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Press: Grow Therapy Raises $75 Million to Expand Access to Affordable Mental Healthcare.

Behavioral health startup, Grow Therapy raises $75 million in series B to expand insurance coverage including Medicare and Medicaid in all 50 states. New York, NY, September 29, 2022 – Grow Therapy today announced a new round of series B funding of $75 million. This round of funding was led by TCV, co-led by Transformation […]

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Updated on May 23, 2024

Behavioral health startup, Grow Therapy raises $75 million in series B to expand insurance coverage including Medicare and Medicaid in all 50 states.

New York, NY, September 29, 2022 Grow Therapy today announced a new round of series B funding of $75 million. This round of funding was led by TCV, co-led by Transformation Capital, with support from existing backers SignalFire and SVB.

“At TCV, we’re always looking for founders who are building category-defining, generational companies and we’re incredibly excited to partner with Jake, Alan, Manoj, and the rest of the Grow team on their mission to create the largest and most accessible behavioral health platform in the country,” says Gautam Gupta, Partner at TCV.

“As leaders in the consumer internet and healthcare spaces, our new partners will be contributing their deep experience in consumer technology and healthcare to support our mission of empowering providers and expanding care to patients”, says Jake Cooper, CEO at Grow Therapy. “We are nothing but optimistic for a future where starting a private practice is seamless, and accessing high quality mental healthcare is table-stakes.”

This new round of funding will be used to expand our insurance coverage and improve the provider and patient experiences. Specifically, the areas that the company will focus on are: expanding commercial insurance and Medicare and Medicaid coverage (which are currently accepted in select states) from 13 states to all 50, deepening the capabilities of the online marketplace, EHR platform, and clinical resources and building the Grow team.

Since 2020, Grow has enabled thousands of providers to start their own practice, serving hundreds of thousands of patients, across payor partners ranging from Optum to Blue Cross Blue Shield to Medicaid. With 98 team members both remote and in NYC Headquarters, Grow has built a marketplace for patients to find an ideal therapeutic partner; an end-to-end insurance engine that lets providers seamlessly accept insurance, and patients reduce their costs through in-network benefits; and a comprehensive EHR platform for providers to take medical notes, schedule visits, and engage with their clients.

About Grow Therapy Grow Therapy is a provider-centric mental health group, using technology to make high-quality mental healthcare accessible and affordable to all Americans. Grow Therapy provides therapists with a suite of business tools and services, peer community, and a pipeline of patient referrals so that they can set up and grow thriving in-person and virtual private practices, within the communities they care about most. As a result, more Americans are accessing a wide variety of therapists who not only best match their needs, but who take their insurance. Founded in 2020, Grow Therapy is headquartered in New York City. Grow Therapy’s network includes more than 3,500 therapists and works with major insurers including Humana, Aetna, Cigna, Florida Blue Cross Blue Shield, Humana, and UnitedHealthcare. Some of Grow Therapy’s key investors include TCV, Transformation Capital, SignalFire, Village Global, and CoFound. More information about Grow Therapy can be found at www.growtherapy.com.

Frequently Asked Questions

  • Grow Therapy connects clients, therapists, and insurance companies to make mental healthcare simple to access.

  • We make it easy to find a therapist who looks like you and can support your needs. The right therapist is one who ensures you feel safe and comfortable. If you need help choosing, read these tips or contact our matching team by phone at 786-244-7711. More contact options are available here.

  • We conduct an intensive interview process to ensure our therapists have the skills, training, and experience to help you grow.

  • People who use their insurance save an average of 73% on the cost of therapy. Sessions cost an average of $22 with insurance, but will vary depending on your plan. Get a cost estimate, learn more about how to check your coverage, or contact your insurance company for more details.

This article is not meant to be a replacement for medical advice. We recommend speaking with a therapist for personalized information about your mental health. If you don’t currently have a therapist, we can connect you with one who can offer support and address any questions or concerns. If you or your child is experiencing a medical emergency, is considering harming themselves or others, or is otherwise in imminent danger, you should dial 9-1-1 and/or go to the nearest emergency room.

Frequently Asked Questions

  • Grow Therapy connects clients, therapists, and insurance companies to make mental healthcare simple to access.

  • We make it easy to find a therapist who looks like you and can support your needs. The right therapist is one who ensures you feel safe and comfortable. If you need help choosing, read these tips or contact our matching team by phone at 786-244-7711. More contact options are available here.

  • We conduct an intensive interview process to ensure our therapists have the skills, training, and experience to help you grow.

  • People who use their insurance save an average of 73% on the cost of therapy. Sessions cost an average of $22 with insurance, but will vary depending on your plan. Get a cost estimate, learn more about how to check your coverage, or contact your insurance company for more details.