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hybrid value-based behavioral healthcare provider, Octave announced that it has raised $52 million in Series C funding, bringing its total raised to $86 million.
Cigna Ventures, Novo Holdings and Avidity Partners led the round, which was joined by existing investors Greycroft Partners, Health Velocity Capital, Obvious Ventures, Company Ventures and Felicis Ventures.
what does it do
Octave provides in-person and virtual behavioral healthcare with personalized care plans for couples, individuals and families. The company is an in-network provider of employer-sponsored insurance plans through multiple payers. Its brick-and-mortar facilities are located in California, Connecticut, Florida, New Jersey, New York, Texas, and Washington, DC.
The San Francisco-based company will use the funding this year to expand its reach nationally, establishing a presence in all 50 states by 2024 and releasing new technology-focused products for providers and payers.
“The demand for mental health services is greater than ever, but our mission is not only to ensure that care is accessible, but also truly effective for the patient and sustainable for the mental health provider. With this growth, we will trying to influence how the whole system works by going beyond the convenience of , how care is paid for, how it is found, and what tools we use to support it,” Said Sandip Acharya, co-founder and CEO of Octave, said in a statement.
market snapshot
earned an octave $20 million in Series B funding to expand its business operations in 2021 – and $11 million in Series A funding in 2019.
Another employer-focused hybrid behavioral healthcare provider is Lyra Health, which raised a whopping $235 million in Series F funding last year. In 2021, it raised $200 million in funding in June and $187 million in Series E round in January.
spring health Also offers digital mental health services and individual psychotherapy sessions. It announced that it raised $71 million in April, bringing its valuation to $2.5 billion. The funding round comes just two years after the company scored $190 million in Series C funding.
