for people suffering from anxiety, mild to severe clinical depression and other mood disorders through its Crisis Care psychiatry platform.
The company leverages a machine-learning algorithm to evaluate an individual and assist providers in tailoring treatment to that person.
This funding round will be used by the company to grow into new markets.
“We’re thrilled to announce this raise and simultaneously welcome Trip, an incredible industry thought leader, to help propel Brightside Health into the next phase of our growth. These major steps forward enable us to accelerate our expansion into Medicare, Medicaid and beyond, while deepening our advantage with technology and AI to deliver the best outcomes in the industry,” Brad Kittredge, cofounder and CEO of Brightside Health, said in a statement.
“This investment aligns with our continued focus on capital-efficient enterprise value creation, putting us on a comfortable path to profitability while further advancing our goals and mission.”
MARKET SNAPSHOT
The telehealth company raised $50 million in Series B funding in 2022. It garnered $24 million in Series A funding the year before.
In February, Brightside announced new Medicare and Medicaid partnerships with CareOregon, Blue Shield of California, Blue Cross and Blue Shield of Texas and Centene.
With the partnerships, Brightside Health will be able to serve 50 million additional Medicare and Medicaid beneficiaries. Services will cover patients in Arizona, California, Delaware, Florida, Texas, Michigan, North Carolina, New York, Oregon and Illinois.
