Virtual substance use control platform Pelago, previously Hand over Genius, introduced it secured $58 million in Collection C investment, bringing its general elevate to $151 million.
Present investor Atomico led the spherical, with participation from different proceeding buyers, together with Octopus Ventures, Y Combinator and Kinnevik AB. New buyers GreyMatter Capital and 8 Roads additionally participated.
Laura Connell, spouse at Atomico, will sign up for the corporate’s board of administrators.
WHAT IT DOES
Pelago, based in 2015, works with well being plans, employers and person individuals to provide adults and youngsters customized digital substance use care, together with remedy for alcohol, tobacco and opioid use.
Individuals connect with a physician-led care group and obtain advanced situation control, cognitive behavioral remedy and academic content material. The corporate additionally supplies a hub for medication-assisted remedy and far flung tracking equipment, corresponding to breathalyzers and urinary take a look at kits, for at-home use.
Pelago will use the finances to boost up its product roadmap, habits medical analysis and develop its continuum of care.
“This investment demonstrates robust investor self assurance in our expansion trajectory and displays our dominance of the substance use control area. That trajectory features a tenfold expansion in earnings and eligible lives coated since our Collection B spherical two years in the past,” Dr. Yusuf Sherwani, Pelago’s CEO and cofounder, advised MobiHealthNews in an e mail.
“This fundraise is helping advance our undertaking to damage down boundaries to substance use care that works. I’m extremely thankful for the employers and payers that we’ve empowered to handle substance use head-on by way of handing over specialised remedy and evidence-based care to their individuals, supported by way of tough results information and validated ROI.”
MARKET SNAPSHOT
Nearly all of direct prices related to substance use issues within the U.S. are incurred essentially some of the working-age inhabitants, in step with analysis revealed in JAMA Community. Employers and medical insurance payers would possibly offset the ones top prices by way of bearing in mind prevention and remedy methods.
The virtual dependancy remedy corporate rebranded from Hand over Genius ultimate 12 months, two years after it closed a $64 million Collection B investment spherical. The corporate garnered $11 million in Collection A investment in 2020.
There were a number of different startups with virtual equipment for dependancy. Most likely maximum notable is Pear Therapeutics, which introduced a line of virtual therapeutics for substance abuse, however filed for chapter in April of ultimate 12 months. Its property have been bought at public sale for $6.05 million a month later.
Bicycle Well being is any other corporate within the area, providing digital opioid use dysfunction remedy.
Bicycle introduced ultimate 12 months it shaped a partnership with compassionate care supplier Wellpath to offer previously incarcerated folks get admission to to buprenorphine per thirty days injections for opioid use dysfunction by the use of the Federal Bureau of Prisons and home reentry facilities.
Different firms come with digital alcohol use dysfunction remedy corporate Ria Well being, digital dependancy remedy platform Workit Well being and virtual smoking-cessation corporate Pivot, previously Carrot.