Digital drug use management platform Pelago (previously) stop being a geniusannounced that it has secured $58 million in Series C funding, bringing its total funding to $151 million.
Existing investor Atomico led the round, with participation from other continuing investors including Octopus Ventures, Y Combinator, and Kinevik AB. New investors GreyMatter Capital and Eight Roads also participated.
Atomico partner Laura Connell will join the company's board of directors.
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Founded in 2015, Pelago works with health plans, employers, and individual members to provide personalized virtual substance use care for adults and youth, including treatment for alcohol, tobacco, and opioid use.
Members can connect with a physician-led care team and receive complex condition management, cognitive behavioral therapy, and educational content. The company also offers a hub for home medication-assisted treatments and remote monitoring tools such as breathalyzers and urine test kits.
Pelago will use the funding to accelerate its product roadmap, conduct clinical research, and continue to expand its treatments.
“This funding demonstrates investors' strong confidence in our company's growth trajectory and reflects our leadership in the substance use management space. It includes a 10x growth in revenue and targeted lives,” said Dr. Yusuf Sherwani of Pelago. CEO and co-founder said: Receive MobiHealthNews by email.
“This fundraising will help advance our mission to break down barriers to effective substance use care. We tackle drug use head-on by providing specialized treatment and evidence-based care.” We are extremely grateful to our employers and payers for empowering us to work with our members supported by strong outcome data and verified ROI. ”
market snapshot
The majority of the direct costs associated with substance use disorders in the United States occur primarily among the working-age population, according to a study published in . JAMA Network. Employers and health insurance payers may be able to offset these high costs by considering prevention and treatment strategies.
The digital addiction treatment company rebranded from Quit Genius last year, two years after it shut down. $64 million Series B funding round. The company obtained $11 million in Series A funding In 2020.
There are several other startups offering digital tools to fight addiction. Perhaps most notable is the Pair Therapeuticswhich offered a series of digital treatments for drug abuse. filed for bankruptcy In April of last year.the the asset was sold at auction One month later, it was $6.05 million.
bicycle health is another company in this field, offering virtual opioid use disorder treatment.
Last year, Bicycle Co., Ltd. partnership In partnership with compassionate care provider WellPath, we provide formerly incarcerated individuals access to monthly injections of buprenorphine for opioid use disorder through the Federal Bureau of Prisons and Residential Reentry Centers.
Other companies include Virtual Alcohol Use Disorder Treatment Company rear healtha virtual addiction treatment platform work it health digital smoking cessation companies Carrot.