Behavioral health startup Concert Health wrapped up a $42 million Series B funding round led by Define Ventures.
Other participants in the round include Healthy Ventures, Vertical Venture Partners and Townhall Ventures, as well as strategic investors CommonSpirit Health and Advent Health. Concert scored $14 million in Series A financing in January 2021.
WHAT IT DOES
The startup works with primary care, women’s health and pediatric providers to offer behavioral health support. Concert uses referrals, screening across a practice’s population and prescription data to find patients who may benefit from behavioral health services, and connects them with a behavioral care manager through a phone or video call.
Managers can help patients with counseling, setting goals, managing medications and checking symptoms. Psychiatric consultants also review information about patients who aren’t improving and can add recommendations into a primary care provider’s medical record.
Concert plans to use the funding from the investment round to scale its services to more providers across the country.
“Great behavioral healthcare can be transformative for patients, but in this country it is incredibly difficult to access, and it rarely connects back to the rest of your health and your care,” Concert cofounder and CEO Spencer Hutchins said in a statement.
“A tremendous amount of data supports bridging the gap between physical and behavioral health. We’re focused on making behavioral health an integrated part of whole-person care, and accessible to as many people as possible.”
MARKET SNAPSHOT
Mental health startups raised a significant amount of venture funding in the wake of the COVID-19 pandemic. According to a CB Insights report, mental health tech companies raised $5.5 billion globally last year, a 139% increase from 2020.
Another company that works with providers to coordinate virtual mental healthcare is Iris Telehealth, which earlier this month scooped up $40 million in Series B funding. Iris offers telepsychiatry services through partnerships with health systems, hospitals and community health centers. It also aims to help providers triage patients.
Virtual provider Brave Health largely receives patients through referrals from providers and payers. Focused on the Medicaid market, the company recently announced a partnership with the Doula Network to offer maternal mental healthcare.