Provider of hybrid, values-based behavioral medicine, Octave announced that the company has raised $52 million in Series C funding for total proceeds of $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 medicine with personalized care plans for couples, individuals, and families. The Company is an intranetwork provider of employer-sponsored insurance plans across multiple payers. The residential facilities are located in California, Connecticut, Florida, New Jersey, New York, Texas and Washington, DC
The San Francisco-based company will use the funds to expand its reach nationwide this year, establishing a presence in all 50 states by 2024 and launching new technology-driven products for providers and payers.
“The demand for mental health services is higher than ever, but our mission is not only to ensure care is accessible, but also truly effective for the patient and sustainable for the mental health provider. With this increase, we want to go one step further.” direct care facilitation to the attempt to influence the functioning of the entire system – how care is paid for, how it is found and what tools we use to support it,” called Sandeep Acharya, co-founder and CEO of Octave, in a statement.
MARKET SNAPSHOT
octave collected $20 million in Series B funding to expand its operations in 2021 — and $11 million in Series A funding in 2019.
Another employer-focused hybrid behavioral health provider is Lyra Health, which received a whopping $235 million in Series F funding last year. In 2021, the company raised $200 million in June and $187 million in a Series E round in January.
spring health also offers digital psychiatric services and in-person psychiatric sessions. The company announced that it raised $71 million in April, taking its value to $2.5 billion. The funding round came just two years after the company raised $190 million in Series C funding.
