Virtual substance use treatment company Boulder Care raises $36M

Virtual dependancy treatment startup Boulder Care introduced Friday it had obtained $36 million in Series B funding.

The spherical included participation by Qiming Venture Partners, Goodwater Capital and Laerdal Million Lives Fund in addition to returning traders First Round Capital, Greycroft, Tusk Venture Partners and Gaingels.

Boulder mentioned the Series B brings its complete elevate to greater than $50 million. It scooped up $10.5 million in Series A financing in 2020.

WHAT IT DOES

Boulder gives digital treatment for opioid use dysfunction and alcohol use dysfunction, together with medication-assisted treatment like Suboxone. The startup’s clinicians will help sufferers with different medical points, like prescribing contraception or antidepressants. Providers also can refer sufferers to exterior care when crucial and be part of appointments with different clinicians just about to coordinate care.

Additionally, Boulder can join sufferers with peer specialists who’ve additionally skilled dependancy restoration and assist them discover social providers like employment help and housing assist.

WHAT IT’S FOR

The startup will use the funds to triple the dimensions of its medical group, develop into new markets and deal with extra sufferers below value-based care preparations. Boulder mentioned most sufferers do not pay out-of-pocket for its providers, and it generates income largely via Medicaid managed care.

“Linking arms with insurers has helped Boulder make care affordable for low-income Americans who are fighting hard to recover. With investor support, we’ll deepen dozens of valuable health plan and employer relationships all over the country,” CEO Stephanie Strong mentioned in a press release.

MARKET SNAPSHOT

There are a variety of digital substance use dysfunction startups in the marketplace because the US continues to grapple with rising drug overdose deaths. The CDC estimates greater than 107,000 individuals died of drug overdoses final 12 months, and greater than 80,000 deaths concerned opioids.

Earlier this week, Bicycle Health, which focuses on opioid use dysfunction treatment, introduced a $50 million Series B. Meanwhile Ophelia additionally raised $50 million late final 12 months.

Virtual dependancy care startup Workit Health introduced a $118 million Series C spherical in October final 12 months, whereas Quit Genius, which incorporates assist for tobacco, alcohol and opioid addictions, raised $64 million final summer time.

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