Grow Therapy raises $150m to expand mental health platform

Grow Therapy, a New York-based digital mental health company, has secured $150 million (€139 million/£118 million) in Series D financing to expand its in-person and online therapy platform connecting mental health providers with patients. Existing investors TCV and Growth Equity at Goldman Sachs Alternatives led the round, alongside new investors BCI and Menlo Ventures, with participation from Sequoia, SignalFire and Transformation Capital.

MobiHealthNews reported that the company is announcing plans to offer Grow through the employer benefits market and extend its mental health platform to health systems, including Circle Medical. The platform connects mental health providers and patients for in-person and telehealth visits for therapy and psychiatric care, working with employers, health systems and health plans.

Matt Murphy, partner at Menlo Ventures, said: "We're thrilled to back Grow on its mission to deliver breakthrough products and care for mental health. Their technology is grounded in a deep understanding of what people, providers, and business partners need for superior outcomes. Grow has consistently exceeded lofty expectations through world-class execution at scale, and we strongly believe they will define and lead the category for years to come."

The company plans to deepen its integrations across all the paths people take to find mental health care and further invest in its technology. Grow Therapy has partnered with numerous insurance providers including Humana, Cigna, UnitedHealthcare and Aetna to provide in-network coverage.

In 2024, Grow Therapy closed an $88 million (€81 million/£69 million) Series C funding round, two years after raising $75 million (€69 million/£59 million) in Series B funding. In 2021, the company raised $15 million (€14 million/£12 million) in Series A funding.

View the complete funding announcement for details on platform expansion and employer benefits integration strategy.