Combined value-based behavioral health care provider, Octave, announced that it has reached $52 million in Series C funding, bringing the total raised to $86 million.
Cigna Ventures, Novo Holdings and Avidity Partners led the round, with participation from existing investors Greycroft Partners, Health Velocity Capital, Obvious Ventures, Company Ventures and Felicis Ventures.
WHAT IT DOES
Octave offers in-person and virtual behavioral health care, with personalized care plans for couples, individuals, and families. The company is a network provider of employer-sponsored insurance plans through a number of payers. Its traditional campuses are located in California, Connecticut, Florida, New Jersey, New York, Texas and Washington, DC
The San Francisco-based company will use the money to expand its reach nationally this year, establish a presence in all 50 states by 2024, and release focused products. into new technology for providers and payers.
“Demand for mental health services is higher than ever, but our mission is not only to ensure that care is accessible, but truly effective for the sick. human and sustainable for a mental health provider.With this increase, we are aiming to go beyond directly facilitating care to try to impact the way the entire system is made. operating system – how care is paid for, how it is found, and the tools we use to support it,” speak Sandeep Acharya, co-founder and CEO of Octave, in a statement.
MARKET SUMMARY
Octave obtained $20 million in Series B funding to expand the business in 2021 — and $11 million in Series A funding in 2019.
Another employer-focused hybrid behavioral health care provider is Lyra Health, landed a whopping $235 million in Series F funding last year. In 2021, it raised $200 million in financing in June and $187 million in a Series E round in January.
spring health also offers digital mental health services and face-to-face psychiatric visits. It claims to have raised $71 million in April, bringing its valuation to $2.5 billion. The funding round comes just two years after the company secured $190 million in Series C funding.
