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Digital substance use administration platform Pelago, previously Give up Genius, introduced it secured $58 million in Sequence C funding, bringing its whole increase to $151 million.
Present investor Atomico led the spherical, with participation from different persevering with buyers, together with Octopus Ventures, Y Combinator and Kinnevik AB. New buyers GreyMatter Capital and Eight Roads additionally participated.
Laura Connell, associate at Atomico, will be a part of the corporate’s board of administrators.
WHAT IT DOES
Pelago, based in 2015, works with well being plans, employers and particular person members to supply adults and adolescents customized digital substance use care, together with remedy for alcohol, tobacco and opioid use.
Members connect with a physician-led care staff and obtain advanced situation administration, cognitive behavioral remedy and academic content material. The corporate additionally supplies a hub for medication-assisted remedy and distant monitoring instruments, equivalent to breathalyzers and urinary take a look at kits, for at-home use.
Pelago will use the funds to speed up its product roadmap, conduct medical analysis and develop its continuum of care.
« This funding demonstrates sturdy investor confidence in our development trajectory and displays our dominance of the substance use administration house. That trajectory features a tenfold development in income and eligible lives coated since our Sequence B spherical two years in the past, » Dr. Yusuf Sherwani, Pelago’s CEO and cofounder, advised MobiHealthNews in an e-mail.
« This fundraise helps advance our mission to interrupt down limitations to substance use care that works. I’m extremely grateful for the employers and payers that we’ve empowered to handle substance use head-on by delivering specialised remedy and evidence-based care to their members, supported by highly effective outcomes knowledge and validated ROI. »
MARKET SNAPSHOT
Nearly all of direct prices related to substance use issues within the U.S. are incurred primarily among the many working-age inhabitants, in keeping with analysis revealed in JAMA Community. Employers and medical insurance payers might offset these excessive prices by contemplating prevention and remedy methods.
The digital dependancy remedy firm rebranded from Give up Genius final yr, two years after it closed a $64 million Sequence B funding spherical. The corporate garnered $11 million in Sequence A funding in 2020.
There have been a number of different startups with digital instruments for dependancy. Maybe most notable is Pear Therapeutics, which supplied a line of digital therapeutics for substance abuse, however filed for chapter in April of final yr. Its property have been offered at public sale for $6.05 million a month later.
Bicycle Well being is one other firm within the house, providing digital opioid use dysfunction remedy.
Bicycle introduced final yr it shaped a partnership with compassionate care supplier Wellpath to offer previously incarcerated people entry to buprenorphine month-to-month injections for opioid use dysfunction through the Federal Bureau of Prisons and residential reentry facilities.
Different corporations embrace digital alcohol use dysfunction remedy firm Ria Well being, digital dependancy remedy platform Workit Well being and digital smoking-cessation firm Pivot, previously Carrot.
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