New York-based Grow Therapy has secured $150 million in Series D financing to support the expansion of its digital mental health platform across employer, health system, and payer channels. The round was led by existing investors TCV and Growth Equity at Goldman Sachs Alternatives, with participation from new investors BCI and Menlo Ventures, as well as Sequoia, SignalFire, and Transformation Capital.
The company plans to use the capital to scale its in-person and telehealth therapy services, deepen technology investments, and broaden distribution through the employer benefits market. Grow Therapy is also extending its platform into health systems, including Circle Medical, as it seeks to embed its services more directly into care delivery pathways.
Grow Therapy connects patients with licensed mental health providers for therapy and psychiatric care, offering both virtual and in-person appointments. The company partners with employers, health systems, and health plans, and maintains in-network relationships with insurers including Humana, Cigna, UnitedHealthcare, and Aetna.
As part of its next growth phase, Grow Therapy said it intends to “deepen its integrations across all the paths people take to find mental health care” while continuing to invest in its technology infrastructure.
“We're thrilled to back Grow on its mission to deliver breakthrough products and care for mental health. Their technology is grounded in a deep understanding of what people, providers, and business partners need for superior outcomes,” Matt Murphy, partner at Menlo Ventures, said in a statement.
“Grow has consistently exceeded lofty expectations through world-class execution at scale, and we strongly believe they will define and lead the category for years to come.”
The Series D follows a series of prior funding rounds, including an $88 million Series C in 2024, a $75 million Series B in 2022, and a $15 million Series A in 2021. The latest raise positions Grow Therapy among a competitive field of mental health platforms. In 2024, Spring Health raised $100 million in Series E financing, reaching a $3.3 billion valuation, while Headway secured $100 million in Series D funding, more than doubling its valuation to $2.3 billion.
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