Mental health-focused startup Quartet Health landed $60 million in a funding round led by Independence Health Group, with participation from GV and Oak HC/FT. Quartet also announced that it was teaming up with Independence Health Group on a strategic partnership focused on connecting patients to mental healthcare.
This news comes two years after the startup closed a $60.75 million Series D round. To date, the startup has collected roughly $219.5 million in investor dollars, according to Crunchbase.
WHAT IT DOES
Quartet is focused on matching patients to mental healthcare professionals based on their preferences, needs and insurance. The service is able to connect patients to therapists, psychiatrists and online programs. Patients can use the tool to find a provider, or a doctor can refer a patient to the service.
The platform also has a tracking component to look at a patient’s progress over time. Patients can also contact a care navigator to help them with any questions.
WHAT IT’S FOR
The new funding is, in part, expected to help fuel the partnership between Quartet Health and Independence Health Group. As part of the deal, Quartet is expected to continue to grow its patient identification and engagement tools, its actionable insights, and its ability to support additional conditions.
“Independence believes that integrating physical and mental health is central to improving overall health and wellbeing,” said Independence CEO Deavens. “This core belief underlies Independence’s efforts to collaborate with partners and clinicians to integrate care delivery.
“It is also why Independence is partnering with and investing in the next phase of Quartet’s strategic growth and development. We share a vision and commitment to solving mental and physical health challenges in an integrated way.”
MARKET SNAPSHOT
Mental health is a hot topic in digital medicine. In fact, in the first three quarters of 2021, digital mental health companies landed $3.1 billion, according to Rock Health. SonderMind, which is also focused on connecting people with therapists based on need and preferences, landed a whopping $150 million in Series C funding over the summer.